Vancouver homes selling below asking prices and assessments suggest market “headed back to Earth”

Until quite recently, the sky has been the limit for many home hunters.

One often hears about bidding wars breaking out, buyers making offers without conditions, and sold prices going over the top.

It’s no surprise that real-estate markets in Greater Vancouver, Fraser Valley, and across B.C. set new record highs in March and April 2021.

However, economists and analysts have noted some signs of cooling down.

Some recent sales in Vancouver, the prime market in the province, seem to indicate that the market isn’t as white hot as it used to be.

Sold prices for these properties fell below both their asking prices and 2021 assessed values.

One example is a single-family home at the wealthy neighbourhood of Point Grey in the city’s West Side.

The one-and-a-half storey residence at 4188 West 15th Avenue sold on May 10 for $2.2 million.

Based on tracking by real-estate site, the sold price came 7.9 percent below the asking price of $2,388,000.

In addition, the sold price for the 7-bedroom, two-bath home was 1.1 percent below its 2021 assessment value of $2,224,900.

Read the full article HERE

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