Split-level listed below assessed value gets three offers

7688 Burgess St., Burnaby, B.C.

Asking price: $1.498-million (Nov. 14)

Selling price: $1.48-million (Jan. 18)

Previous selling prices: $1,118,000 (2018); $100,000 (1987); $101,000 (1982); $52,000 (1978)

Days on the market: 65

Taxes: $4,219.60 (2022)

Listing agent: Bryan Yan, Regent Park Realty

What they got

The split-level house, built in 1952, is small at 1,626 square feet, and it doesn’t have a mortgage helper suite. But the bright interior has been completely renovated, with custom cabinets, new appliances, skylights, a fireplace, French doors that open to a deck and a private fenced yard and mature garden.

There’s a coffered ceiling with pot lights, stone countertops, updated hardwood floors, some newer mechanical updates and a 10-year-old roof.

Those features helped sell the three-bedroom, three-bathroom house, as well as its location on a large 44- by 110-foot lot in a popular school catchment area with nearby highway access.

The action

The home was priced below the 2024 assessment value of $1,515,100 because the market is still flat, says listing agent Bryan Yan, who showed the property to 38 groups. He received three offers, and the sellers accepted the highest bid. The sellers had purchased the home in 2018, for $1.118-million, and they did a few updates. The first-time buyers were a young family. The sale completed March 8.

“Because the property is flat, and large, at 4,840 square feet, they got good value,” says Mr. Yan.

The agent’s take

A detached house is usually better value than a duplex, which is only around 10 per cent less in the Edmonds area, says Mr. Yan. But people often prefer duplexes because they have new finishings.

“Detached is way better than attached, it’s a no-brainer – because land appreciates, and the structure depreciates,” says Mr. Yan.