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 , 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]