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done deal

Re/Max Select Properties

3088 W. 41 Ave., No. 110, Vancouver

Asking price: $998,000 (Aug. 12, 2022)

Selling price: $988,000 (Dec. 4, 2022)

Days on market: 114

Monthly maintenance fee: $664.31

Taxes: $2,609.80

Listing agent: Karin Smith, Re/Max Select Properties

Two bedroom unit is in good condition, with white mouldings, wood floors and a gas fireplace.Re/Max Select Properties

The Action

This Kerrisdale unit had been sitting on the market mostly because of the building’s no-rental policy and an age restriction, listing agent Karin Smith says. Once those restrictions were removed because of a new provincial law that came into effect in late November, the buyer pool opened up instantly. The home sold for more than the assessed value of $966,000.

“Once the age restriction was lifted, the phone was ringing and went to multiple offers with a backup offer in play as well. If this change had been in place earlier, I have no doubt that this home would have sold for even more.”

The unit includes a large, private 280-square-foot patio.Re/Max Select Properties

What They Got

The ground-level two-bedroom, two-bathroom unit with a solarium is a design that is perfect for those downsizing from a house, with rooms big enough for plenty of furniture and a large, private 280-square-foot patio, the agent says. The bright unit is 1,141 square feet, in good condition, with white mouldings, wood floors and a gas fireplace. The building, which had an age restriction of 45-plus, was built 22 years ago and is within walking distance of shops and transit.

The Agent’s Take

As part of the new Housing Supply Act, the province of B.C. now prohibits rental and age restrictions in strata buildings, with the exception of 55-plus seniors housing. Without the younger age restriction, the value of a property grows by about 5 per cent to 10 per cent, maybe more if the location is desirable, Ms. Smith says. Adult children are staying at home longer because of the lack of available rental.

“There are buyers who want an adult building, but that group is very small compared to the total buyer pool that would be available otherwise,” Ms. Smith said. “Lifting the rental restriction also adds investor buyers, or those who want some flexibility if they want to travel part of the year [and rent it out].”

The sale completes Jan. 30, 2023.