West Vancouver vacant lot sells for $420,000 less than asking price; other properties sold with big losses

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      Next week, the Real Estate Board of Greater Vancouver will release statistics on how badly the housing market fared in April.

      Given the fear created by the coronavirus, the end of open houses, and the broader economic contraction, it's not going to be a banner month.

      TD Economics has suggested that if homeowners can avoid distressed selling, the housing market will gradually recover from the pandemic.

      But over social media, there's are hints of how brutal things have become for vendors not in the mood to wait.

      For example, a vacant parcel of land at 5644A Westport Road in West Vancouver sold on April 22 for $1,075,000.  

      According to the @johnny_33 Twitter account, which follows sales in the region, the asking price was $1,495,000.

      That's not all. The assessed value was $2,124,000 in 2019, meaning the recent sales price was 49 percent lower than that.

      That's not the only apparent fire sale. Below, you can see examples of some other signs of a distressed Metro Vancouver housing market.