Nearly 3 in 4 Vancouver houses sold for below asking in February
By ThinkPol Staff
Nearly three in four Vancouver detached houses sold for less than the asking in February, with over half going for below assessment, MLS sales data show.
The MLS sales data, jealously guarded by the real estate industry, was provided to ThinkPol by multiple industry sources.
The data show a clear east west divide.
In Vancouver Westside, 90.7% of single family homes sold for below asking, with 55.8% selling below assessed value.
| Address | List Price | Sold Price | Assessed Price | Percentage of List | Percentage of Assessed |
|---|---|---|---|---|---|
| 21XX West 18th Ave | $3,788,000 | $3,398,000 | $4,495,900 | 89.70% | 75.58% |
| 13XX Laurier Avenue | $9,988,000 | $8,480,000 | $10,531,600 | 84.90% | 80.52% |
| 33XX West 7th Ave | $1,998,000 | $1,920,000 | $2,291,500 | 96.10% | 83.79% |
| 35XX West 18th Ave | $2,298,000 | $2,356,000 | $2,717,700 | 102.52% | 86.69% |
| 9XX West 57th Ave | $2,998,000 | $2,930,000 | $3,343,700 | 97.73% | 87.63% |
| 78XX Heather Street | $1,999,000 | $1,800,000 | $2,029,900 | 90.05% | 88.67% |
| 13XX Connaught Drive | $17,500,000 | $12,990,000 | $14,641,000 | 74.23% | 88.72% |
| 57XX Wallace Street | $2,688,000 | $2,600,000 | $2,927,000 | 96.73% | 88.83% |
| 34XX West 16th Ave | $3,288,000 | $3,030,000 | $3,349,000 | 92.15% | 90.47% |
| 17XX West 52nd Ave | $3,588,000 | $3,100,000 | $3,425,000 | 86.40% | 90.51% |
| 7XX West 17th Ave | $2,398,800 | $2,220,000 | $2,434,900 | 92.55% | 91.17% |
| 30XX West 15th Ave | $3,388,800 | $3,052,000 | $3,345,000 | 90.06% | 91.24% |
| 19XX West 15th Ave | $2,899,000 | $2,850,000 | $3,086,000 | 98.31% | 92.35% |
| 9XX West 21st Ave | $2,650,000 | $2,510,000 | $2,667,000 | 94.72% | 94.11% |
| 14XX West 53rd Ave | $3,469,000 | $3,200,000 | $3,332,800 | 92.25% | 96.02% |
| 40XX West 18th Ave | $3,188,000 | $3,000,000 | $3,123,000 | 94.10% | 96.06% |
| 15XX West 62nd Ave | $3,250,000 | $3,220,000 | $3,330,400 | 99.08% | 96.69% |
| 31XX West 33rd Ave | $3,250,000 | $2,850,000 | $2,940,500 | 87.69% | 96.92% |
| XX West 26th Ave | $2,398,000 | $2,350,000 | $2,422,300 | 98.00% | 97.02% |
| 29XX Alma Street | $3,868,000 | $3,500,000 | $3,602,000 | 90.49% | 97.17% |
| 39XX West 21st Ave | $2,790,000 | $2,820,000 | $2,870,400 | 101.08% | 98.24% |
| 40XX West 19th Ave | $3,680,000 | $3,485,000 | $3,533,000 | 94.70% | 98.64% |
| 83XX Laurel Street | $1,849,000 | $1,830,000 | $1,845,300 | 98.97% | 99.17% |
| 84XX Osler Street | $1,999,000 | $1,880,000 | $1,886,300 | 94.05% | 99.67% |
| 80XX Montcalm Street | $3,360,000 | $3,250,000 | $3,249,000 | 96.73% | 100.03% |
| 25XX West 3rd Ave | $3,598,000 | $3,488,888 | $3,487,000 | 96.97% | 100.05% |
| 55XX Blenheim Street | $3,100,000 | $3,030,000 | $2,932,000 | 97.74% | 103.34% |
| 29XX West 29th Ave | $3,535,000 | $3,388,000 | $3,262,000 | 95.84% | 103.86% |
| 41XX West 13th Ave | $4,288,000 | $4,120,000 | $3,951,000 | 96.08% | 104.28% |
| 20XX West 58th Ave | $4,998,000 | $4,750,000 | $4,542,000 | 95.04% | 104.58% |
| 28XX West 23rd Ave | $3,890,000 | $3,680,000 | $3,516,000 | 94.60% | 104.66% |
| XX West 28th Ave | $2,398,000 | $2,379,000 | $2,270,300 | 99.21% | 104.79% |
| 47XX Drummond Drive | $18,990,000 | $17,388,000 | $16,512,000 | 91.56% | 105.31% |
| 22XX Dunbar Street | $2,498,000 | $2,350,000 | $2,150,000 | 94.08% | 109.30% |
| 38XX West 14th Ave | $5,980,000 | $5,500,000 | $5,015,000 | 91.97% | 109.67% |
| 31XX Collingwood Street | $3,998,000 | $3,800,000 | $3,448,000 | 95.05% | 110.21% |
| 26XX West 31st Ave | $4,988,000 | $4,988,000 | $4,495,100 | 100.00% | 110.97% |
| 8XX West 44th Ave | $5,480,000 | $5,380,000 | $4,728,000 | 98.18% | 113.79% |
| 77XX Cartier Street | $2,888,888 | $2,700,000 | $2,331,000 | 93.46% | 115.83% |
| 58XX Cypress Street | $3,988,000 | $3,780,000 | $3,135,000 | 94.78% | 120.57% |
| 7XX West King Edward Ave | $3,800,000 | $3,280,000 | $2,685,900 | 86.32% | 122.12% |
| 7XX West 22nd Ave | $3,598,000 | $3,600,000 | $2,876,000 | 100.06% | 125.17% |
| 1XX West 41st Ave | $5,500,000 | $5,060,000 | $3,271,900 | 92.00% | 154.65% |
In East Vancouver, 62.9% of detached homes sold less than the asking price, with 46.7% selling below assessed value.
| Address | List Price | Sold Price | Assessed Price | Percentage of List | Percentage of Assessed |
|---|---|---|---|---|---|
| 33XX Windsor Street | $1,188,000 | $1,220,000 | $1,418,000 | 102.69% | 86.04% |
| 29XX East Georgia | $1,088,000 | $1,093,000 | $1,259,200 | 100.46% | 86.80% |
| 9XX East 38th Ave | $1,379,000 | $1,285,000 | $1,466,600 | 93.18% | 87.62% |
| 56XX College Street | $1,749,000 | $1,700,000 | $1,923,100 | 97.20% | 88.40% |
| 11XX East 13th Ave | $1,599,800 | $1,550,000 | $1,748,900 | 96.89% | 88.63% |
| 57XX Culloden Street | $1,098,000 | $1,036,800 | $1,163,700 | 94.43% | 89.10% |
| 22XX Burquitlam Drive | $1,725,000 | $1,728,800 | $1,934,600 | 100.22% | 89.36% |
| 7XX East 63rd Avenue | $1,099,000 | $1,090,000 | $1,208,400 | 99.18% | 90.20% |
| 7XX East 33rd Avenue | $1,099,000 | $1,075,000 | $1,173,900 | 97.82% | 91.58% |
| 20XX Turner Street | $1,295,000 | $1,245,000 | $1,353,400 | 96.14% | 91.99% |
| 4XX Aubrey Place | $1,788,000 | $1,750,000 | $1,895,000 | 97.87% | 92.35% |
| 18XX Kamloops Street | $1,380,000 | $1,350,000 | $1,443,000 | 97.83% | 93.56% |
| 34XX Franklin Street | $1,388,000 | $1,330,000 | $1,420,300 | 95.82% | 93.64% |
| 29XX East 26th Ave | $1,250,000 | $1,250,000 | $1,327,600 | 100.00% | 94.15% |
| 23XX Ontaro Street | $1,275,000 | $1,312,000 | $1,390,000 | 102.90% | 94.39% |
| 29XX Venables Street | $1,499,000 | $1,690,000 | $1,783,000 | 112.74% | 94.78% |
| 20XX Charles Street | $1,499,900 | $1,535,000 | $1,619,000 | 102.34% | 94.81% |
| 43XX Fleming Street | $999,000 | $1,029,000 | $1,081,000 | 103.00% | 95.19% |
| 84XX Duff Street | $1,450,000 | $1,400,000 | $1,463,700 | 96.55% | 95.65% |
| 68XX Raleigh Street | $1,880,000 | $1,818,000 | $1,897,800 | 96.70% | 95.80% |
| 29XX East 56th Ave | $1,688,800 | $1,600,000 | $1,661,800 | 94.74% | 96.28% |
| 7XX East 59th Ave | $1,899,377 | $1,800,000 | $1,858,000 | 94.77% | 96.88% |
| 35XX East 22nd Ave | $1,498,000 | $1,555,000 | $1,594,500 | 103.81% | 97.52% |
| 32XX East 16th Ave | $1,480,000 | $1,480,000 | $1,516,200 | 100.00% | 97.61% |
| 33XX East 29th Ave | $1,450,000 | $1,400,000 | $1,434,000 | 96.55% | 97.63% |
| 25XX East 16th Ave | $1,480,000 | $1,420,000 | $1,452,400 | 95.95% | 97.77% |
| 65XX Doman Street | $3,088,000 | $2,950,000 | $3,014,000 | 95.53% | 97.88% |
| 30XX East 59th Ave | $1,868,000 | $1,795,000 | $1,826,100 | 96.09% | 98.30% |
| 27XX East 53rd Ave | $2,168,000 | $2,030,000 | $2,037,000 | 93.63% | 99.66% |
| 36XX East 27th Ave | $1,418,000 | $1,400,888 | $1,400,000 | 98.79% | 100.06% |
| 22XX East 49th Ave | $1,599,000 | $1,578,888 | $1,577,000 | 98.74% | 100.12% |
| 10XX East 13th Ave | $1,798,800 | $1,808,800 | $1,798,000 | 100.56% | 100.60% |
| 35XX Normandy Drive | $1,869,000 | $1,790,337 | $1,779,000 | 95.79% | 100.64% |
| 56XX Sherbrooke Street | $1,790,000 | $1,739,888 | $1,707,000 | 97.20% | 101.93% |
| 17XX East 2nd Ave | $2,650,000 | $2,650,000 | $2,588,000 | 100.00% | 102.40% |
| 25XX East 7th Ave | $1,688,000 | $1,670,000 | $1,615,000 | 98.93% | 103.41% |
| 23XX Parker Street | $1,499,000 | $1,480,000 | $1,430,800 | 98.73% | 103.44% |
| 20XX East 48th Ave | $1,695,000 | $1,665,000 | $1,599,300 | 98.23% | 104.11% |
| 34XX East 22nd Ave | $2,338,000 | $2,100,000 | $2,009,000 | 89.82% | 104.53% |
| 67XX Culloden Street | $2,350,000 | $2,268,000 | $2,162,000 | 96.51% | 104.90% |
| XX East 49th Ave | $1,799,000 | $1,750,000 | $1,659,700 | 97.28% | 105.44% |
| 41XX Brant Street | $1,375,000 | $1,351,733 | $1,277,000 | 98.31% | 105.85% |
| 31XX East 18th Ave | $1,225,000 | $1,285,000 | $1,213,300 | 104.90% | 105.91% |
| 39XX Lillooet Street | $1,450,000 | $1,360,000 | $1,282,500 | 93.79% | 106.04% |
| 4XX East 48th Ave | $1,949,000 | $1,940,000 | $1,821,000 | 99.54% | 106.53% |
| 32XX Nanaimo Street | $1,886,000 | $1,739,000 | $1,607,200 | 92.21% | 108.20% |
| 27XX Graveley Street | $1,599,000 | $1,600,000 | $1,470,000 | 100.06% | 108.84% |
| 36XX East Georgia Street | $1,388,000 | $1,500,000 | $1,372,000 | 108.07% | 109.33% |
| 5XX East 12th Ave | $1,599,000 | $1,599,000 | $1,456,000 | 100.00% | 109.82% |
| 22XX East 2nd Ave | $1,599,999 | $1,750,000 | $1,588,100 | 109.38% | 110.19% |
| 48XX Dumfries Street | $1,795,000 | $1,795,000 | $1,625,000 | 100.00% | 110.46% |
| 19XX East 13th Ave | $1,499,000 | $1,608,000 | $1,445,000 | 107.27% | 111.28% |
| 30XX Clark Drive | $1,788,000 | $1,700,000 | $1,520,400 | 95.08% | 111.81% |
| 32XX Vanness Avenue | $1,288,000 | $1,348,000 | $1,203,200 | 104.66% | 112.03% |
| 28XX Windsor Street | $1,639,000 | $1,752,000 | $1,554,000 | 106.89% | 112.74% |
| 7XX Skeena Street | $1,488,000 | $1,430,000 | $1,267,400 | 96.10% | 112.83% |
| 26XX East 5th Ave | $2,198,800 | $2,174,400 | $1,916,000 | 98.89% | 113.49% |
| 3XX East 37th Ave | $2,929,000 | $2,929,000 | $2,395,000 | 100.00% | 122.30% |
| 11XX Renfrew Street | $1,688,888 | $1,639,000 | $1,333,000 | 97.05% | 122.96% |
| 15XX Kitchener Street | $1,788,000 | $1,750,000 | $1,327,000 | 97.87% | 131.88% |
| 15XX East 58th Ave | $2,398,000 | $2,300,000 | $1,715,000 | 95.91% | 134.11% |
| 21XX Parker Street | $2,288,888 | $2,288,888 | $1,689,000 | 100.00% | 135.52% |
“We are definitely in a bifurcated market or as CMHC describes it as “two speed” between the detached and attached markets,” Stephen Wahl[1]http://www.stephenwahl.ca/, a Vancouver-based realtor with Oakwin Realty told ThinkPol. “The east side is more of a balanced market while the westside in detached has become a buyer’s market. New listings have been weak, but overall inventory has inched upwards.”
Overall, 74.2% single family homes failed to fetch the asking price, with just over 50.5% selling below assessed value.
Wahl attributes a confluence of multiple factors for the softening in the detached market.
“Combined with the federal mortgage stress test, rising interest rates, as well as Chinese capital controls (and before the budget announcement, just the expectation of new Provincial action on the housing file) have all put downward pressure on pricing of detached homes most notably in the $2M plus market,” Wahl explained. “This has been the trend over the last six months as the average detached home price reached a peak of $1.8M in May 2017 and has been in decline ever since.”
Wahl has noticed that while many sellers are adjusting to the new reality, some are refusing to budge on the price tag.
“Many sellers and investors remain bearish and motivated, willing to adjust pricing, predicting a softening of the market after records highs; while others remain more steadfast, unwilling to adjust price (or preferring to wait to list their home entirely until prices rebound),” Wahl added. “More entry-level detached homes in Vancouver between $1 and 2M (yes as crazy as that “entry” sounds) remain a bit more firm and inflexible on pricing.”
Wahl predicts a long term bear market in Vancouver, but a more stable one in the Fraser Valley, where Vancouverites priced out of the city are flocking to.
“The long term trend and forecasts for this market has been to expect downward pressure on pricing,” Wahl said. “Investors and speculator have acted accordingly on this expectation. Places like Surrey, however, which has been the go-to spot for affordability, remain stable as finding a decent single detached home under $700K remains a major challenge, if not virtually impossible.”
[Photo Credit: BC Assessment]
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