Metro Vancouver homebuyers pay large estimated value near SkyTrain

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Apartment buyers paid on average 4.5% more than the assessed value for housing near a SkyTrain station this spring

If you live near a SkyTrain station in Greater Vancouver, you know the value of this convenience.How much value? Well, apartment buyers paid an average of 4.5% above the estimated value of the units near a SkyTrain station between March 15 and May 31, 2020, according to a report by the marketing company and Vancouver-based Roomvu real estate analyst.

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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