westside vancouver homes selling for below asking price, with some discounted by millions
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homes on the west side of vancouver this month have sold for below asking but that doesn’t necessarily mean a trend is shaping up, according to one industry insider.
between nov. 3 and nov. 14, every detached home sold west of granville street in vancouver was reported to have been sold at below asking price.
data provided by zealty.ca showed that there were 18 homes reported sold during that time and the discount from original asking prices ranged from tens of thousands to millions of dollars.
zealty.ca reports the date a listing was made and at what price, and what price reductions came later.
according to greater vancouver realtors, october sales fell short of the 10-year seasonal average.
“even the fourth cut this year to the bank of canada’s policy rate this october wasn’t enough to entice more buyers back into the market,” the group’s chief economist, andrew lis, said on the organization’s website.
but in an interview with postmedia, lis noted there’s a number of factors that may influence why a property sells above or below asking price, and that a west side home selling for below asking is different than a home selling for less than listed price in another price range or another part of the city.
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“properties over $5, $10, $15 million — that’s a very different market than the typical detached home or property that’s maybe around $1.7 to $2 million for a detached,” he said.
“things are operating somewhat normally in the higher price range. you may see very large deviations from asking prices but it’s a very, very different market.”
lis noted that it’s important to consider the motivation behind buying specific types of properties, such as how a detached home on a piece of land rezoned for high density might draw a higher price from a developer.
according to lis’ data from the past decade, the 10-year average for the sale price to list price ratio for all property types is about 97.7 per cent, meaning sold prices have typically been about 97.7 per cent of the listed price.
“currently, the number is 96.8 per cent for the month of november, so not a tremendous deviation from the long-term average,” he pointed out.
“in fact, it’s very normal to see properties selling below their list price. that’s actually just a normal function of the market.
“in those periods of times where we saw properties selling well above their list prices, we had very abnormal conditions in the market.”
lis said that the days of fetching above asking price was during a period of low inventory and high demand. but now, the reverse is true.
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for sellers who might be discouraged by the reports of properties selling below asking, lis said things have picked up in the second half of the year.
while the first half of 2025 saw sellers holding firm on pricing and buyers who weren’t willing to meet in the middle, lis noted that while sales haven’t exactly picked up in the second half of the year, sellers have been more willing to soften their asking price or start at a price point more reflective of the current market.
“the market has clearly shifted from then,” he said. “real estate markets are not like stock markets, they take a long time to adjust to expectations.”
here is a look at three of the 18 properties that sold for significantly under asking price.
1864 matthews ave. — $3.5 million under original asking
this vancouver home at 1864 matthews avenue was reported sold on nov. 6 for $6.5 million.
zealty.ca
this restored 1912 mansion in first shaughnessy was listed for $9.98 million on may 10 and taken off the market a month later. it was re-listed on sept. 22 for $7.5 million. it was reported as sold on nov. 6 for $6.5 million.
that is a discount of $1 million on the re-list price and a staggering $3.5 million lower than the first price asked.
the 9,100-square-foot home has seven bedrooms and eight bathrooms and sits on a lot that is 114-feet wide and 135-feet deep. it has an assessed value of $7.042 million and last year’s property taxes were $36,600.
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4698 west 4th ave. — $1.1 million under original asking
this home at 4698 west 4th avenue in vancouver was reported sold on nov. 6 for $2.7 million.
zealty.ca
this 5,578-square-foot heritage home at the corner of west 4th avenue and blanca street in west point grey was reported sold on nov. 6 for $2.7 million.
the property was listed on may 25 for $3.788 million. that asking price was later reduced to $3.198 million. so the buyer paid $1.1 million less than the original asking price and $500,000 less than the revised price, on a property with an assessed value of $3.572 million.
the property, which has 10 rooms and five bathrooms, sits on a lot that is 66 feet by 130 feet.
2637 west 21st ave. — $410,000 under original asking
this vancouver home at 2637 west 21st ave was reported sold on nov. 6 for $2.989 million.
zealty.ca
this small second world war-era bungalow sat on the market for 82 days before the new owner paid $2.989 million. it was originally listed at $3.399 million, with the price later reduced to $3.349 million.
this means the owner got a discount of $360,000 — or $410,000 on the original asking price.
according to b.c. assessment authority records, the property is valued at $3.4 million. the two-bedroom home sits on a lot that is 53-feet wide and 122-feet deep.
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