Buyers, be prepared to bid high on Vancouver condos

Almost two-thirds of the condos sold in Vancouver proper last week went for over asking price

Even as the summer sales slowdown deepens, the proportion of homes being sold over their asking price continues to hold steady – or even rise, in the case of Vancouver condos.

There were 16 detached home sales in Vancouver proper from July 31 to August 6 (registered sold as of August 10), exactly half went for more than their asking price. The biggest price leap was a fairly modest 6.24% above list, seen in the sale of an East Vancouver family home that sold for $1,805,000 after eight days on the market.

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However, of the 69 condos that have so far been registered as sold the same week, 45 units – more than 65 per cent – went for over asking price. The median price of a Vancouver condo sold that week was $670K.

In fact, the priciest home to be registered by August 10 as sold July 31-August 6 – not just in Vancouver proper but across the entire Greater Vancouver region – was a condo. A stunning 15th-floor Coal Harbour corner unit with 1,772 square feet of living space and the obligatory spectacular mountain views, it sold for $5,030,000 after 30 days, bucking the trend by going for $170K under list.

Townhouses (including half-duplexes and row homes) saw a very high median selling price last week at $1,215,900.

Of the 13 townhomes that sold the same week, seven were traded for above sticker price, including a one-bedroom, two-level townhouse in Fairview that went for nearly 40% over asking. This 747-square-foot home sold for $790,000, a whopping $235K above its $565,000 list price, after eight days listed.

The priciest townhome to sell last week was a luxurious waterfront Yaletown unit that sold for $3,490,000 after 48 days on market, $109K below list price.

And the most expensive detached house to sell that week, registered as of August 10, was a beautiful heritage-style, 2003-built house in MacKenzie Heights on the West Side, which sold for $3,410,000. This four-bedroom house took 17 days to sell for $130,000 under asking.

Even though total listings and median days on market increased for every home type, compared with the previous week, so did the median list price in every category, for all Vancouver homes listed as of August 10.

REW stats

Joannah Connolly is the editor of REW.ca.

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