March 4, 2016 10:10 am
Updated: March 4, 2016 7:07 pm

Vancouver home sells for more than $1M over asking price

Watch: Vancouver home sells for more than a million dollars over the asking price


A Point Grey home that went on the market a couple of weeks ago has now sold for more than a million dollars over the asking price.

The home, located at 4655 Bellevue Drive and built in 1928, was listed for about $7.8 million.

It sold for just over $9 million.

There were 11 offers on the home and all were cash deals with no subjects.

Real estate experts say there’s no sign of a slowdown on the horizon and there are many factors driving demand.

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“What we’ve seen when it comes down to what’s driving the housing market, there are a number of different fundamentals,” said Elaine Hung from Sotheby’s International Realty Canada. “The basics that we’ve talked about, low inventory, high consumer demand [and] historically low interest rates. We see domestic demand, demand from across Canada and [we] also see buyers with international interest.”

“Some of those buyers are buyers who are moving here for all the reasons we love about Vancouver. Some of those buyers are investors because Canada is a safe haven for investment at this particular point in time.”

The home is expected to be torn down once permits are approved.

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