The owner of a Vancouver home that recently sold lost a decent chunk of change on the property compared to the 2017 purchase price.
1949 W. 37th Ave. sold for $5,765,000 in April 2017. Within the last two weeks, the same property sold for $4,570,000, slightly above the listed price of $4,380,000.
It also sold for a fair bit below the most recent assessed value of $4,815,000. The land value is assessed at $3,345,000 as of the most recent assessment on July 1, 2025.
Mortimer, a prominent social media real estate analyst, shared news of the sale, suggesting that homes that were “overpaid” for in 2016 and 2017 are going to see, in some instances, some significant losses in Vancouver.
In response to the post, many have felt that even the sale price of $4,570,000 was too high for the property.
Dracco Pacific Realty
Thome is located near Shaughnessy and is a short drive to the VanDusen Botanical Garden.
It features five bedrooms, six bathrooms and around 3,860 sq. ft. of total living space.
“Floor-to-ceiling windows fill the main living areas with natural light and showcase stunning views, complemented by a sleek gas fireplace and designer Bocci lighting,” the listing touts.
Dracco Pacific Realty
Other luxury touches include a primary suite that features a fireplace and a spa-like ensuite, plus a private deck.
The home also contains a rec room and what the listing calls an “impressive wine room.”
Dracco Pacific Realty
“This home delivers elevated Westside living,” the listing adds.
The sale and the steep drop in value reflect tough market conditions for sellers in the region.
A recent report from Daily Hive Urbanized outlined how home prices in Metro Vancouver and the Fraser Valley have slipped back to levels last seen before the surge induced by the pandemic. Primary drivers behind that change include a slowdown in sales and a buildup of listings.
In January 2026, properties in the Fraser Valley Real Estate Board (FVREB) area were on the market for an average of 55 days for single-family detached homes, 50 days for townhomes, and 53 days for condominiums. In the Greater Vancouver Realtors (GVR) area, single-family detached homes averaged 61 days on market, townhomes 47 days, and condominiums 49 days.
GVR also shared that home sales in January 2026 reached 1,107 transactions, representing a decline of about 29 per cent compared to January 2025, and 31 per cent below the 10-year seasonal average.
With files from Kenneth Chan