Tofino home sells for $1 million above asking price

Sold for $1M above asking

A Tofino townhouse facing Chesterman Beach has sold for $1 million above its asking price as real estate markets continue to sizzle throughout Vancouver Island.

Originally priced at $1.4 million, the strata unit commanded a price of close to $2.4 million, the listing agent, who did not want to be named, told CHEK News.

The 1999 property measures just over 1,200 square feet and has two bedrooms and three bathrooms.

“Your own oceanfront condo with excellent views of crashing waves, birds, and boats going by. Explore the beach for hours of barefoot wandering through tide pools and shallow water,” stated the listing, which has since been deleted.

Once dependent on resources industries, such as commercial fishing, Tofino and Ucluelet are now considered resort communities on Vancouver Island’s west coast.

One two-lot luxury offering in Tofino is listed at $18.75 million. It too faces Chesterman Beach, a spectacular stretch of sand running 2.7 kilometres.

Listings of $1 million or more are not uncommon in the Tofino-Ucluelet area. A treed 40-acre property, with no house, on nearby Catface Mountain is listed for $4.5 million.

April saw a total of 590 single-family homes change hands through the multiple listing service in the area north of the Malahat, the Vancouver Island Real Estate Board said this month.

“The pervasive lack of inventory has created a strong sellers’ market, and buyers face fierce competition in their home search. Multiple offers are the norm rather than the exception, and many homes are selling over the asking price,” the board said in a statement.

Kevin Reid, past president of the Vancouver Island Real Estate Board, said Sunday: “The market is very brisk, very active. There’s not enough quality housing to go around. We are experiencing a period of massive immigration to Vancouver Island from other parts of B.C. and other parts of Canada.

“This has resulted in a shortage of supply and escalating prices all over the Island.”

A well-priced, good-quality home will attract a lot of buyer attention, often leading to bidding wars, he said.

He sees “people going quite a bit over list price and bringing offers that are subject-free. Without inspections, having their mortgages guaranteed, things like that. That’s a real common scenario.”

However, in the past few weeks a significant number of new listings have come into the market, Reid said, adding that spring typically brings in new listings.

The feverish market has diminished slightly but Reid anticipates it will stay strong at least until Halloween.

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