Hill & Harbour Real Estate Group
71 Jamieson Court, No. 306, New Westminster, B.C.
Asking price: $730,000 (Feb. 19)
Selling price: $730,000 (Feb. 22)
Days on the market: Three
Monthly maintenance fee: $530.30
Taxes: $2,642.39 (2023)
Listing agent: Cheryl Davie, Hill & Harbour Real Estate Group, Stilhavn
What they got
The unit has a large, partially covered patio.Hill & Harbour Real Estate Group
This ground-level condo is in the 33-year-old Palace Quay concrete tower near the Fraser River.
In addition to the view, the building has a gym, pool and hot tub. The 1,163-square-foot suite has two bedrooms, two full bathrooms, an open-concept layout with a separate dining area, and fireplace.
There’s a partially covered large patio for gardening. The building allows pets and rentals and the unit comes with parking.
The action
Hill & Harbour Real Estate Group
The sellers, who received the one offer, had wanted to move closer to work. The buyers plan on living in the unit.
“The seller’s timing worked perfectly with the market speeding up, and the perfect buyer was waiting for something like this to pop up,” said listing agent Cheryl Davie. “The buyer was in touch hours after the listing came on and wrote an offer after our first showing. We also priced ourselves right at market value which is key in attaining a good sale.”
The sale completed March 25.
The agent’s take
“For a lot of entry-type product, we’re seeing competition and multiple offers,” said Ms. Davie. “Anything under $1.4-[million] is busy. Above that mark and product is sitting.”
The recent Bank of Canada rate hold won’t affect the spring market because most people anticipated a hold, said Ms. Davie. The spring market is already picking up compared to the fall 2023 market, but she calls it “muted” compared to past spring markets.
“The third quarter this year has been widely expected to be when we could see an initial drop but it’s going to be a long slow road down to more reasonable rates, and I doubt we’ll ever see 1.5 per cent lending on a five-year fixed rate mortgage again,” said Ms. Davie. “Mortgage brokers are seeing an increase in new buyer approvals, and that tends to lead to increased sales for us three to four months later. There are a lot of buyers out there wanting to do something, they just aren’t quite ready to jump in with both feet yet.”