$699,000 GREY
722 West Bay Rd, West Howe Sound
3 bd · 1.0 ba · 1,074 sqft
· 341,074 sqft lot
· built 2004
· 224 DOM · MLS R3089286
Septic / well
Listing: Redfin search · fetched 2026-09-25T19:15
Description
OVER 7.5 ACRES on Gambier Island! Perfect for a large homestead, farm, or for a vacation property to share with friends! Properties this size and close to the water taxi are seldom available. Charming, well-kept and turnkey, 3-bedroom cabin with a large patio overlooking a sprawling lawn, pond, and fenced garden. New roof + gutters (2024)! Level, second building site with easy road access and beautiful forest views offers the ability to build a second residence. Just a short trip from Horseshoe Bay, and only a 5-minute walk from the Stormaway Water Taxi. Enjoy all that Gambier has to offer: exploring nearby beaches, hiking trails, beautiful forest walks, and berry picking in your own backya
From listing remarks (RE/MAX Masters Realty)
Rating 5 /100
| Equity | 0/40 | -185,842 vs limit (-27.8% of ARV) | |
| Cash flow | 2.1/30 | -700/mo | |
| Suite-arb | 0.0/15 | no suite path | |
| Motivation | 3.2/15 | 39d on market, 1 relist(s) |
Offer case
GREEN at $452,000 — that's $247,000 (35.3%) below the $699,000 ask. Worth an offer
That discount is
15.1× what this market normally concedes.
EVIDENCE
- Coast-wide, homes sell at 97.7% of list — a 2.3% discount is simply normal here.
- 1 previous failed listing(s) — this seller has been here before.
- Asking $651/sqft where comparable homes sold at $541/sqft (+20%) — the ask is above the local clearing price.
Support score 0.4 — evidence weight that this seller
would entertain the discount. Not a prediction; a checklist with numbers.
The four tests
Equity — FAIL
(price + $40,000 reno + PTT+legal closing) <= 85% x ARV
all-in = $699,000 + $40,000 + $14,480 = $753,480
ARV = $667,810 → limit = 85% × ARV = $567,638
margin = $-185,842 · at band low ($590,550): $-251,512 — GREEN needs this ≥ 0
Rent — PASS
est. rent >= 0.40% x ARV
est. rent = $3,100/mo (whole house (3bd) $3,100)
floor = 0.4% × ARV $667,810 = $2,671/mo
rents table: West Howe Sound · as of 2026-08-02
Cash flow — PASS
rent - carrying >= -800/mo (PM-managed, typical rent, at ask)
payment $2,800 (loan $559,200 @ 4.4%/30y)
+ tax $222 (mls) + ins $158 + maint $155 + vac $186 + PM $279
carrying = $3,800/mo · rent $3,100 → cash flow = $-700/mo (floor $-800)
Suite-arb — FAIL
zone permits suite AND sqft >= 1,900 AND no suite language AND $/sqft < community median
zone ? suite:no · sqft 1,074 (min 1,900)
suite language: no · $/sqft 651 vs median 651
Scored 2026-09-25T07:16 · thresholds from criteria.yaml
Cash-flow scenarios $/mo · hover a cell for carrying cost
| Price | $3,100 typical self-managed |
$3,100 typical PM |
$3,450 high self-managed |
$3,450 high PM |
|---|---|---|---|---|
| $699,000 | −$421 | −$700 | −$110 | −$420 |
| $664,050 −5.0% | −$281 | −$560 | +$30 | −$280 |
| $639,585 −8.5% | −$183 | −$462 | +$128 | −$182 |
Rents: rents.yaml as of 2026-08-02 · financing from criteria.yaml
Comps & ARV
ARV $667,810
range $590,550 – $855,860
(about half of comparable sales landed inside this band)
median $/sqft of 8 renovated size-matched sales (8 priced from list × measured sale ratio — ~3y registration lag), blended 70%/30% with assessed × 1.03 (sale/assessed, renovated) · confidence medium
($/sqft used: 589)
Cross-check: comps say $632,586, BC Assessment × sale ratio says $750,000 (-16% apart)
| Sold | Dist | Sqft | Price | $/sqft | Date | Reno |
|---|---|---|---|---|---|---|
| 4657 Whitaker Rd | 21.27 km | 1,104 | ~$781,182 | 708 | 2025-10-08 | ✓ |
| 5750 Spindrift St | 23.84 km | 1,176 | ~$556,662 | 473 | 2026-05-10 | ✓ |
| 5808 Anchor Rd | 24.16 km | 1,056 | ~$780,303 | 739 | 2026-02-20 | ✓ |
| 6270 Homestead Ave | 26.09 km | 1,284 | ~$756,865 | 589 | 2026-01-21 | ✓ |
| 5726 Emily Way | 26.13 km | 1,360 | ~$729,520 | 536 | 2026-03-16 | ✓ |
| 5636 Cascade Cres | 26.22 km | 1,284 | ~$721,512 | 562 | 2026-07-18 | ✓ |
| 5592 Curtis Pl | 26.48 km | 1,358 | ~$974,647 | 718 | 2025-11-14 | ✓ |
| 5625 O'brian Rd | 35.21 km | 856 | ~$868,197 | 1,014 | 2026-03-06 | ✓ |
| ~ = final list price × measured sale ratio (BC title registration lags ~3 years, so recent solds have no registered price; the proxy is within ~2% of the registered price when both exist) | ||||||
Solds from Redfin sold-search + public-records sale prices (belowTheFold)
Price & sale history
Seller basis: $185,000, 1998-12-09 — asking +277.8%
| 2026-09-25 | delisted | absent from search results |
| 2026-08-15 | delisted | absent from search results |
| 2026-08-03 | new | 699000 first seen at $699,000 |
| 2026-08-17 | Relisted | GVR |
| 2026-02-11 | Listed | $699,000 GVR |
| 1998-12-09 | Sold (Public Records) | $185,000 Public Records |
| 1995-01-30 | Sold (Public Records) | $212,500 Public Records |
History: Redfin belowTheFold · fetched 2026-09-25T14:45
· events observed by Coastwatch
Zoning & land
Unknown zone no suite / unknown
Zone not recognised. Check the bylaw before assuming anything.
| PID | 010-855-912 |
|---|---|
| Parcel | 722 WEST BAY RD (SCRD) |
| Wastewater | none mapped — septic likely (no suite carve-out) |
| Water | well / private — get well log + potability |
| Fire protection | none — insurance loads heavily |
— · fetched 2026-08-03T05:46 · meanings from zoning_rules.yaml (verify before relying)
Assessment
| Assessed total | $750,000 |
|---|---|
| Land / improvements | $477,000 / $273,000 (64% land — the higher, the more the value is in the dirt) |
| Assessed / ask | 1.07 asking under assessment |
| BCA folio | 746.00969.000 |
BC Assessment via SCRD parcel layer · fetched 2026-08-03T06:45
Open questions
- Septic/well: age, last pump-out, and any permits on file? Get the well log and water potability test.
- No community water system mapped — well supply. Get the well log, flow rate (GPM) and a potability test before subjects come off.
- Outside every fire protection area — insurance will be heavily loaded or declined. Get a quote BEFORE offering.
- Zone None isn't in my rules file — read the bylaw and add it to zoning_rules.yaml.
- 224 days on market — ask the listing agent why it hasn't moved.