Vancouver's prestigious Westside housing market is experiencing a significant shift as recent data reveals every detached home sold below its original asking price during a key period in November. Properties in some of the city's most exclusive neighborhoods are now commanding millions less than initially listed, signaling a notable change in buyer-seller dynamics.
Market Analysis: Two Weeks of Discounted Sales
Between November 3 and November 14, 2025, all 18 detached homes reported sold in the area west of Granville Street transacted at prices below their initial asking amounts. Data provided by real estate tracking service Zealty.ca shows the discounts ranged from substantial seven-figure reductions to more modest price adjustments in the tens of thousands.
The consistent pattern of below-asking sales across this exclusive Vancouver market segment indicates a broader trend that could reshape pricing strategies for sellers and create new opportunities for buyers who have been priced out of these neighborhoods in recent years.
Notable Property Sales with Major Discounts
Historic Shaughnessy Mansion: $3.5 Million Reduction
One of the most dramatic examples involves a restored 1912 mansion located at 1864 Matthews Avenue in the coveted First Shaughnessy neighborhood. The property initially hit the market on May 10, 2025, with an asking price of $9.98 million before being temporarily withdrawn a month later.
When relisted on September 22 at $7.5 million, the property eventually sold on October 13 for $6.5 million, with the sale officially reported on November 6. This represents a staggering $3.5 million discount from the original asking price and $1 million below the reduced listing price.
The 9,100-square-foot heritage home features seven bedrooms and eight bathrooms on an expansive 114-foot by 135-foot lot. Despite selling for well below asking, the property carries an assessed value of $7.042 million and required $36,600 in property taxes last year.
West Point Grey Heritage Home: $1.1 Million Below Asking
Another significant transaction occurred at 4698 West 4th Avenue, where a 5,578-square-foot heritage property at the corner of West 4th Avenue and Blanca Street sold for $2.7 million on November 6.
The home had been listed on May 25, 2025, for $3.788 million, later reduced to $3.198 million before the final sale. The buyer secured the property for $1.1 million less than the original asking price and $500,000 below the revised listing amount, despite the property's assessed value of $3.572 million.
Situated on a generous 66-foot by 130-foot lot, the heritage character home contains 10 rooms and five bathrooms, representing prime redevelopment potential in the desirable West Point Grey neighborhood.
Kitsilano Bungalow: $410,000 Price Reduction
A smaller but equally telling example emerged at 2537 West 21st Avenue, where a Second World War-era bungalow sold after 82 days on the market. The new owner paid $2.989 million for the property, which had been originally listed at $3.399 million before a minor reduction to $3.349 million.
The final sale price represents a $410,000 discount from the initial asking price and $360,000 below the most recent listing price. With an assessed value of $3.4 million and sitting on a 53-foot by 122-foot lot, the two-bedroom home is likely destined for redevelopment, highlighting that even properties with clear land value are experiencing price adjustments.
Broader Market Implications
The consistent pattern of below-asking sales across Vancouver's Westside suggests a meaningful shift in market conditions. While these properties remain unaffordable for most Vancouver residents, the significant discounts indicate changing buyer sentiment and potentially more negotiating power for those still active in the high-end market.
Real estate professionals will be closely monitoring whether this trend continues through the traditionally slower winter months and how it might influence spring listing strategies. The data provides compelling evidence that even Vancouver's most exclusive neighborhoods are not immune to market corrections and changing economic conditions.
As the Vancouver real estate market continues to evolve, these recent transactions serve as important indicators for both buyers waiting for opportunities and sellers adjusting their expectations in a changing landscape.
