A West Vancouver home listing, featuring a property with its very own basketball court, reflects the state of the housing market in the Lower Mainland and how it’s not a seller’s market.
Located at 2956 Palmserston Ave., the seven-bedroom and eight-bathroom home has been listed for $10,800,000, the exact same amount it sold for back in August 2021.
It certainly wasn’t for a lack of trying by the owner, as there have been a couple of listings at a higher asking price that didn’t attract a buyer.
In September 2024 and May 2025, the home was listed for $13,880,000 before the listings were taken down months later.
Prior to the 2021 sale, it also sold for $10,100,000 back in 2016.
The current sale price is also very close to the most recent assessed value of the home, which BC Assessment lists at $10,174,000.
The financial reality for this property reflects one that many homeowners in the Lower Mainland are experiencing.
Built in 1995, the home features 10,685 sq. ft. of space over two storeys. Other amenities included in this ultra-luxury home include 30-feet ceilings in the principal rooms, a gourmet kitchen, a private office, a guest suite, and multiple powder rooms.
The listing touts the flexibility for indoor/outdoor living enthusiasts, with a basketball and football court.
Wendy Tian Diamond Team – Luxmore Realty
It also features a decent-sized swimming pool.
Wendy Tian Diamond Team – Luxmore Realty
One of the main living areas shows the indoor/outdoor living selling point of the home in full effect, with doors that open wide right into one of the main garden areas, while allowing lots of natural light to flood the space. There’s also a water feature near the main entrance.
Wendy Tian Diamond Team – Luxmore Realty
Other bougie amenities include a media room and a large wine cellar.
Wendy Tian Diamond Team – Luxmore Realty
Wendy Tian Diamond Team – Luxmore Realty
You can fully explore the home on Zillow.
While the home’s struggle on the market reflects the current state of real estate in Metro Vancouver, it also reflects the state of the luxury housing market in West Vancouver.
Struggles of the West Vancouver luxury home market
Sotheby’s International Realty Canada
Sotheby’s International Realty Canada released a report on the West Vancouver luxury home market just a couple of weeks ago. Like the general housing market, the luxury-specific sector is also very much in the buyer’s favour.
Sotheby’s noted that between Jan. 1 and Aug. 30 this year, just 57 properties sold for over $4 million. That marks a 25 per cent decrease compared to the 76 homes above $4 million which sold in the same period last year.
“Over the past two decades, West Vancouver’s luxury real estate market has undergone dramatic change, shaped by economic cycles, changing market conditions and extraordinary price growth. As Sotheby’s International Realty Canada celebrates 20 years in West Vancouver, newly compiled data reveals how dramatically the luxury market has evolved and where it stands today,” Sotheby’s report states.
Sotheby’s report noted that this fall, the luxury market is “firmly” in buyers’ territory.