With a softening real estate market due to recent Bank of Canada interest rate hikes, some homes are taking longer to sell — or sellers have to drop their prices.
But that hasn't deterred people from putting their homes on the market.
In Coquitlam's Maillardville neighbourhood, as many as as 25 homes are for sale, according to the real estate website rew.ca, with prices ranging from one-bedroom condos selling for $399,000 to prime development sites costing more than $2.8 million for a single-family lot with an older home.
However, in one recent case, a freshly painted home with curb appeal sustained two price drops, totalling nearly eight per cent, before attracting a buyer.
The home located at 1142 Madore Ave., Coquitlam, wasn't exactly a bargain, selling for $2,025,000 on Oct. 21, according to zealty.ca, after 25 days on the market.
Listed at $2,198,000, the seller dropped the price to $2,098,000, before eventually settling on the final price for the 65-year-old home.
Still, the sale price was significantly higher than the 2022 assessment, which according to the BC Assessment Authority is valued at $1,522,800 (as of July 2021).
The property's biggest selling point — besides new paint including a bright yellow door — is the large lot.
It's more than 8,000 sq. ft. and is zoned RT-1, which according to the City of Coquitlam's zoning definition allows for infill homes up to four principal homes per lot.
"Perfect for investor, builder or developer," the description of the home reads.
Properties for sale in Coquitlam for re-development
Here's what else you can get for almost $2 million in Maillardville. Other properties listed for sale for redevelopment include:
- A $2,450,000 property at 1038 Alderson Ave. with an 89-year-old home on a 5,307 sq. ft. lot, according to the listing. The property is zoned RM-3, which means the zone provides for apartment developments between four and eight storeys at a medium density. It's been for sale for over a year and is being sold for land value.
- A $2,880,000 property at 316 Laval Sq. with a 6,000 sq. ft. lot is also for sale. The property is zoned for infill or low-density residential, according to the listing. This property has been for sale for 76 days.
