Did you see those houses buddy? And those were above asking prices of 1.3 1.4 and 1.69M - not 500k
I made an exaggerated example because you seem to be struggling understanding the concept of what a market is.
You asked the question
"If the psychology of the market is negative, how does a buyer convince themslves to pay above asking price? Clearly there are some astute buyers that know this Vancouver detached market."
You are struggling to understand how a buyer can pay more above asking price in a falling market so I gave you an example where the ASK price is LESS than the MARKET PRICE.
The only thing that matters is where the MARKET PRICE is headed (market price being the price point where a buyer and a seller can agree on a transaction).
If a person puts up an east VAN home for 10 million (ASK PRICE) and agrees with a buyer to sell it for 3 million (MARKET PRICE) - it does not necessarily mean the market is falling. Conversely, If a person puts up the same home for for 1 million (ASK PRICE) and agrees with a buyer to sell it for 3 million (MARKET PRICE) - it does not necessarily mean the market is rising. It's all relative to the market price, the only thing that matters in the end is where the MARKET PRICE is headed.
Has the market price been falling for the last few months? - Yes
You need to get out of the mind set of absolute values - everything is relative.
You also keep contradicting yourself as well, which makes it difficult to understand what you're really thinking. Secret troll?
ReallyReal2 stated that ASK prices don't mean anything
"Asking prices doesn't mean anything. Half the time, it is a re-list where the house was asking $1.9, then down to $1.75, then $1.6M... "
In which you replied you're not comparing ASK vs SALE price on your posts
"Im not posting over ask sales for that purpose. Look at the house and the sales price. Given what you see its pretty tough to argue the market is in a depression."
Then you later on state
"I'm not convinced the market is that bad with over asking price sales"
There is dissonance in your logic. This is a typical symptom of a person trying to rationalize against reality (aka being in denial). You don't really think things through before expressing your thoughts.
Pent up Demand!
Chinese buying and selling in a matter of months only to lose 100k, but it's all part of their plan!
Realtor Logic for the win!