A Tudor mansion in Vancouver’s tony Shaughnessy neighbourhood has sold for millions over the asking price, fueling more fears about affordability in the city’s red hot real estate market.
The stately home at 1383 West 32nd Avenue was listed for $5.99-million on Feb. 5, and sold 12 days later for a cool $8,010,000.
That’s 33 per cent more than the initial asking price. The deal was finalized two weeks ago.
The 4,410-square-foot home was built in 1937, thought an MLS listing says it underwent renovations in 1970.
According to the City of Vancouver, the property was assessed this year at $5,094,600, which means the sale was $2.9-million above the assessed value.
A March report found that the average price for a detached home in Vancouver passed the $1 million mark in both cities.
In his report, Cameron Muir, chief economist for the Greater Vancouver real estate association, says a perfect storm of rock bottom interest rates and rising consumer confidence has fueled an all-out realty frenzy.
“Many board areas are now exhibiting sellers’ market conditions with home prices advancing well above the rate of inflation,” Muir said.
Another report from Vancity Credit Union predicted that the average home price in Vancouver will exceed $2.1 million by 2030.
Vancouver isn’t the only real estate market breaking records. A report from Christie's International Real Estate just ranked Toronto the world’s “hottest” luxury market.
The report compared Toronto’s housing market to those of Dubai, Hong Kong, London, Los Angeles, Miami, New York, Paris, San Francisco and Sydney.
An “extremely low” supply of houses in Toronto pushed prices to approximately $1.2 million for “relatively average” houses, according to Christie’s.
