1030 W. BROADWAY ST., UNIT 703, VANCOUVER
ASKING PRICE $438,800
SELLING PRICE $438,800
DAYS ON MARKET 40
TAXES $1,180.80
MAINTENANCE FEE $228.64
LISTING AGENT Bryan Yan, Regent Park Realty
The Action
This corner one-bedroom unit with den was originally on the market for $488,000 but after a month it received no offers. Listing agent Bryan Yan says he showed it to at least 30 parties, but it was priced too high. When he lowered it to $438,800, he got two offers for the full price. The purchaser intends to rent it out. Mr. Yan says it could rent for about $1,700, unfurnished.
What They Got
The unit has a glimpse of the water and mountains, but mostly overlooks an alley. The upside of the 585-square-foot space is that it is on the quiet side of the building. It includes engineered hardwood floors, a marble bathroom counter top, granite kitchen counters, in-suite storage and is within easy walking distance of the Canada Line and shopping.
The Agent's Take
"I found it astonishing; 30 groups coming through and no offers," says Mr. Yan. "Before the 15-per-cent foreign-buyer tax, I could have sold this for $468,000, easily. But after 30 showings, you know what the market is telling us – the market is not great."
Mr. Yan says the slowed market is a combination of the new tax as well as new mortgage "stress test" regulations that have ruled out a lot of first-time buyers. Prices, however, haven't reduced enough yet to make it affordable for that demographic.
"If they wanted to slow down the market, they've done it."
Kerry Gold