The recent hike in the interest rate might cool off the Burnaby housing market.
For now, however, selling your detached house is a recipe to make money as buyers are eager to snap up anything, no matter how old and dingy the place is.
So it’s a great time to sell your home as the new benchmark price for detached Burnaby houses is now above the $2-million mark. The latest example is a home on Grove Avenue in the Sperling area that just sold for $2,525,000, or $145,000 over the asking price.
The home is on a .18-acre lot and is 56 years old. Clearly, older houses are not scaring off buyers as potential redevelopment is tempting them. It’s also got a hilariously bad kitchen (see the photo above) with little effort to stage it. That kitchen is so dated only the Partridge family would love it.
The home is currently a rental and the listing says that the tenants want to stay.
But the listing also says this: “Lots of potential to rebuild townhouses and mixed commercial,” so it’s likely going to be torn down and built into something new.
The Real Estate Board of Greater Vancouver's monthly report for March shows the cost to buy a single-family detached home, apartment, townhome or residential all increased last month.
REBGV chair Daniel John said in the report when it comes to listings, there's less than half of what is needed to help shift the market into better conditions.
“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure.
"The number of homes listed for sale on our MLS system today is less than half of what’s needed to shift the market into balanced territory.”
The real estate board says sales last month were 25.5% above the 10-year March sales average.
According to the report, two out of three Burnaby areas surpassed the $2 million mark for a benchmark price last month.
Burnaby South currently sits at a benchmark price of $2,067,100 (+4.2% in one month) while Burnaby North was at $2,021,400 (+4.9% in one month).
Burnaby East stayed under $2 million at $1,776,300 (+2.7% in one month).
- With files from Jess Balzer
Follow Chris Campbell on Twitter @shinebox44.
