With high inflation and rising interest rates, buyers are looking for homes they can afford.
That may just be the story behind a one-bedroom condo at 207-1122 King Albert Ave. in Coquitlam that sold for $367,000.
According to Zealty.ca, the sale was reported Friday, Sept. 23.
Located close to Blue Mountain Park in Coquitlam, the King Albert Manor complex is in a nice well-established neighbourhood in central Coquitlam.
But what made the sale notable was that it was sold in just one day, according to the online posting, and the buyer paid the listed price.
While the listed price was 17 per cent higher than the most recent assessment of $313,000 dating back to July 2021, it was one of more affordably priced properties listed for sale in recent days.
There are currently no condos listed in Coquitlam for under $400,000 currently on the REW.ca website.
Here's what the buyer got for their money:
- a 556 sq. ft. apartment in a 42-year-old building
- new paint
- newer white kitchen cabinetry and stainless steel appliances
- wood burning fire place
- bathroom updates
- brand new bedroom carpet
- one storage locker with two parking spaces in secure underground parking
- pets and a 10-unit limit on rentals
- heat and hot water included in $228.28 maintenance fee
The sale follows a modest uptick in real estate sales in the Tri-Cities in August. As many as 267 home were sold last month, according to the Real Estate Board of Greater Vancouver (REBGV).
That's an increase of four per cent, and 10 more homes compared to the 257 sold in July, out of 439 listings (156 in Coquitlam, 78 in Port Coquitlam and 33 in Port Moody/Belcarra).
Early in October, the REBGV should have its real estate sales numbers out for September, at which point the real estate market picture will be more clear.
In September, the Bank of Canada hiked its key interest rate 75 basis points to 3.25 per cent, the fifth consecutive increase this year.
— with files from Kyle Balzer