As 2021 draws to a close, many home sellers, buyers and realtors are likely to notice what year it has been.
As of November, the year-to-date sale of 117,973 properties across BC has already surpassed the previous best annual record in the province of 112,425 units, set for the whole of 2016.
As the December figures still need to be counted, sales have already exceeded transactions for the whole of 2020.
That Just asked real estate agents about trades they either had a finger in or listed as interested market observers during the year.
Here’s what they shared.
Buyers are fighting back
Irene Querubin from RE / MAX Crest Realty represented a man and a woman who were looking for an apartment for themselves and their two young sons.
They found a two-bedroom, two-bath unit at 102 Avenue near Guildford Mall in Surrey. The property was listed for $ 499,888. Querubin’s customers liked it so much, and when they knew they might be in a multi-buyer situation, they offered about $ 50,000 over the offer price.
About an hour after the bid deadline, the listing agent called Querubin. The agent said three offers were received and that everyone was given a chance to “give it one more try”.
Querubin forwarded the message to its clients and they got angry. They said they did not care if they got the seat or not. And to prove their point, the husband and wife changed their bid and made it $ 10,000 less than they had offered.
Eventually they got the property.
“I was so proud of them for fighting back as buyers in this crazy seller’s market,” Querubin said.
Perfect for the budget
Karen Conyers of Sotheby’s International Realty worked for more than a year with a married couple. Her customers were first-time buyers.
A generous parental gift increased the husband and wife’s retrieval budget.
With a top budget of $ 400,000, finding something that would work was quite a challenge. After being outbid on several properties, Conyers found a two-bedroom apartment at 15290 Thrift Avenue in White Rock, which had been on the market for 76 days for $ 426,000.
Conyers noted that sellers, especially in a hot market, tend to become anxious when their homes are not sold right away. She wrote an offer, including a letter explaining why the property was a perfect first home for her clients.
After serious consideration, the sellers agreed to the buyers price and terms.
They reduced their price by $ 26,000, matching the top budget for Conyers’ customers.
“We were able to remove the terms of the sale and my first time buyers will get the keys to their first home on January 1, 2022,” Conyers said. “What a great way to start the year.”
Equity is growing
Randy Rinaldo from Rennie & Associates Realty Ltd. made trades that made his clients enjoy a rapid rise in the value of their homes as properties became more valuable.
The real estate agent was talking about a client who was looking for a townhouse in North Burnaby. He found one in a complex at 7305 Montecito Drive that backed up to a park and school.
Rinaldo’s client liked the property and wanted to make an offer. The problem was that the sellers already had an offer that they had countered.
It told Rinaldo that the sellers received an offer that was lower than asking.
He spoke with the seller’s agent and said that if other buyers went against, Rinaldo would make a great offer.
That was exactly what happened, and Rinaldo made an offer for the full price of $ 535,000.
The offer was accepted and while the conditions for the sale were met,
Rinaldo spoke to another real estate agent who had just built another unit in the same complex.
The other agent’s listing ended up selling above the offer price of $ 580,000.
This property measures 1,238 square feet, which was 49 square feet smaller than Rinaldo’s client who paid $ 535,000. That’s a difference of $ 52.80 per. square feet.
“My clients’ equity grew by $ 68,000 in a single week,” Rinaldo said. “Happy customer, happy real estate agent.”
Prototype of insanity
Adam Major of Holywell Properties is going to track deals because his company also runs Zealty.ca, a real estate information site.
Major remembers another real estate firm’s sale of a two-bedroom unit in the Autumnwood townhome complex in Langley in March last year for a special reason.
Major considers the $ 1,320,000 transaction in March 2021 for 29-8555 209 Street to be “the prototype for this year’s insanity.”
The Langley townhouse sold 61 percent above the offer price. Major noted that the good thing about the property was that it was a “fat half a million over the offer price”.
In addition, it was 77 percent above appraised value and half a million dollars above the price of any previous sale in this complex.
“In other words, the property was not priced below market to attract a bidding war: it was just a confluence of factors that caused great demand and caused someone to make a ridiculous offer to make sure they got the property,” Major said.
Zealty.com’s CEO noted that since this sale, five other units in the same complex have sold for over $ 1 million. Two of these went for over $ 1.2 million.
“But # 29 still holds the price record for Autumnwood,” Major said.
West End affordable price
David Hutchinson of Sutton Group – West Coast Realty represented a salesman in Vancouver’s West End neighborhood. The property, on a 1534 Harwood Street development, was a rental apartment.
In connection with this, Hutchinson recalled that Just made a story that rental properties are more affordable than their counterparts that are simple.
“This is an example of affordability in one of the best places in Vancouver,” Hutchinson said. “This unit with wonderful views has an unbeatable location at an unbeatable price.”
The one-bedroom apartment was sold for $ 360,000.
“Another interesting thing about this sale is that it’s next to an actual detached house that I sold for over $ 6 million a few years ago,” Hutchinson said.
“That’s the beauty of the West End: you can buy an apartment for under $ 400,000 with a neighbor for $ 6 million!”
View of orchard
West Coast Modern’s Trent Rodney says million-dollar prospects no longer just mean ocean views.
Rodney noted that his boutique real estate agency, which specializes in unique homes, proved this point with its $ 5.1 million sale of Orchard House on 1990 Fulton Avenue in West Vancouver.
He explained that the home, designed by the late architect Robert Burgers, “cross-pollinates the architectural sensitivity of the west coast with the Dutch farmhouse look”.
“With 22 fruit trees, including several apple varieties inherited, it brings the joy of summer fruit picking home right in the middle of West Vancouver,” Rodney said. “It really is a unique collector’s work of art to live in.”