04/11/2014 12:12 EDT | Updated 04/11/2014 12:59 EDT

Vancouver Real Estate: City's Cheapest House Sells For Above Asking

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The buzz created by Vancouver's cheapest house when it was listed earlier this month for $599,000 looks like it paid off.

The home at 2622 Clark Dr. sold after the first weekend for $643,000, listing realtor Mary Cleaver told The Huffington Post B.C.

The attractive list price for the three-bed, two-bath home resulted in "very busy open houses" — and two written offers, said Cleaver in an email on Thursday.

The beautifully renovated East Van home, which was built in 1910, was listed below $600,000 because it faces the busy street and is on a smaller lot than others in the area, reported The Province.

But experts believe $599,000 homes in Vancouver are disappearing, with real estate sales and housing starts on the way up, says the newspaper.

“These values are up year after year,” Sumal Inde, vice-president of residential mortgages with RBC, told the newspaper.

A house price survey this week by Royal LePage found that fewer detached homes are available because many are being redeveloped into multi-unit properties.

“There is a perpetual shortage of single-family homes, which is driving up prices for this property type,” said Chris Simmons, a Royal LePage broker in Vancouver, in a news release.

The study for the first quarter of 2014 saw average prices for two-storey homes in the Vancouver market grow 2.9 per cent to $1,148,473 compared to last year. Detached bungalows jumped 4.8 per cent to $1,062,318, while condos rose 0.3 per cent to an average of $482,800.

Cheapest House In Vancouver, April 2014

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