Have you been following Toronto’s real estate sales lately? Sale prices continue to rise due to a lack of freehold housing stock and stiff competition in bidding wars. But, in terms of real estate affordability, if you think Toronto has it bad, Vancouver has it just a little bit worse; according market research, Toronto’s average home price is $613,933, while a home in Vancouver, on average, will set you back $660,700. (Condominiums aside, the average freehold price in Vancouver is a $1,052,800!)
Just recently, the sale of a home in Vancouver’s chi-chi Shaughnessy neighbourhood closed for a whopping $8,010,000, which is astounding given that it was listed for only $5,990,000 – that’s 33% more than the asking price! Can you imagine? The sellers must be over the moon!
Photo courtesy of Re/Max Stuart Bonner
1383 West 32nd Street is a custom-built family home with a view of the park, offering 16,502 square feet of living space. The interior is outdated, but spacious, with well-sized living and dining rooms, an additional sitting room, and a cozy wood paneled den with office. While plenty of homes that haven’t been recently updated can do very well on the market, we were surprised that the listing agent, Charles Bonner, didn’t even hire a professional photographer! Check out the photos below which were taken from his Facebook Page:
Sure, it’s a spacious lot – with a pool – but it’s really the swanky Shaughnessy neighbourhood that makes it an attractive purchase. In fact, records show that the property’s assessed value this year was $5,094,600, which means that it was listed for $2.9 million more than the valued price! Could the home’s new sole owner, Xiuhua Li, be planning a complete gut or even tearing it down? After all, the listing did mention the property was “perfect for redevelopment”!
To read more about this record-setting sale, click below on the following news websites:
And take a look at this news clip produced by The Province.
My most recent Dear Urbaneer blog on urbaneer.com, entitled, Why Is the Market So Hot, details the market trends that have led to the roaring real estate market in Toronto, which shares many similar characteristics with Vancouver’s market. And if you want the inside scoop on bidding wars, which have become the norm in both cities, read The Anatomy Of A Bidding War.
~ Posted by Steve Fudge, purveyor of canadianrealestatehousingandhome.ca, and the proprietor of Toronto’s urbaneer.com
