Most Vancouver houses sold for below assessed value in February
By ThinkPol Staff
More than half of all Vancouver detached houses sold for below assessment in February, with some going as low as 24% below, MLS sales data show.
The MLS sales data, jealously guarded by the real estate industry, was provided to ThinkPol by an industry source.
The data show that a house on the 2100 block of 18TH Avenue West, assessed at $4,495,900[1]https://www.bcassessment.ca/Property/Info/QTAwMDAwME01WQ==, sold for $3,398,000, or 24% below assessed, after being listed at $3,788,000[2]http://webcache.googleusercontent.com/search?q=cache:PJsMiZfxXaMJ:www.gregandtheo.com/showlisting/223810/2115-W-18th-Avenue-Arbutus-Vancouver-West/+&cd=2&hl=en&ct=clnk&gl=ca.
Another property on the same avenue, on the 3500 block, assessed at $2,717,700[3]https://www.bcassessment.ca/Property/Info/QTAwMDAwMEdQWA==, sold for $2,356,000, or 13% below assessed, after being listed at $2,298,000[4]http://webcache.googleusercontent.com/search?q=cache:OQl1kxPu8tkJ:www.maxwellrealty.ca/listing-crea/r2235246-3575-w-18th-avenue-vancouver-british-columbia-v6s1a9/+&cd=9&hl=en&ct=clnk&gl=ca.
A third West Side property, on the 900 block of 57 Avenue West, assessed at $3,343,700[5]https://www.bcassessment.ca/Property/Info/QTAwMDAwMUVYSA==, sold for $2,930,000, or 12% below assessed, after being listed at $2,998,000[6]http://webcache.googleusercontent.com/search?q=cache:0Vxji0xTp-oJ:www.teammb.ca/idx/R2233368/Vancouver/950-w-57th-avenue.html+&cd=1&hl=en&ct=clnk&gl=ca.
Interestingly, the house that sold for most above asking was also in the West Side.
The property, on the 700 block of 22 Avenue West, assessed at $2,876,000[7]https://www.bcassessment.ca/Property/Info/QTAwMDAwMUVYSA==, sold for $3,600,000, or 25% above assessed, after being listed at $3,598,000[8]http://webcache.googleusercontent.com/search?q=cache:dz4zJ5RnM98J:vancouver.macrealty.com/home/House/single-Family/756-w-22nd-avenue/Vancouver/BC/V5Z%25201Z7/mlsR2239115/rebgv/+&cd=1&hl=en&ct=clnk&gl=ca.
| MLS# | Address | Date Sold | Sold Price | Assessed | Gain/Loss % |
|---|---|---|---|---|---|
| R2241141 | 3XXX WINDSOR ST VANCOUVER | 2/27/2018 | $1,220,000 | $1,418,000 | -13.96 |
| R2240985 | 2XXX 2ND AVE E VANCOUVER | 2/26/2018 | $1,750,000 | $1,588,100 | 10.19 |
| R2240815 | 3XXX 16TH AVE E VANCOUVER | 2/27/2018 | $1,480,000 | $1,516,200 | -2.39 |
| R2240800 | 2XXX 26TH AVE E VANCOUVER | 2/26/2018 | $1,250,000 | $1,327,600 | -5.85 |
| R2240310 | 1XXX 13TH AVE E VANCOUVER | 2/22/2018 | $1,550,000 | $1,748,900 | -11.37 |
| R2240105 | 2XXX DUNBAR ST VANCOUVER | 2/25/2018 | $2,350,000 | $2,150,000 | 9.3 |
| R2240016 | 3XXX 27TH AVE E VANCOUVER | 2/18/2018 | $1,400,888 | $1,400,000 | 0.06 |
| R2239860 | 1XXX KITCHENER ST VANCOUVER | 2/28/2018 | $1,750,000 | $1,327,000 | 31.88 |
| R2239378 | 2XXX GRAVELEY ST VANCOUVER | 2/20/2018 | $1,600,000 | $1,470,000 | 8.84 |
| R2239330 | 1XXX 13TH AVE E VANCOUVER | 2/22/2018 | $1,608,000 | $1,445,000 | 11.28 |
| R2239304 | 3XXX FRANKLIN ST VANCOUVER | 2/20/2018 | $1,330,000 | $1,420,300 | -6.36 |
| R2239238 | 8XXX LAUREL ST VANCOUVER | 2/18/2018 | $1,830,000 | $1,845,300 | -0.83 |
| R2239115 | XXX 22ND AVE W VANCOUVER | 2/19/2018 | $3,600,000 | $2,876,000 | 25.17 |
| R2239110 | 1XXX 62ND AVE W VANCOUVER | 2/21/2018 | $3,220,000 | $3,330,400 | -3.31 |
| R2239086 | 2XXX GEORGIA ST E VANCOUVER | 2/22/2018 | $1,093,000 | $1,259,200 | -13.2 |
| R2238720 | 2XXX WINDSOR ST VANCOUVER | 2/20/2018 | $1,752,000 | $1,554,000 | 12.74 |
| R2238687 | 2XXX 31ST AVE W VANCOUVER | 2/20/2018 | $4,988,000 | $4,495,100 | 10.97 |
| R2238630 | 6XXX RALEIGH ST VANCOUVER | 2/20/2018 | $1,818,000 | $1,897,800 | -4.2 |
| R2238480 | 1XXX KAMLOOPS ST VANCOUVER | 2/10/2018 | $1,350,000 | $1,443,000 | -6.44 |
| R2238231 | 1XXX 58TH AVE E VANCOUVER | 2/18/2018 | $2,300,000 | $1,715,000 | 34.11 |
| R2238061 | 3XXX 22ND AVE E VANCOUVER | 2/13/2018 | $1,555,000 | $1,594,500 | -2.48 |
| R2238021 | 4XXX DUMFRIES ST VANCOUVER | 2/11/2018 | $1,795,000 | $1,625,000 | 10.46 |
| R2237812 | 4XXX DRUMMOND DR VANCOUVER | 2/6/2018 | $17,388,000 | $16,512,000 | 5.31 |
| R2237769 | 3XXX GEORGIA ST E VANCOUVER | 2/13/2018 | $1,500,000 | $1,372,000 | 9.33 |
| R2237726 | XXX 33RD AVE E VANCOUVER | 2/8/2018 | $1,075,000 | $1,173,900 | -8.42 |
| R2237521 | 85 26TH AVE W VANCOUVER | 2/12/2018 | $2,350,000 | $2,422,300 | -2.98 |
| R2237394 | 5XXX CULLODEN ST VANCOUVER | 2/7/2018 | $1,036,800 | $1,163,700 | -10.9 |
| R2237305 | 4XXX BRANT ST VANCOUVER | 2/12/2018 | $1,351,733 | $1,277,000 | 5.85 |
| R2237244 | 8XXX DUFF ST VANCOUVER | 2/5/2018 | $1,400,000 | $1,463,700 | -4.35 |
| R2237034 | 3XXX CLARK DR VANCOUVER | 2/8/2018 | $1,700,000 | $1,520,400 | 11.81 |
| R2236938 | 7XXX CARTIER ST VANCOUVER | 2/10/2018 | $2,700,000 | $2,331,000 | 15.83 |
| R2236925 | 8XXX OSLER ST VANCOUVER | 2/22/2018 | $1,880,000 | $1,886,300 | -0.33 |
| R2236548 | 2XXX PARKER ST VANCOUVER | 2/21/2018 | $2,288,888 | $1,689,000 | 35.52 |
| R2236355 | XXX AUBREY PL VANCOUVER | 2/15/2018 | $1,750,000 | $1,895,000 | -7.65 |
| R2236320 | 5XXX WALLACE ST VANCOUVER | 2/3/2018 | $2,600,000 | $2,927,000 | -11.17 |
| R2236312 | 2XXX 3RD AVE W VANCOUVER | 2/18/2018 | $3,488,888 | $3,487,000 | 0.05 |
| R2236288 | 8XXX MONTCALM ST VANCOUVER | 2/26/2018 | $3,250,000 | $3,249,000 | 0.03 |
| R2236136 | 55 49TH AVE E VANCOUVER | 2/2/2018 | $1,750,000 | $1,659,700 | 5.44 |
| R2236005 | 2XXX ONTARIO ST VANCOUVER | 2/2/2018 | $1,312,000 | $1,390,000 | -5.61 |
| R2235406 | XXX 12TH AVE E VANCOUVER | 2/8/2018 | $1,599,000 | $1,456,000 | 9.82 |
| R2235342 | 3XXX 21ST AVE W VANCOUVER | 2/4/2018 | $2,820,000 | $2,870,400 | -1.76 |
| R2235267 | 2XXX CHARLES ST VANCOUVER | 2/10/2018 | $1,535,000 | $1,619,000 | -5.19 |
| R2235246 | 3XXX 18TH AVE W VANCOUVER | 2/5/2018 | $2,356,000 | $2,717,700 | -13.31 |
| R2234996 | 3XXX 18TH AVE E VANCOUVER | 2/1/2018 | $1,285,000 | $1,213,300 | 5.91 |
| R2234884 | 3XXX 33RD AVE W VANCOUVER | 2/24/2018 | $2,850,000 | $2,940,500 | -3.08 |
| R2234848 | 64 28TH AVE W VANCOUVER | 2/7/2018 | $2,379,000 | $2,270,300 | 4.79 |
| R2234806 | XXX 37TH AVE E VANCOUVER | 2/8/2018 | $2,929,000 | $2,395,000 | 22.3 |
| R2234726 | XXX 59TH AVE E VANCOUVER | 2/5/2018 | $1,800,000 | $1,858,000 | -3.12 |
| R2234704 | 1XXX 52ND AVE W VANCOUVER | 2/20/2018 | $3,100,000 | $3,425,000 | -9.49 |
| R2234604 | 1XXX 13TH AVE E VANCOUVER | 2/5/2018 | $1,808,800 | $1,798,000 | 0.6 |
| R2234557 | 2XXX 29TH AVE W VANCOUVER | 2/13/2018 | $3,388,000 | $3,262,000 | 3.86 |
| R2234236 | 2XXX PARKER ST VANCOUVER | 2/1/2018 | $1,480,000 | $1,430,800 | 3.44 |
| R2234158 | 2XXX ALMA ST VANCOUVER | 2/21/2018 | $3,500,000 | $3,602,000 | -2.83 |
| R2234058 | 1XXX 53RD AVE W VANCOUVER | 2/16/2018 | $3,200,000 | $3,332,800 | -3.98 |
| R2233960 | 3XXX NORMANDY DR VANCOUVER | 2/16/2018 | $1,790,337 | $1,779,000 | 0.64 |
| R2233918 | 1XXX 15TH AVE W VANCOUVER | 2/2/2018 | $2,850,000 | $3,086,000 | -7.65 |
| R2233894 | 3XXX 59TH AVE E VANCOUVER | 2/8/2018 | $1,795,000 | $1,826,100 | -1.7 |
| R2233837 | 4XXX 18TH AVE W VANCOUVER | 2/2/2018 | $3,000,000 | $3,123,000 | -3.94 |
| R2233368 | XXX 57TH AVE W VANCOUVER | 2/1/2018 | $2,930,000 | $3,343,700 | -12.37 |
| R2232621 | 2XXX 16TH AVE E VANCOUVER | 2/2/2018 | $1,420,000 | $1,452,400 | -2.23 |
| R2232613 | 2XXX 5TH AVE E VANCOUVER | 2/27/2018 | $2,174,400 | $1,916,000 | 13.49 |
| R2231582 | 5XXX BLENHEIM ST VANCOUVER | 2/8/2018 | $3,030,000 | $2,932,000 | 3.34 |
| R2231578 | XXX 38TH AVE E VANCOUVER | 2/19/2018 | $1,285,000 | $1,466,600 | -12.38 |
| R2231218 | XXX 17TH AVE W VANCOUVER | 2/21/2018 | $2,220,000 | $2,434,900 | -8.83 |
| R2231178 | 2XXX BURQUITLAM DR VANCOUVER | 2/16/2018 | $1,728,800 | $1,934,600 | -10.64 |
| R2230388 | 3XXX LILLOOET ST VANCOUVER | 2/11/2018 | $1,360,000 | $1,282,500 | 6.04 |
| R2230233 | 5XXX CYPRESS ST VANCOUVER | 2/19/2018 | $3,780,000 | $3,135,000 | 20.57 |
| R2229870 | XXX KING EDWARD AVE W VANCOUVER | 2/7/2018 | $3,280,000 | $2,685,900 | 22.12 |
| R2228940 | 5XXX SHERBROOKE ST VANCOUVER | 2/23/2018 | $1,739,888 | $1,707,000 | 1.93 |
| R2228851 | 2XXX 48TH AVE E VANCOUVER | 2/15/2018 | $1,665,000 | $1,599,300 | 4.11 |
| R2228290 | 2XXX VENABLES ST VANCOUVER | 2/11/2018 | $1,690,000 | $1,783,000 | -5.22 |
| R2228012 | 2XXX 18TH AVE W VANCOUVER | 2/13/2018 | $3,398,000 | $4,495,900 | -24.42 |
| R2227948 | XXX SKEENA ST VANCOUVER | 2/2/2018 | $1,430,000 | $1,267,400 | 12.83 |
| R2226493 | XXX 48TH AVE E VANCOUVER | 2/21/2018 | $1,940,000 | $1,821,000 | 6.53 |
| R2226334 | 1XXX RENFREW ST VANCOUVER | 2/23/2018 | $1,639,000 | $1,333,000 | 22.96 |
| R2225598 | 3XXX 22ND AVE E VANCOUVER | 2/5/2018 | $2,100,000 | $2,009,000 | 4.53 |
| R2224526 | 4XXX 13TH AVE W VANCOUVER | 2/15/2018 | $4,120,000 | $3,951,000 | 4.28 |
| R2223843 | 4XXX FLEMING ST VANCOUVER | 2/2/2018 | $1,029,000 | $1,081,000 | -4.81 |
| R2222560 | 1XXX CONNAUGHT DR VANCOUVER | 2/2/2018 | $12,990,000 | $14,641,000 | -11.28 |
| R2221328 | 2XXX 49TH AVE E VANCOUVER | 2/5/2018 | $1,578,888 | $1,577,000 | 0.12 |
| R2220589 | 6XXX DOMAN ST VANCOUVER | 2/18/2018 | $2,950,000 | $3,014,000 | -2.12 |
| R2218880 | 3XXX 16TH AVE W VANCOUVER | 2/9/2018 | $3,030,000 | $3,349,000 | -9.53 |
| R2217601 | XXX 63RD AVE E VANCOUVER | 2/12/2018 | $1,090,000 | $1,208,400 | -9.8 |
| R2208868 | 2XXX TURNER ST VANCOUVER | 2/2/2018 | $1,245,000 | $1,353,400 | -8.01 |
| R2207068 | 7XXX HEATHER ST VANCOUVER | 2/27/2018 | $1,800,000 | $2,029,900 | -11.33 |
| R2200968 | 2XXX 23RD AVE W VANCOUVER | 2/1/2018 | $3,680,000 | $3,516,000 | 4.66 |
While the Real Estate Board of Greater Vancouver February 2018 stats show that 130 detached houses were sold in Vancouver last month[9]https://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-February-2018.pdf, our data shows that only 86 houses were sold.
44 out of the 86 appear to have been sold for below assessed value.
We have repeatedly asked REBGV to provide us anonymized sales data so that we can independently verify the data we have received, but our requests have so far fallen on deaf ears.
Jill Oudil, REBGV president, has acknowledged the slowdown in the single family homes market.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”
Update 2:15PM: We have received a more complete dataset from a different source. We have updated the information accordingly. We also wish to thank Chuck Hallett AKA Barley_Mowat[10]https://twitter.com/Barley_Mowat?lang=en for his constructive criticism.
References
| 1. | ↑ | https://www.bcassessment.ca/Property/Info/QTAwMDAwME01WQ== |
| 2. | ↑ | http://webcache.googleusercontent.com/search?q=cache:PJsMiZfxXaMJ:www.gregandtheo.com/showlisting/223810/2115-W-18th-Avenue-Arbutus-Vancouver-West/+&cd=2&hl=en&ct=clnk&gl=ca |
| 3. | ↑ | https://www.bcassessment.ca/Property/Info/QTAwMDAwMEdQWA== |
| 4. | ↑ | http://webcache.googleusercontent.com/search?q=cache:OQl1kxPu8tkJ:www.maxwellrealty.ca/listing-crea/r2235246-3575-w-18th-avenue-vancouver-british-columbia-v6s1a9/+&cd=9&hl=en&ct=clnk&gl=ca |
| 5, 7. | ↑ | https://www.bcassessment.ca/Property/Info/QTAwMDAwMUVYSA== |
| 6. | ↑ | http://webcache.googleusercontent.com/search?q=cache:0Vxji0xTp-oJ:www.teammb.ca/idx/R2233368/Vancouver/950-w-57th-avenue.html+&cd=1&hl=en&ct=clnk&gl=ca |
| 8. | ↑ | http://webcache.googleusercontent.com/search?q=cache:dz4zJ5RnM98J:vancouver.macrealty.com/home/House/single-Family/756-w-22nd-avenue/Vancouver/BC/V5Z%25201Z7/mlsR2239115/rebgv/+&cd=1&hl=en&ct=clnk&gl=ca |
| 9. | ↑ | https://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-February-2018.pdf |
| 10. | ↑ | https://twitter.com/Barley_Mowat?lang=en |