A recently sold home in the Kitsilano neighbourhood of Vancouver saw a fairly sizeable loss compared to the last sale, which was back in 2015.
According to Zealty, the sale of 1133 Cypress Street was reported on Wednesday with a final price of $5,000,000, over a whopping $2 million under the assessed value of $7,004,000.
The last time the home was sold, in April 2015, it was bought for $5,300,000, or $300,000 more than the 2025 sale.
Since the 2015 sale, the home has been listed four times beginning June 2023. It was initially listed for $6,980,000, but after three attempts at that number, the asking price was dropped to $6,385,000 in June of last year. That listing stayed on the market until this month when it finally sold for $1,385,000 under the asking price.
Angell, Hasman & Associates Realty
If you’ve been following our real estate coverage, this loss of value has been somewhat of a trend in some higher-priced luxury homes around Vancouver.
This specific Kitsilano home, built in 1992, has four bedrooms, six bathrooms, and 4,857 sq ft of space spread across three levels. It has been very well maintained.
Angell, Hasman & Associates Realty
“Experienced the perfect West Coast lifestyle just steps to the beach in this most sought-after Kits Point neighbourhood,” the listing says. The listing isn’t kidding; the Kits home is extremely close to the beach, the Museum of Vancouver, and Vanier Park.
Google Maps
BC Assessment shows that the home’s value has topped out over the last two years. In 2024, it was assessed at $7,013,000, and this year, it is assessed at $7,004,000. Before that, it was valued under $7 million.
Angell, Hasman & Associates Realty
Both the buildings and the land are worth quite a bit. The most recent assessment values the land at $3,981,000 and the buildings at $3,023,000.
Angell, Hasman & Associates Realty
The listing adds that the home offers “every modern amenity one could dream of with comfort and absolute sophistication.”
Angell, Hasman & Associates Realty
“Elegant principal rooms are spacious with an abundance of natural light.”
Angell, Hasman & Associates Realty
The listing also states that the home is perfect for entertaining indoors and outdoors, with beautiful private terraces and a beautiful landscape.
Angell, Hasman & Associates Realty
If you were to have bought this home with a 20% down payment on a five-year fixed-rate mortgage, your monthly payments would be over $22,000. What do you think about the final price of this home? Let us know in the comments.