Vancouver townhouse sells for 14% below 2016 purchase price

A townhouse in a “prestigious 10-acre family estate centrally located on Vancouver’s coveted West Side” has sold for 14% below what the seller paid for it in 2015.

The seller bought 1517 Atlas Lane in June 2016 for $1,720,000.

The three-bedroom three-bathroom townhouse was put on the market in April of this year for $1,599,000.

The 1300-square-foot unit finally sold last week for just $1,478,0001.

The selling price is even below the 2022 assessment price of $1,494,0002.

Townhouse prices skyrocketed in Metro Vancouver during the pandemic with the OpenHousing Home Price Index for the segment going up by 27.5% from March 2020 to March 2022.

But the market has cooled down noticeably since the Bank of Canada hiked interest rates in March and April and prepares to hike rates again in June.


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