Real estate is selling more quickly in Coquitlam after multiple single-family homes sold in less than a week this past spring, according to reports on Zealty.ca.
The surprising bump in sales — and prices — even has the Real Estate Board of Greater Vancouver commenting that some buyers are getting into the market despite recent real estate hikes.
According to REBGV, prices rose in May as sales across the Lower Mainland reflected more closely the average spring real estate market.
“Back in January, few people would have predicted prices to be up as much as they are — ourselves included,” stated Andrew Lis, REBGV’s director of economics and data analytics said in a month end report.
In Coquitlam, two homes sold in less than one day and both were purchased at prices well over their 2022 assessed value.
Renovated house with view
One home had a massive facelift, including the exterior, which might have helped in the sale.
The 55-year-old house located at 1957 Dawes Hill in Central Coquitlam sold on May 31 after just one day on the market, according to the listing on Zealty.ca.
It sold for $1.49 million at $498 per square foot for the 2,490 sq. ft. house, on a hillside property with views.
Also notable was the large, 7,033 sq. ft. lot and the fact that there were multiple updates to the kitchen, bathroom, bedrooms and main living area.
The assessed value for the six-bedroom, three-bathroom home built in 1968 was $1,176,200 as of July 2022; however, it sold for much more at $1.49 million or 26 per cent above the assessed value.
Cozy home close to trails, river
Meanwhile, on the other side of the city, a four-bedroom, three-bathroom home at 2023 Shaughnessy Pl., in the River Springs neighbourhood, sold for $1.35 million also in a single day.
Built in 1986, this home sold for $686 per sq. ft. according to the listing on Zealty.ca; however, it sold on April1 21 but was reported on June 5.
The home is 1,967 sq. ft. in size and sits on a 5,523 sq. ft. lot.
Notable features of this home included one of the larger lot sizes for a home in the neighbourhood, community amenities, such as a tennis court, and proximity to trails along the Coquitlam River.
The assessed value for this home as of July 1, 2022, is $1,276,000, according to BC Assessment, six per cent less than the purchase price.
Fall-out from interest rate hike
Local real estate agents and home buyers and sellers will be keeping an eye on housing fluctuations in the Tri-Cities following the latest rate hike.
The Bank of Canada ended their pause on rate hikes on June 7 when it raised the key interest rate 25 basis points to 4.75 per cent, the highest it’s been since 2001. The rate hike comes at a time when the housing market is seeing a renewal in activity, increases in prices and low supply.
— with a file from Claire Wilson
For more B.C. real estate news, visit the Tri-City News website.
