Most Vancouver houses sold for below assessed value in February

By ThinkPol Staff

More than half of all Vancouver detached houses sold for below assessment in February, with some going as low as 24% below, MLS sales data show.

The MLS sales data, jealously guarded by the real estate industry, was provided to ThinkPol by an industry source.

The data show that a house on the 2100 block of 18TH Avenue West, assessed at $4,495,900[1], sold for $3,398,000, or 24% below assessed, after being listed at $3,788,000[2].

Another property on the same avenue, on the 3500 block, assessed at $2,717,700[3], sold for $2,356,000, or 13% below assessed, after being listed at $2,298,000[4].

A third West Side property, on the 900 block of 57 Avenue West, assessed at $3,343,700[5], sold for $2,930,000, or 12% below assessed, after being listed at $2,998,000[6].

Interestingly, the house that sold for most above asking was also in the West Side.

The property, on the 700 block of 22 Avenue West, assessed at $2,876,000[7], sold for $3,600,000, or 25% above assessed, after being listed at $3,598,000[8].

While the Real Estate Board of Greater Vancouver February 2018 stats show that 130 detached houses were sold in Vancouver last month[9], our data shows that only 51 houses were sold.

44 out of the 86 appear to have been sold for below assessed value.

We have repeatedly asked REBGV to provide us anonymized sales data so that we can independently verify the data we have received, but our requests have so far fallen on deaf ears.

Jill Oudil, REBGV president, has acknowledged the slowdown in the single family homes market.

“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” Jill Oudil, REBGV president said. “Even still, the supply of apartment and townhome properties for sale today is unable to meet demand. On the other hand, our detached home market is beginning to enter buyers’ market territory.”

Update 2:15PM: We have received a more complete dataset from a different source. We have updated the information accordingly. We also wish to thank Chuck Hallett AKA Barley_Mowat[10] for his constructive criticism.

No comments

Post Your Comment: