Tofino home sells for $1 million above asking price

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

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

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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,” said 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, on Sunday called the market “very brisk, very active,” adding: “There’s not enough quality housing to go around.”

Reid said Vancouver Island is experiencing “massive immigration” from other parts of B.C. and Canada, resulting in a shortage of supply and escalating prices throughout the Island.

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

“People [are] 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.”

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.

As a result, the market has cooled slightly, but Reid anticipates it will remain strong until at least Halloween.

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