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.

AddressList PriceSold PriceAssessed PricePercentage of ListPercentage 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.

AddressList PriceSold PriceAssessed PricePercentage of ListPercentage 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], 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]

References   [ + ]

10 Responses to Nearly 3 in 4 Vancouver houses sold for below asking in February

  1. nonconfidencevote says:

    THIS is only the beginning of a long, protracted downswing.
    1 year? 2 ? More?

    2017 : 90 day Pre approved mortgages will run out at the end of March…
    THEN the B20 rules kick in for those last fools that qualified for a mortgage at the old relaxed rules..

    The US is expected to pull the trigger on another interest rate increase next week… long will the Canadian govt hold off following suit? A $0.69 dollar? $0.65 dollar?
    Only gender equality politicians know for sure.
    Reality meets Realtors.

    Happy Housing Crash EVERYONE !

  2. Sandeep says:

    Just very very minor correction. I am not holding my breath. Property Flippers, market speculators,foreign and local investors, foreign buyers and foreigners as PR, Rich Asians and South Asians, flood of new immigrants, greedy builders, scheming realtors, clever lawyers, fleecing banks, selfish politicians are not gonna let the market go where housing market is affordable for Canadians. It will become land for the either the ultra rich or ultra debt.

    • nonconfidencevote says:

      But but, I’m confused.
      The govt keeps telling us less than 10% of the market is driven by foreign money.
      Are they lying?
      Are they wrong?
      Only the local market and B20 rules know for sure……

      Bloodbath this summer.
      Anyone buying now better be prepared for a huge hit.

      Why anyone would want a mortgage for 1 million when the house drops to 700k is beyond me.
      Greaterfools and their money I suppose.

      • Sandeep says:

        Define Foreign money. Govt is counting only that money as foreign where buyer does not have PR or citizenship. They are not considering money invested by PR/Citizens who sold properties in their native countries and parked money here. I dont see any blood bath happening anytime soon, a market correction for sure. And even that will be wishful thinking. All the builders who are listed new townhomes at 750k are not going to sell it for much less than that. This is what happened in 2012-13. Also I would not undermine the power of the Dragon and next BC liberal govt 😀

  3. Ted Cruz says:

    No basis to what you are saying. Money has no loyalty. Investors dont care about any industry or sector, they simply take their money elsewhere. Nobody can prop up or hold an industry from collapse.Look at the lessons in history and you will find your answers.
    USA – Canada have both had major corrections.

    Prediction is up to 30% correction. Alot of your friends will go bankrupt like they did in the 80s – 90s and early 2000s. Because of greed and corruption. Its a cycle they tend to forget every 10-15 years.

    Good luck

    • Sandeep says:

      I would really be pleasantly surprised if market does go down to 30% but even if does happen, a house in market today would still be too unjustifiably priced than where it should really be. A house in my neighbourhood just got listed at 888k, I dont see them selling at 650k (true appreciated value according to historical growth rate from 430k). I understand market is cyclical but lower mainland landscape has never been like this before. in 2006 there wasnt glut of foreign buyers, construction tradesmen flipping houses and incessant immigration. In 2018 it is different. And Market wasnt driven by dumb investors only. Lot of people have tasted blood, they know parking money in Real estate in lower mainland is best investment, so instead of selling in 1 year, they will wait for 3 year. On a side note, the price for townhomes does not seem to have gone down at all. The number of sales may reduce by 30% but price will definitely not. Unless you un-commodify real eastate in vancouver, housing will remain unaffordable for average Canadian in lower mainland in the forseeable future.

      • Ted Cruz says:


        The only people who will not sell are the ones that bought a home to raise a family and investors who do not have to sell soon, the rest will take a hit and learn. Anything can be subjective except numbers, an investor has no loyalty except to money, they will never leave millions of dollars parked for years without a return, they will make a calculated decision and pull out.
        The trades who turned flippers/ builders will eventualy sell because of the monthly payments, these types of investors are usually stretched thin. When the housing market slows, it also slows down for the trades.

        I know many trades/ builders in the early 2000s that lost it all, the ones that would initially not sell.

        The ndp measures have not be fully implemented but the slowdown has started, it will become a blood bath.

        You are right, 2018 is not like the early 2000s, it is worse because now we are talking millions in mortgages as opposed to hundreds of thousands, small movements in interest rates causes big effects.

        Look at $2-4 million properties that have been sitting for sale for 8-10 months, imagine the payments and any small movement in interest rates.

        I am in the building business and i can tell you many builders are desperate and scared. Greed and denial was their downfall.

        Trump will announce rate hikes soon and canada will follow soon after.

        Final info, smart investors pulled their money out last year and dumped it in the stock market with 15-30% return, at the right time they will buy back realestate at a discount.

  4. Ted Cruz says:

    Thanks nonconfidencevote.

    I say it like i see it, no beating around the bush or trying to make things seem something they are not. The ones that disagree are the ones with to much skin in the game. Smart money was gone last year, only stupid money is left in real estate as far as investors are concerned, not talking about families.

    • Sandeep says:

      Ted, That was good info, thanks. Trust me I have no money in market (just a townhome for family) and I really want market to drop 30% so that many of my friends who needed home for their family would buy but they still cant afford to because prices are still too high. Avg new townhomes are still being sold for 600k. I did check on and yes there are many properties since sep 1 (between 2M-5m) who are sitting on market. But doesnt that mean people are inflexible ? They dont care and they can afford to wait ? They may just be regular families wanting to sell their homes and move to suburbs ? Eg property #R2239732 on is listed at 2.5M, so will they sell at 1.75M ? I will check in 2 months. R2245380 is listed at 490k, I will grab it at 400k in a jiffy. I think there is no shortage of incoming families who want their own home/property than renting, they are tired of paying high rent. Because average income in vancouver/lower mainland is still not high enough to buy 1M+ home, the housing market , especially non detached/condo market (sub 1M ) will remain warmish, if not hot. The only way I see bloodbath happening in lower mainland is if interest rate is 7-8% and rate of immigration is negligible. Cheers.

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