The real estate market in New Westminster and beyond in Metro Vancouver continues to see some staggering things.
The latest is a 111-year-old at 423 Oak St. in Queen’s Park selling for $350,000 over the original asking price, according to this posting on Zealty.ca.
The house is under 2,000 square feet, renovated in 2008 and was selling for $1,450,000 and sold for $1.8 million in January.
It’s just another sign of how the market continues to scorch.
BC Assessment is now sending out 2022 assessment notices to owners of more than a million properties throughout the Lower Mainland. The assessments, which reflect market value as of July 1, 2021, indicate the average assessment for single-family homes in New West increased by 24% in the past year.
According to BC Assessment, a home in New West with a typical assessed value of $1,119,000 on July 1, 2020 was assessed at $1,388,000 on July 1, 2021.
Vancouver real estate continues to get crazier. Never thought I'd see 111 year old cottages in New West go for $1.8M ($350k over asking! 🤯). Tiny 3500sqft lot too. Assessed at $1.27M a year ago. #vanre #newwesthttps://t.co/n0JcuYBFro
— Rick Vugteveen (@rickvug) January 31, 2022
A property at 1238 Ewen Ave. in Queensborough has been assessed at $3,009,000. The rest of this year’s Top 10 assessed properties in New West are: 124 Second St. – $2,889,000; 218 Regina St. – $2,875,000; 101 College Crt. – $2,869,000; 403 St. George St. – $2,867,000; 221 Queens Ave. – $2,794,000; 127 Queens Ave – $2,784,000; 1526 Hamilton St. – $2,783,000; 220 Second St. – $2,758,000; and 118 First St. – $2,757,000.
It’s been a record year in home sales in Metro Vancouver.
For the region, the Real Estate Board of Greater Vancouver reports that residential home sales totalled 43,999 in 2021, a 42.2 per cent increase from the 30,944 sales recorded in 2020, a 73.6 per cent increase from the 25,351 homes sold in 2019, and a four per cent increase over the previous all-time sales record of 42,326 set in 2015.
Last year’s sales total was 33.4 per cent above the 10-year sales average.
Home listings on the Multiple Listing Service (MLS) in Metro Vancouver reached 62,265 in 2021. This is a 14.7 per cent increase compared to the 54,305 homes listed in 2020 and a 19.9 per cent increase compared to the 51,918 homes listed in 2019.
Last year’s listings total was 11 per cent above the 10-year average.
= with addtional reporting by Theresa McManus
Follow Chris Campbell on Twitter @shinebox44.
