Rising interest rates kill first condo deal in Surrey

6480 195A St., #301, Surrey, BC

Ask for a price: $570,000 (March 3, 2022)

Sale price: $600,000 (March 20, 2022)

Marketing days: 17

Taxes: $1,882.20 (2022)

Monthly maintenance fees: $356.79

Listing agent: Dennis Sepulveda, Re/Max Crest Realty

The unit includes a small kitchen with laminate floors.Re/Max Crest Realty

The action

Agent Dennis Sepulveda first listed the condo on Feb. 22 for $579,000. They soon received an offer, but that deal fell through due to funding.

They relisted the unit on March 3 for $600,000 and soon received two offers.

“As you can imagine, my salespeople are over the moon,” Mr. Sepulveda said.

The sellers, a young couple from the Czech Republic, had purchased the condo in August 2020 for $385,000.

what they have

The bright unit has 797 square feet of living space, with two bedrooms, a bathroom, a small kitchen, a stacked laundry room, a balcony, and laminate floors.

The unit comes with a parking space and the nine-year-old building has a guest suite and allows rentals and pets. It is near Langley and within walking distance of shops, schools and restaurants.

The unit includes 797 square feet of living space, with two bedrooms and one bath.Re/Max Crest Realty

The agent’s point of view

The first bid on the property fell through due to the recent increase in interest rates, Sepulveda said.

“Some buyers have not been able to requalify for a mortgage after the recent interest rate hike.”

The deal ends April 29.

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