Two bids for tiny condo and a wedge into the market

DONE DEAL

8989 Hudson St., No. 206, Vancouver

MARPOLE

Asking price: $359,900 (Dec. 13, 2022)

Selling price:$357,000 (Dec. 17, 2022)

Previous selling prices: $164,000 (2007); $73,000 (2003); $71,900 (1996)

Days on market: Four Monthly maintenance fee: $235.55 Taxes: $897.56

Listing agent: Keith Roy, Re/Max Select Realty

WHAT THEY GOT Listing agent Keith Roy said this was the lowestpriced freehold condo on the city’s west side when he listed it. The 397-square-foot older unit, built in 1996, has a fireplace, stacked laundry, small balcony and pantry.

The suite is close to transit, the University of B.C. and downtown, as well as the airport. The building had been updated with a newer boiler and plumbing.

The strata allows rentals and the unit comes with a parking stall and storage locker.

“This condo is one of the smallest units allowed in the city of Vancouver,” Mr. Roy says.

THE ACTION Mr. Roy held five showings and received two offers. The buyer plans on living in the unit and might use it as a rental investment down the road.

“In this case, the seller benefited with a great price and multiple offers and a fast sale – despite a challenging market and a price point that is typically very sensitive to interest rates,” Mr. Roy said.

“The buyer saw this as a great opportunity to get into the market at a lower price.”

AGENT’S TAKE The building used to have rental restrictions before the provincial government prohibited them. The lifting of the restriction increased the unit’ s value, Mr. Roy says.

“One of the unintended consequences of removing rental restrictions in all strata buildings in B.C. is the increase in the price of units that were previously restricted,” he said.

The sale completed Feb. 13.