This Vancouver Home Just Sold For ¥2.3 trillion. Worth it?
A VANCOUVER home in the Point Grey neighbourhood has sold for over 100 times its asking price, leading some to question the stability of the current real estate market in the city. The small two-bedroom house located on West 15th Avenue was originally listed for $2.6 million, but has sold to an unnamed buyer for just under $270 million.
The sellers admit they were “a little surprised” by the offer, having themselves only paid $2 million for the “micro-estate” in December. “It’s a tad above our valuation but probably a fair reflection on the market nowadays,” they said. The couple have used the money to purchase a new luxury 2-bed & den apartment in Surrey. “After all the taxes and agents fees, we only ended up with around $1.5 million but we don’t regret the decision. We’re just so pleased to have been Vancouver property owners for 3 months. Not a lot of people can say that.”
One local real estate analyst says this sale “highlights” how the Vancouver property market has “changed dramatically” in a short period of time. “It is very shocking, but I honestly don’t see it lasting,” she said. “House prices won’t stay this low forever.”
Speaking through an interpreter, the property’s new owners told FMN they were “delighted” to have taken their “first step” on the Vancouver property ladder. “It is very exciting for me and my family. We look forward to moving to Vancouver in 2021.”
How do you feel about the recent UBC statistics that say the average price of a condo in Vancouver is currently ¥341,893,581? Let us know below or on facebook here…