BRITISH COLUMBIA

East Vancouver House Sells For $567,000 Over Asking Price

03/29/2015 01:53 EDT | Updated 03/29/2015 01:59 EDT

east vancouver house

Even in Vancouver where no one bats an eye at $1-million listings anymore, a record-breaking sale is raising all sorts of eyebrows.

An East Vancouver house listed for just under $1.6 million sold for $567,260 over the asking price, realtor Paul Eviston told Metro newspaper.

The final $2,167,000 sale — 35 per cent above list price — ushers in a new benchmark for the city.

"It was the highest price per square foot ever achieved for an East Vancouver home," Eviston told CBC News.

The heritage-looking home on East 26th Avenue, west of Main Street, is only a year old and includes a one-bedroom basement suite. The new owners are a middle-aged local couple, Eviston told Metro.

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East Vancouver House Sold For $567,260 Above Asking Price

Bidding wars are common in Metro Vancouver, but Eviston described the home as "strategically listed."

Thomas Davidoff of UBC’s Sauder School of Business says it can be a wise strategy to list well below where sellers think will be the final sale price, Global News reported.

“What you really want is to get lots and lots of bidders,” he said.

“People will pay for where they want to live,” Eviston told Metro.

Homebuyers are flocking to East Vancouver for its charm and livability, reported The Globe and Mail. The "radical shift" from the city's west to east is having a positive effect on property values, but perhaps not on affordability.

For the Metro Vancouver region, the price of an average detached house could reach more than $2.1 million by 2030 if current trends continue, forecast a recent report by financial institution Vancity.

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