Why this 1929 South Granville house took three years—and a big price cut—to sell

Set on a rare 13,000-square-foot lot in South Granville, this two-and-a-half-storey house finally sold after three years on the market.

The property

• Type: Detached home
• Neighbourhood: South Granville
• Beds: 8
• Baths: 5
• Year built: 1929
• Parking: Covered parking
• Taxes: $16,830
• Maintenance fees: Freehold non-strata
• Days on market: 401 while listed with RE/MAX Real Estate Services, 796 total
• Listed price: $4,680,000
• Selling price: $3,950,000
• Listing agent: Michelle Yu, RE/MAX Real Estate Services

The eight-bedroom home first hit the market in 2022 and spent three years changing hands between agents before selling in what many agents called the toughest year of the past decade. Michelle Yu of RE/MAX Real Estate Services took over the listing around early 2025 and immediately wondered why a property located in a good neighbourhood with lots of space still hadn’t sold yet. 

The answer, she says, came down to expectations meeting a shifting market. Initially listed at around $5.4 million in 2022, the asking price stepped down several times before ultimately selling for $3.9 million. Over the same period, some high-end homes in the area have traded at 20 to 30 per cent below asking, highlighting how much leverage serious buyers gained in 2025. This gap helped the seller understand what a fair price was in the market, which influenced them to lower the asking price. 

Still, this was no distress sale. The long-time owners weren’t in a rush to sell and they were prepared to wait for a buyer who recognized the land value and redevelopment potential. The structure itself demanded a major renovation, so most of the appeal lay in the site: a large corner lot on a main street, ideal for duplex or multiplex redevelopment under Vancouver’s evolving housing policies.

The big picture

With government-assessed values in Vancouver dropping between five and 20 per cent for 2026 and sellers less inclined to test the market without a clear upside, Yu expects a calmer, more “mature” real estate market in the upcoming year. She also states that buyers now have more flexibility and time to prepare due to a lack of competition.

“Buyers can relax and not have to worry about rushing or making a mistake,” she says. “If they like a property, they don’t need to rush and can take their time preparing to ensure everything goes smoothly.”