Some of West Vancouver’s most luxurious homes are now selling for steep discounts.
One residence at 1175 Eyremount Drive in the British Properties was originally listed for $16.88 million. The 10,000-square-foot home was just unloaded for $8 million, less than half what the seller was asking.
WATCH: (May 3, 2019) Buyer’s market as some Metro Vancouver condo prices coming down
Last month, a home on the same block sold at a huge discount. The 9,500-square-foot mansion was purchased in 2015 for $11.28 million and recently sold for $5.5 million.
“I think it represents the kinds of changes that are happening,” said Andy Yan, city program director at Simon Fraser University.
“One has to admit that these properties were probably outliers in how properties are in the rest of the region. But then I also think it perhaps signals the sizable changes that are happening in the market.”
B.C. real estate continues to be hit hard amid money laundering revelations, including one report that found criminal activity caused home prices across B.C. to rise by five per cent in 2018.
The Real Estate Board of Greater Vancouver confirms the downturn is impacting West Vancouver more than any other region.
On average, detached home prices have fallen 15.7 per cent over last year.
“What it means for the overall market is probably going to be determined over the next six months,” Yan said, “in terms of the signals of what people are expecting to buy and the kinds of prices buyers and sellers can expect.”