Vancouver home value drops by nearly $1 million in just eight years | Daily Hive

Re/Max Crest Realty

Some Vancouver homeowners who have held on to their property for years have faced harsh realities regarding home values in the city, including this listed property seeing a nearly $1 million drop in value.

Located a short distance from Vancouver College and VanDusen Botanical Garden, this home in the Shaughnessy neighbourhood was listed just this week for $6,990,000. That’s $870,000 less than the 2016 sale.

The property, located at 1736 West 37th Avenue, was sold for $7,860,000 in 2016, and several listings since then have not led to much success in the Vancouver housing market.

You might also like:

Re/Max Crest Realty

Despite the massive drop in value compared to the 2016 sale of this Vancouver home, the current listed price is still well above the assessed value of $6,210,100. In 2017, the home reached its peak value of $7,989,600.

After the home was sold in 2016, it was off the market for three years. Then, in 2019, the owner attempted to sell it for the same price it was purchased for, $7,860,000. That listing expired at a reduced price of $6,980,000 in 2019. The home was listed five more times since then, including this most recent listing.

Re/Max Crest Realty

According to Zealty, all those listings were for the same price except for one 2024 listing that put the home’s asking price back up to $7,880,000.

A peek at the home reveals a 76-year-old, two-storey property with four bedrooms and four bathrooms. The listing presents the home as an opportunity to develop on a 70×180 lot.

Re/Max Crest Realty

“Whether you’re looking for a comfortable residence, a promising investment, or the perfect site to build your dream home, this exceptional property offers endless possibilities,” the listing says.

Like many listings, land value is king for this particular property. BC Assessment values the land at $6,132,000, with the buildings at just $78,100. While the home is 3,568 sq ft, the land offers tremendous potential, boasting 12,600 sq ft. The price per sq ft of the lot is $554.76.

Unfortunately, there are no photos of the home’s interior, but the listing suggests it has been maintained well.