No buyers? Rather than lower expectations, Vancouver home sellers increase prices by as much as $1.3 million

No buyers? Rather than lower expectations, Vancouver home sellers increase prices by as much as $1.3 million


 

2 of 2
  • The asking price for 3456 West 39th Avenue went up from $3,690,000 by $1 million to a new price of $4,690,000.

Home resales have declined, but make no mistake about what’s going on.

As the Real Estate Board of Greater Vancouver recently reported, the market remains in seller’s territory.

 
 

This simply means that the market is strong enough that sellers are in control when it comes to prices.

Longtime realtor David Hutchinson notes that a “bit of an anomaly of a hot market is sellers’ expectations”.

 

“Sellers want as much money as possible, which is not unreasonable,” Hutchinson told the Straight.

What happens sometimes is when a property is listed and no buyers come immediately, the seller does not do what is traditionally expected, which is to reduce prices.

 

To the contrary, the seller simply increases the asking price.

Hutchinson cites 380 West 62nd Avenue as one example.

The Marpole area home came on the market on April 21, 2021 with a listing price of $2,990,000.

No buyer came to pick up the two-storey home with four bedrooms and two baths.

But instead of reducing the price, the seller jacked up the price on June 3 to $4,380,000.

This means an increase of $1,390,000 on the asking price.

There’s another thing that Hutchinson, an agent with Sutton Group-West Coast Realty, noted about the 380 West 62nd Avenue listing.

The property was listed $2,990,000 on April 21, which was below the home’s 2021 assessed value of $3,130,000.

Speaking generally and not specifically about the circumstances of this listing, Hutchinson said that in an “attempt to get as much money as possible”, sellers may instruct a realtor to price a property below assessed value.

This move is expected to get multiple offers, and over-the-asking price.

“This can be very discouraging for good, reputable buyers that see a sticker price on a property, and in good faith, go to see the home, and make an honest offer,” Hutchinson related.

Unfortunately, the realtor continued, what their offer in good faith does is push the price up. 

“If there are no offers, and buyer can expect to negotiate on an asking price,” Hutchinson said.

“But once the buyer hears there is another offer, then they're in a multiple-offer situation, and feel they must offer more than the asking price,” he continued.

The listing price for 380 West 62nd Avenue has gone up from $2,990,000 to a new tag of $4,380,000.The listing price for 380 West 62nd Avenue has gone up from $2,990,000 to a new tag of $4,380,000.

Some sellers do not wait long to increase prices, and 3456 West 39th Avenue is an example.

The seller of the Dunbar home listed the five-bedroom and six-bath residence on June 1 for $3,690,000.

The next day, the owner increased the price by $1 million, for a new price of $4,690,000.

Other sellers are more modest, and 3525 West 29th Avenue demonstrates this.

The Dunbar home’s price on June 18 increased by $690,000. Its new listing price is $4,680,000.

The residence came on the market in May for $3,990,000.

The phenomenon of sellers jacking up asking prices doesn’t happen only on the west side of Vancouver.

It happens as well on the east side, and 3218 East 18th Avenue is one example.

The Renfrew Heights property came on the market on May 17 for $1,488,000.

On June 18, the seller raised the price by $200,000, bringing the listing tag to $1,688,000.

This thing happens as well with properties other than single-detached homes.

Hutchinson cited as example a condo unit at 803-5629 Birney Avenue.

The seller listed the studio on June 7 for $499,600.

When the unit went unsold, the owner boosted the price by $116,400 on June 18. It is now listed for $616,000.

Hutchinson said that the strategy of increasing prices sometimes can be effective.

“They have already tried to lower price to entice buyers. It didn't get the desired result, so they can't lower the price again. It won't work. So they increase the price, and hope they get somewhere between the original ‘bait and switch’ price and the new asking price.”

Hutchinson went on to note that the strategy can also backfire.

“A lot of buyers are now deciding to wait until after the deadline to present offers, and see if it's still available to make an offer when there isn't any competition,” Hutchinson said.

Details of price changes cited in this story were tracked by real-estate information site Zealty.ca

 
Follow Carlito Pablo on Twitter @carlitopablo
 

MORE ON STRAIGHT.COM

HIGHLIGHTED THINGS TO DO

 
JUL 2

Ludic at Vancouver International Jazz Festival

Performance Works

BUY TICKETS
 

Submit your event today

to feature it weekly online

LET'S START
 

The mental health of Vancouver’s youth is creatively articulated in Some Assembly’s latest show: Breakwater

READ
 

Allegra Chamber Orchestra’s amplifies female voices from across Canada in their latest event: FestivELLE

READ
 

PLACES TO GO

 

AspenClean

Why AspenClean? We’ve been committed to delivering effective natural home cleaning solutions to...

LEARN MORE
 

Sas & Ing

Sas and Ing’s Immigration Law Centre provides advice and assistance to individuals, families and...

LEARN MORE
 

Attic Treasures

Attic Treasures opened its doors in 1988 and has been a beloved Vancouver destination for...

LEARN MORE
 

Shark Club

Shark Club is Sports HQ. Fused with pregame energy from Rogers Arena and BC Place & featuring two...

LEARN MORE

Uncle Fatih's Pizza

Uncle Fatih's Pizza has 9 locations across the lower mainland, offering take out and contactless...

LEARN MORE

Amherst Funeral and Cremation Services

Amherst is the leader in providing simple, affordable and dignified funeral, cremation, burial...

LEARN MORE
 

The Talking Stick Festival delivers Indigenous performance art with impact throughout all four seasons


 

2 of 3
  • FULL CIRCLE

(This story is sponsored by .)

The 20th anniversary of the Talking Stick Festival began earlier this year, providing Indigenous art enthusiasts and knowledge-seekers with an abundance of free online programming. From eclectic dance performances and theatrical presentations to nature walks, virtual workshops, and discussion panels, there’s an event that will spark interest for everyone.

 
 

Full Circle: First Nations Performance calls to the Four Directions and all their relations to gather around the four fires, one in each season. The celebration began with the Winter Lodge: Sitting with our Ancestors, followed by Spring Awakening, and now Summer Sojourn.

 

“In Indigenous country, there are significant things that happen each season so we decided to present our programming in time with these seasonal changes,” says Margo Kane (Cree/Saulteaux), the artistic manager director and founder of Full Circle: Firsts Nations Performance. “It’s a new way to think about where we are on the land, what happens on the land, and the conversations that could arise from where we are as Indigenous artists.”

In addition to running the nonprofit organization for two decades, Kane is celebrating a year of special acknowledgements for her lifetime of work as a cultural leader, writer, actor, teacher, and performing artist.

Margo Kane (Cree/Saulteaux), the artistic manager director and founder of Full Circle: Firsts Nations Performance.Margo Kane (Cree/Saulteaux), the artistic manager director and founder of Full Circle: Firsts Nations Performance.FULL CIRCLE

For the entire month of June, the Summer Sojourn celebration will offer a wide range of Indigenous art to audiences. This will include a children’s book launch, storytelling sessions, dance performances, and much more.

“Typically in the summer, we all start a journey and come together through ceremonies, sundances, feasting, and in gathering certain food items. We might go berry picking or hold a powwow,” says Kane. “This part of the festival is called Summer Sojourn because this June, we’re gathering with several of our partners across Canada.”

The summer installation will include programming from the NAC Indigenous Theatre, the Adäka Cultural Festival in the Yukon, the Summer Solstice Indigenous Festival in Ottawa, and the Vancouver International Film Festival—to name but a few.

“The sharing of these valuable resources is a step toward reconciliation,” says Kane.

In addition, attendees can expect to see a virtual performance from Indigenous singer and poet Tara Williamson and her band, The Good Liars, on June 18. And the immensely inspiring Embodying Power and Place will start on June 3 and run on-demand until July 1.The full event schedule can be found .

Tara WilliamsonTara WilliamsonFULL CIRCLE

Through its partnership with the first Indigenous francophone performance company in Canada, Ondinnok Theatre, viewers can tune in to their gala, showcasing their talented artists. This will be released on National Indigenous Peoples Day on June 21.

Summer Sojourn will also feature in-depth conversations with Indigenous artists and presenters, which folks can take part in over Zoom.

“I find the conversations very inspiring because whenever I perform, I want to talk to my audience about my work and the issues that it brings up,” says Kane. “It’s so important for us to personally connect with others about what’s happening in the world and how it affects us, as Indigenous and non-Indigenous people.”

Since 1992, Full Circle: First Nations Performance has supported Indigenous artists by creating opportunities for them to share their life experiences with audiences. By engaging with people of all ages and backgrounds, artists have been able to help others better understand First Nations, Métis, and Inuit culture.

For the participating Indigenous artists, the festival provides them with much more than an opportunity to showcase their works.

“It’s a great way for the Indigenous community to get inspired,” says Kane. “They get to show their work, share the thoughts behind their pieces, meet other Indigenous artists from Turtle Island, support each other, and build lasting relationships.”

By taking the time to learn about different cultures and their values, we can form a more inclusive community where people can peacefully coexist.

“There’s a wealth of stories, ideas, and opportunities for the Indigenous arts community to share with a non-Indigenous audience,” says Kane.

“We know our people will be there but we are eager to welcome other people to explore Indigenous culture through the arts and get to know our communities. We need to learn about each other so that we can build a better future for everyone in this country.”

For more information on the festival and its components, visit .

To learn more about Full Circle: First Nations Performance and the nonprofit’s history of events and initiatives, 

 
 

MORE ON STRAIGHT.COM

HIGHLIGHTED THINGS TO DO

 
JUL 2

Ludic at Vancouver International Jazz Festival

Performance Works

BUY TICKETS
 

Submit your event today

to feature it weekly online

LET'S START
 

The mental health of Vancouver’s youth is creatively articulated in Some Assembly’s latest show: Breakwater

READ
 

Allegra Chamber Orchestra’s amplifies female voices from across Canada in their latest event: FestivELLE

READ
 

PLACES TO GO

 

Amherst Funeral and Cremation Services

Amherst is the leader in providing simple, affordable and dignified funeral, cremation, burial...

LEARN MORE
 

Attic Treasures

Attic Treasures opened its doors in 1988 and has been a beloved Vancouver destination for...

LEARN MORE
 

Shark Club

Shark Club is Sports HQ. Fused with pregame energy from Rogers Arena and BC Place & featuring two...

LEARN MORE
 

Uncle Fatih's Pizza

Uncle Fatih's Pizza has 9 locations across the lower mainland, offering take out and contactless...

LEARN MORE

Sas & Ing

Sas and Ing’s Immigration Law Centre provides advice and assistance to individuals, families and...

LEARN MORE

AspenClean

Why AspenClean? We’ve been committed to delivering effective natural home cleaning solutions to...

LEARN MORE
 

Post-Secondary BC takes the stress out of preparing for university or college


 

2 of 3
  • POST SECONDARY BC

(This story is sponsored by .)

Getting out of bed each morning for class is hard but figuring out what postsecondary schools offer the courses that interest you can be even harder. Along with finding an exciting program, prospective university and college students need to understand each school’s admission requirements and application processes.

 

The transition from high school to postsecondary can seem intimidating. Thankfully, Post-Secondary BC (PSBC) provides advice and resources to Grade 11 and 12 students and their parents. PSBC is a collaborative group of the Student Recruitment Offices from all 25 public postsecondary institutions in B.C., along with four private nonprofit colleges and universities, and the Royal Military College.

 

Through online resources and virtual fairs, the 30 PSBC members (also known as recruiters) help steer students and parents in the right direction. Last fall and again this fall, the schedule of PSBC fairs will take a virtual format. Online presentations will cover topics like application processes, admission requirements, and other information that students need to know.

Fair attendees will also get the opportunity to chat with a recruiter or ask any questions that they may have.

The PSBC website is also a great resource and can be accessed around the clock. It features complete profiles and detailed information from all 30 institutions and any student or parent can connect directly with a recruiter for further guidance. The website also highlights news and the many upcoming free information events hosted by different colleges and universities. Due to the pandemic, all events will take place online at this time.

POST SECONDARY BC

“There are so many program options in every career field so students should take the time to explore them all,” says Josh Keller, administrative coordinator at Post-Secondary BC. “Don’t make the mistake of just looking at one or two universities because there are so many others to consider. Think about what’s the right place for you, as a student. PSBC wants to see the right students choose the right place for the right reasons.”

If your parents require more information than the brief snippet you provide them with in passing, recommend that they check out the PSBC website. Parents will find an entire section, filled with downloadable resources dedicated to them. There are also special sections on the website for high school counsellors and students. In the Knowledgebase section, there’s Career Information and some history about postsecondary education in Canada.

For Grade 10 students, the PSBC website can assist them with picking the courses they’ll need to take in Grade 11 and 12 to ensure that they can get into a particular program. For example, students who want to get into a nursing program need to take chemistry in Grade 11 and biology in Grade 12.

The PSBC website also features a comprehensive list of programs and areas of study, as well as a terminology guide to help you decipher confusing university terminology.

For more information and resources or to explore members profiles, visit 

 

MORE ON STRAIGHT.COM

HIGHLIGHTED THINGS TO DO

 
JUL 2

Ludic at Vancouver International Jazz Festival

Performance Works

BUY TICKETS
 

Submit your event today

to feature it weekly online

LET'S START
 

The mental health of Vancouver’s youth is creatively articulated in Some Assembly’s latest show: Breakwater

READ
 

Allegra Chamber Orchestra’s amplifies female voices from across Canada in their latest event: FestivELLE

READ
 

PLACES TO GO

 

Shark Club

Shark Club is Sports HQ. Fused with pregame energy from Rogers Arena and BC Place & featuring two...

LEARN MORE
 

Amherst Funeral and Cremation Services

Amherst is the leader in providing simple, affordable and dignified funeral, cremation, burial...

LEARN MORE
 

AspenClean

Why AspenClean? We’ve been committed to delivering effective natural home cleaning solutions to...

LEARN MORE
 

Attic Treasures

Attic Treasures opened its doors in 1988 and has been a beloved Vancouver destination for...

LEARN MORE

Sas & Ing

Sas and Ing’s Immigration Law Centre provides advice and assistance to individuals, families and...

LEARN MORE

Uncle Fatih's Pizza

Uncle Fatih's Pizza has 9 locations across the lower mainland, offering take out and contactless...

LEARN MORE
 
 

GEORGIA STRAIGHT

LEGAL

© 2021 VANCOUVER FREE PRESS. BEST OF VANCOUVER, BOV AND GOLDEN PLATES AR
Comments:
No comments

Post Your Comment:

Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.