Metro Vancouver’s real estate market has changed.
Interest rates are going up as the federal government seeks to control inflation, brought on by the COVID-19 pandemic and the government’s own policy of keeping rates low to encourage pandemic spending.
As a result, real estate prices have stalled as buyers take stock.
Here’s a look at the cheapest and most expensive Vancouver detached homes, townhomes and condos sold over the past month:
Most Expensive Detached Home
The most expensive detached home sold in the past 30 days was at 2958 West 45th Avenue in Kerrisdale for $17 million.
This 8,520 square foot house was on the market for 59 days. It was initially listed for $20.98 million, then dropped to $18.988 million.
This means the seller got 20 per cent less than what they were expecting when it first listed. The property sold on April 2, and was reported as sold on April 14.
It’s a relatively new build over an acre of land and designed by architect Howard Airey. The house has six bedrooms and almost 2,000 square feet of patio space. The home was assessed as of July 1, 2021 at $17.92 million.
Most Expensive Townhome
The most expensive townhome sold in Vancouver in the past month sits across the road from George Wainborn Park in Yaletown in downtown Vancouver.
The townhome, at 485 Beach Crescent, is 2,600 square feet spread over three levels
It sold on April 16 for $3.499 million — which was also the asking price.
The three-bedroom listing (with 600 square feet of decks) only sat on the market for four days. The monthly maintenance fee is hefty at $1,685 a month.
It is assessed at $2.94 million.
Most Expensive Condo
There were more than 300 condos sold in Vancouver over the past month, including 21 worth more than $2.5 million. Of the 300, 22 were at UBC and 121 in the downtown core.
Perhaps surprisingly, the most expensive condo sold was worth more than twice the value of the most expensive townhome — at $7.2 million.
This 2,667 square foot, one-level condo sits within a 26-storey tower at 1011 Cordova Street (Fairmont Pacific Rim) in Coal Harbour.
It was listed for 55 days at $7.68 million before selling on March 31.
The condo has 360 degree views of Vancouver and access to all sorts of amenities with a monthly strata fee of $2,427.
Cheapest detached home
There were 14 detached homes sold for less than $1.5 million in Vancouver over the past month.
The cheapest was at 526 East Cordova Street for $1.149 million.
This rundown 2,600 square foot home sits on a 122 foot deep and 25 foot wide lot with rezoning potential in the Downtown Eastside.
The home was built in 1910 so there might be heritage density possibilities. It looks like it was a beautiful home at one point but now appears unlivable and is alongside a chicken rendering plant.
It was assessed at $1.177 million.
The cheapest townhome sold in Vancouver over the past month was in the Killarney neighbourhood for $620,000.
This listing at 2605 East 43rd Avenue was on the market for six days. It is 579 square feet with one bedroom and a monthly strata fee of $150.
There were 42 condos sold in Vancouver over the past thirty days for less than $500,000.
The least expensive of the lot went for $295,000 in a development called Gardenia Villa on the 2400-block of East 10th Avenue.
Originally listed for $574,000, it sold on April 4 for almost 50 per cent less. Two other condos in the same development sold for around the same in the past month.
The reason is because this is a leaky condo that banks will not finance. The listing states a special levy of $226,000 will be paid in full by the seller upon completion.