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A condo unit in Vancouver’s Yaletown finally sold after being on the market for seven years with a significant loss. Unit #2901 at 198 Aquarius Mews, built in 1999, was bought in October 2017 for $980,000. Fast forward to 2024, and the property has sold for just $870,000-$110,000 less than its purchase price.
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It sat on the market for 257 days after going active in January 2024 at $1,020,000 before selling in September 2024 at a sale price of $870,000. There was an assessed value of $1,037,000, and sold at a considerable discount almost 16% under its original asking price. This sale, when $1,145 per square foot, is a testament to broader concerns over the market’s current dynamics, particularly against this increasingly appreciative interest rate backdrop and buyers stretched to their mortgage borrowing limits.
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What is even more interesting is the sale pattern, as in 2017, the unit was first listed for $949,000 and sold for $980,000. With property taxes at $2,830.76 per year in 2023 and maintenance coming in at $482.15, this sale tells the story of a softening market, even in highly sought-after areas such as Yaletown.
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The question is whether this is a preview of things to come for Vancouver’s formerly scorching hot real-estate market or if supply, demand, and interest rates will finally find their balance. Buyers and sellers alike will be watching closely.
