Apartment buyers paid on average 4.5% more than the assessed value for housing near a SkyTrain station this spring
The report, which compared the sale price of apartments to values set by the government, found apartments in certain metropolitan areas of Vancouver sold at the highest rates above the appraised value – 6, 5.6 and 5 percent respectively. While the smallest difference between the sale price and the assessed value was in Richmond with 2.3%.
“Access to public transportation has become precious over time. Prices for transit-friendly homes increased during the year despite the far-reaching negative economic consequences of the pandemic, “said Thomas Davidoff, economist and professor at UBC’s Sauder School of Business. “The social distancing measures have undeniably made the sale of a house more difficult, because the organization of open days and visits in person has become difficult, if not impossible. That said, we continue to see a very strong relationship between price and sales performance, both in terms of ad sales and price relative to evaluation. ”
“By examining the difference between selling prices and value assessed by the government, we paint a more accurate picture of market activity than looking only at prices,” said Sam Merhbod, real estate agent and CEO of Roomvu in the Vancouver area. “COVID-19 has certainly dealt a blow to the Vancouver housing market as a whole, but the apartment segment is showing signs of recovery,” he added.
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