In pictures: Three snapshots of the Vancouver real estate market
Vancouver and Toronto have been the focus of Canada’s cooling housing market, with sales volume slumping in both markets. But it is in Vancouver where residential resale prices have fallen while Toronto has still managed to eke out small pricing gains. Here are snapshots of some Vancouver properties that sold recently.
This apartment on West 8th Avenue in the central neighbourhood of Fairview sold in April, says listing agent Glenn Feldstein.
The 772-square-foot one-bedroom is a “loft townhouse” with space on two levels and a rooftop patio.
Well-decorated and with one parking space, it still took four months to sell; listed at $524,000, it sold at $505,000. Mr. Feldstein says the property did get a lot of visits from potential buyers, but many were holding out for a larger living room and a southern exposure. (This place faces north.)
Cameron Muir, chief economist at the B.C. Real Estate Association, says it’s too early to declare that Vancouver is becoming a seller’s market again. “I don’t think anyone expects to see prices accelerate any time soon like in the previous run-up,” Mr. Muir said.
This loft in Yaletown reflects some softness in the upper end of the Vancouver market: it sold at $1.008-million, just below the asking price, after about 40 days on the market, says agent Paul Albrighton.Trevor Block
“There was a lot of interest because of the style and location,” Mr. Albrighton says. “But given the market timing, I think people were looking for a lower price.”Trevor Block
The current owners bought the unit about two years ago, for $969,000, and then did an extensive renovation that cost about $90,000, Mr. Albrighton says.Trevor Block
For the rest of 2013, Mr. Albrighton expects to see “flat pricing and steady demand” in the Vancouver area. “Anything that’s a bit expensive is challenging to sell, and there’s no price gain.”Trevor Block
A one-bedroom condo in this building is listed at $569,000, just below last month’s representative “index price” for the region.
It is located in a small, 52-unit building in Yaletown built in 2006. The one-bedroom is relatively large for the area, says listing agent Ian Watt, at 796 square feet.
It also looks out on False Creek and the Burrard Bridge.