A four-bedroom home sold for 50 per cent more than the listed price this week in a property sale that may have set another record in Coquitlam.
While the Real Estate Board of Greater Vancouver (REBGV) says springs sales activity is easing down from the record-breaking pace of the last year, in some areas, sellers are still getting multiple offers.
On Monday (May 2), a 2,200 sq-ft. home in a cul-de-sac in Coquitlam's Cape Horn neighbourhood sold for $1.5 million. The house at 128 San Antonio Pl. was originally listed for $999,000 and sold within eight days, according to Zealty.ca.
The 25-year-old home included a small basement suite and a north-facing back yard.
A Tri-City real estate veteran speculates the house was priced to get multiple offers, but high demand for detached homes for under $1.5 million may have prompted the higher offer.
"It's been normal for properties to sell over asking since the start of COVID-19," said Bill Laidler, a former realtor who now mentors real estate agents for the Laidler Group.
"Low interest rates and low inventory caused by sellers cautious about moving during the pandemic caused the market to inflate," he said.
Townhouses would help ease housing crunch
Laidler adds there is high demand but low inventory of ground-oriented housing, such as townhouses, which are more affordable for families.
There is a need for so called "missing middle" housing that is not condos nor traditional single family homes on large lots, he said.
Instead, Laidler thinks Coquitlam should look at approving more townhouses in established single-family neighbourhoods, close to schools, transit and other amenities, where families can raise their children.
"You get a front door, a garage and a yard," he said, adding he'd like to see the issue of densifying for townhouses brought up in the upcoming Oct. 15 civic election.
Laidler is president of Laidler Development Lands Ltd., and a mentor with the Laidler Group - RE/MAX Sabre Realty, according to his profile.
There could be other reasons the Cape Horn home sold for so much more than its original listing, he said, believing a lack of comparable home sales may have also been reflected in the higher price.
The most recent sale for a similar home in the neighbourhood was in 2020, when a house at 130 San Antonio Pl. sold for $1.07 million in August 2020.
"The market has gone up about 40 per cent in the last 18 months, the city has to do more for housing for families," Laidler said.
In another recent sale for the record books, a Coquitlam home with heated pool sold $500K over asking after multiple offers in a single day.