A house in Vancouver’s posh Shaughnessy neighbourhood has sold for 18% below what the seller paid for it in 2017.
The seller Lucy Tru Washington bought the five-bedroom eight-bathroom property at 1376 W 26th Avenue for $9.85 million in May 2017.
The “Cartier Manor” was put on the market in August of last year for $9.98 million.
“This architectural gem glistens with quality and extensive craftsmanship inside out,” the listing for the house said. “Versace material adorn (sic) Cartier Manor bringing European taste throughout. High ceilings expansive rope lighting flow through the open bright spaces. Equipped with German appliances.”
The 6,181 square-foot house finally sold this week for just $8 million 1.
The selling price is even below the 2022 assessment price of $8,855,0002.
Detached home prices skyrocketed in Metro Vancouver during the pandemic with the OpenHousing Home Price Index for the segment going up by 29% from March 2020 to March 2022.
But the market has cooled down noticeably since the Bank of Canada started hiking interest rates in March.