Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Attached – February 18, 2014

Here are the 10 attached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous week AND have dropped the largest percentage overall from their original asking price.


#10 ) Address:# 214 1425 ESQUIMALT AV, Ambleside, West Vancouver

April 28, 2011 V884544 $345,000 $0 0%
May 03, 2011 V884544 $310,000 $-35,000 -10%
January 01, 2012 V884544 removed after 248 days
February 13, 2014 V1046820 $279,000 $-66,000 -19%

v1046820_1

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2013 Assessment: Unknown
Desperation Score: 6.8

BEST BUY in AMBLESIDE. 1 bdrm updated. Sunny south side overlooking garden. Walk to the beach and shopping. Live in caretaker..building spotless. ID & OD swimming pools, sauna, hot tub, large party room. Maintenance fee covers all… only pay electric & phone. Call for appointment.


#9 ) Address:# 415 371 ELLESMERE AV, Capitol Hill, Burnaby

March 15, 2007 V635476 $184,900 $0 0%
April 17, 2007 V635476 removed after 33 days
May 11, 2008 V707484 $225,000 $0 0%
June 05, 2008 V707484 $217,500 $-7,500 -3%
June 24, 2008 V707484 removed after 44 days
June 27, 2008 V718962 $209,500 $-15,500 -7%
August 06, 2008 V718962 removed after 40 days
August 14, 2008 V728018 $199,800 $-25,200 -11%
September 24, 2008 V728018 $194,800 $-30,200 -13%
October 28, 2008 V728018 $188,000 $-37,000 -16%
December 20, 2008 V728018 removed after 128 days
January 02, 2009 V747023 $189,000 $-36,000 -16%
February 05, 2009 V747023 $179,900 $-45,100 -20%
March 01, 2009 V747023 removed after 58 days
February 28, 2010 V811911 $198,900 $-26,100 -12%
April 20, 2010 V811911 $194,900 $-30,100 -13%
April 28, 2010 V811911 removed after 59 days
May 01, 2010 V826467 $194,900 $-30,100 -13%
May 30, 2010 V826467 removed after 29 days
May 28, 2012 V952844 $209,888 $-15,112 -7%
September 02, 2012 V952844 removed after 97 days
September 20, 2012 V972485 $209,888 $-15,112 -7%
November 30, 2012 V972485 removed after 71 days
March 06, 2013 V993926 $195,000 $-30,000 -13%
May 30, 2013 V993926 $185,000 $-40,000 -18%
September 30, 2013 V993926 removed after 208 days
February 16, 2014 V1047579 $179,900 $-45,100 -20%

v1047579_1

Current Days on Market: 632 (1.73years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $183,500
Desperation Score: 9.7

CLEAN QUIET AND SPACIOUS ONE BEDROOM UNIT FACING WEST. FEATURES, INSUITE LAUNDRY, WALK-TROUGH KITCHEN, SEPARATE DINING ROOM, SPACIOUS LIVING ROOM AND LARGE 20X6 BALCONY WITH SOME VIEWS TO THE SOUTH. ALL IN A WELL LOOKED AFTER BUILDING WITH NEW ROOF IN 2008 AND NEW PLUMBING IN 2009. SHORT WALK TO SHOPS, SCHOOL, TRANSPORTATION, 20 MINUTES WALK TO HOLDOM SKYTRAIN STATION & 15 MINUTES WALK TO CONFEDERATION COMMUNITY CENTRE.

ALL CAPS!  This unit has been listed for sale all but 1 year since 2007 – probably not a good sign


#8 ) Address:# 2500 1280 RICHARDS ST, Yaletown, Vancouver West

March 16, 2011 V875593 $3,988,000 $0 0%
December 07, 2011 V875593 removed after 266 days
February 14, 2014 V1047094 $3,188,000 $-800,000 -20%

v1047094_1

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $2,536,000
2011 Assessment: $2,644,000
Desperation Score: 17.9

At Grace Tower, renowned artistic architecture with unique design and excellence. Enter by private, elevator access to a luxurious floorplan that features 3 bedrooms plus study/library and is surrounded by panoramic cityscape vistas. Kitchen, equipped with Fisher-Paykel, Subzero and accented by rich cherry cabinetry. Expansive rooms allow for entertaining. All this is enhanced by geothermal heating, AC, overheight ceilings, gas fireplace and sunny terrace. This residence is the ultimate in exclusivity with biometric fingerprint security, 24hour concierge, in/outdoor pool, spa, fitness room and beautiful garden. 3 parking and HUGE storage room.

Nice apartment but even after an $800K drop from 2011 listing price it is still $650K above assessment


#7 ) Address:2723 W 5TH AV, Kitsilano, Vancouver West

September 02, 2011 V907746 $1,089,000 $0 0%
September 15, 2011 V907746 removed after 13 days
December 04, 2011 V921615 $1,399,900 $0 0%
February 08, 2012 V921615 removed after 66 days
June 13, 2013 V1012168 $1,298,000 $-101,900 -7%
September 16, 2013 V1012168 removed after 95 days
September 20, 2013 V1028072 $1,159,000 $-240,900 -17%
November 23, 2013 V1028072 $1,149,000 $-250,900 -18%
December 28, 2013 V1028072 removed after 99 days
January 04, 2014 V1039829 $1,148,000 $-251,900 -18%
January 04, 2014 V1039829 removed after 0 days
January 16, 2014 V1040331 $1,148,000 $-251,900 -18%
February 14, 2014 V1040331 $1,098,000 $-301,900 -22%

v1040331_1

Current Days on Market: 251 (0.69years)
Current ‘Official’ Days on Market: 34
2013 Assessment: Unknown
Desperation Score: 36.7

Affordable brand new 3 level half duplex home in KITS area !!!!! Situated on a quiet street with good neighbourhood, this unit offers 2 good size bedrooms with 2 full baths up / 1 ensuite bedroom in basement. HRV, engineer hardwood flooring, Bosch S/S appliances, excellent workmanship. This is perfect for growing family or first time buyer. Gordon Elementary / Kitsilano Secondary catchment. Steps to transits, shopping, Kits beach and all kind of amenities. Don’t miss the chance, priced to sell ! Call today for showing and more details.


#6 ) Address:# 204 341 MAHON AV, Lower Lonsdale, North Vancouver

March 08, 2008 V693482 $389,000 $0 0%
March 28, 2008 V693482 removed after 20 days
June 01, 2011 V891230 $419,000 $0 0%
July 20, 2011 V891230 $410,000 $-9,000 -2%
November 01, 2011 V891230 removed after 153 days
January 22, 2012 V926983 $399,900 $-19,100 -5%
March 20, 2012 V926983 $389,500 $-29,500 -7%
April 19, 2012 V926983 removed after 88 days
April 21, 2012 V944763 $389,500 $-29,500 -7%
May 04, 2012 V944763 $374,500 $-44,500 -11%
June 23, 2012 V944763 $365,000 $-54,000 -13%
August 14, 2012 V944763 removed after 115 days
August 18, 2012 V967073 $359,000 $-60,000 -14%
October 02, 2012 V967073 $354,000 $-65,000 -16%
December 31, 2012 V967073 removed after 135 days
January 20, 2013 V986154 $353,000 $-66,000 -16%
July 29, 2013 V986154 removed after 190 days
August 17, 2013 V1022590 $345,000 $-74,000 -18%
October 25, 2013 V1022590 $337,000 $-82,000 -20%
February 11, 2014 V1022590 removed after 178 days
February 14, 2014 V1046996 $319,900 $-99,100 -24%

v1046996_1

Current Days on Market: 994 (2.72years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $316,500
Desperation Score: 13.6

This is rare concrete low rise building in the North Shore. Beautifully updated 2 bedroom suite, great kitchen with stainless appliances, new painting, insuite laundry, slate floor, sunken living room with natural hardwood floors. Great Mountain. views, extra large wrap around balcony. Close to all the terrific Lower Lonsdale amenities. Price is below the government assessment fee.

“Price is below the government assessment fee.” – doesn’t look like it to me but this was probably accurate a couple of months ago.  Listed for almost 3 years


#5 ) Address:# 801 528 BEATTY ST, Downtown, Vancouver West

April 01, 2007 V638700 $839,900 $0 0%
July 24, 2007 V638700 removed after 114 days
July 27, 2007 V660985 $819,000 $-20,900 -2%
August 24, 2007 V660985 removed after 28 days
August 29, 2007 V665583 $799,900 $-40,000 -5%
November 22, 2007 V665583 $769,900 $-70,000 -8%
January 01, 2008 V665583 removed after 125 days
January 12, 2008 V682844 $729,000 $-110,900 -13%
February 11, 2008 V682844 removed after 30 days
August 27, 2013 V1023846 $635,000 $-204,900 -24%
December 02, 2013 V1023846 removed after 97 days
February 13, 2014 V1046644 $635,000 $-204,900 -24%

v1046644_1

Current Days on Market: 176 (0.48years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $554,000
2011 Assessment: $578,000
Desperation Score: 12.3

Located in the restored Bowman heritage building, this oversized & air-conditioned 1 bedroom + open den SUB-PENTHOUSE is truly a must see if you are looking for something totally unique! Features an amazing 400 SF private patio w/ an outdoor gas fireplace, upgraded electronic retractable awning and gas & water for BBQ’s & entertaining all year round! Fantastic 854 SF open floor plan has floor to ceiling windows, 9.5′ airy ceilings, Bosch stainless steel appliances, gas cooktop, quartz countertops, moveable island, beautiful 2″thick fir plank hardwood floors & 2 full bathrooms with a unique double entry seamless glass shower. The open den is flexible space & c/b easily partitioned into a 2nd bedroom like others in the building. 2 years prepaid parking available directly across the street to the new buyer. Only 6 years old with balance of 2/5/10 year warranty. Concrete construction in the top 2 floors of the building only so don’t miss out on this one!


#4 ) Address:# T2305 3980 CARRIGAN CT, Government Road, Burnaby

July 12, 2007 V658369 $359,900 $0 0%
August 01, 2007 V658369 removed after 20 days
May 07, 2008 V706287 $528,800 $0 0%
May 27, 2008 V706287 $458,800 $-70,000 -13%
June 12, 2008 V706287 $438,800 $-90,000 -17%
June 20, 2008 V706287 $429,900 $-98,900 -19%
August 14, 2008 V706287 $418,000 $-110,800 -21%
August 29, 2008 V706287 removed after 114 days
September 25, 2009 V789348 $428,000 $-100,800 -19%
October 29, 2009 V789348 $405,000 $-123,800 -23%
November 05, 2009 V789348 $408,000 $-120,800 -23%
January 20, 2010 V789348 removed after 117 days
February 24, 2010 V811098 $399,000 $-129,800 -25%
May 28, 2010 V811098 $379,900 $-148,900 -28%
August 31, 2010 V811098 removed after 188 days
August 18, 2011 V905716 $398,000 $-130,800 -25%
November 10, 2011 V905716 removed after 84 days
April 18, 2012 V943968 $398,000 $-130,800 -25%
October 01, 2012 V943968 removed after 166 days
February 13, 2014 V1046722 $398,000 $-130,800 -25%

v1046722_1

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $290,000
2011 Assessment: $339,000
Desperation Score: 3.4

FIRST TIME HOME BUYER ALERT. Ext renos throughout in 2008. Whole kit makeover with S/S backsplash & maple cab. Kit has been opened up, S/S appls, hardwood floors throughout, new lighting. New bathrooms w/porcelain & S/S sinks. Parking is located conv very close by on same level. This 3 bedrooms, 2 bath end unit faces treed garden for a nice, quiet view w/large balc. Situated literally minutes walking distance to malls & skytrain station. Easy access to highway & centrally located. Bldg amen include huge indoor pool, racket ball court, squash court, fitness rm & billiard rm. Playground, tennis court & park across the street. OPEN HOUSE, SAT, FEB 15 & SUNDAY, FEB 16, 2-4PM.

“FIRST TIME HOME BUYER ALERT” – once people realize that saying “INVESTOR ALERT” no longer works I think they’ll be switching to “FIRST TIME HOME BUYER ALERT” as the go to phrase.  These guys are clearly ahead of the curve although $110K over assessment for a 30 year old condo in burnaby makes me think they’ll be on this list many more times in the future


#3 ) Address:# 401 2020 HIGHBURY ST, Point Grey, Vancouver West

June 20, 2010 V838186 $655,000 $0 0%
June 29, 2010 V838186 $730,000 $0 0%
January 01, 2011 V838186 removed after 195 days
March 21, 2012 V938258 $788,000 $0 0%
September 11, 2012 V938258 removed after 174 days
September 21, 2012 V972581 $698,000 $-90,000 -11%
March 08, 2013 V972581 removed after 168 days
April 04, 2013 V998778 $698,000 $-90,000 -11%
May 09, 2013 V998778 $688,000 $-100,000 -13%
July 12, 2013 V998778 removed after 99 days
August 09, 2013 V1021268 $688,000 $-100,000 -13%
October 17, 2013 V1021268 removed after 69 days
February 16, 2014 V1047537 $588,000 $-200,000 -25%

v1047537_1

Current Days on Market: 700 (1.92years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $654,000
2011 Assessment: $587,000
Desperation Score: 22.1

POINT GREY, 2 BEDROOM & DEN, 2 BATH CORNER UNIT Condo in the highly sought after “Highbury Towers”. Great northeast exposure looking at the MOUNTAINS. This is a bright, spacious suite with both a kitchen eating area as well as a formal dining room. There is a gas fireplace, in-suite storage/laundry room plus an additional storage room, bicycle room and bonus 2 parking stalls. This concrete building has had extensive upgrading and comes with a depreciation report. This very quiet building is walking distance to schools, parks, shopping, restaurants and the beach. Just minutes to UBC and downtown. OPEN HOUSE TUES 10:30AM-12:30PM FEB 18TH.

After this drop they are now $66K under assessment – it only took them 2 years to get there


#2 ) Address:# 201 6093 IONA DR, University, Vancouver West

April 13, 2012 V942945 $1,688,000 $0 0%
April 25, 2012 V942945 $1,518,800 $-169,200 -10%
July 05, 2012 V942945 $1,368,000 $-320,000 -19%
August 11, 2012 V942945 removed after 120 days
August 29, 2012 V968398 $1,350,000 $-338,000 -20%
September 22, 2012 V968398 $1,335,000 $-353,000 -21%
February 13, 2013 V968398 $1,200,000 $-488,000 -29%
August 17, 2013 V968398 removed after 353 days
February 16, 2014 V1047371 $1,199,000 $-489,000 -29%

v1047371_1

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $1,219,000
2011 Assessment: $1,335,000
Desperation Score: 15.7

STUNNING SUITE AT THE COAST located on the NW edge of UBC. Overlooking at a beautiful garden & mountain, this LUXURIOUS home offers over 1600 SF with perfectly appointed spacious rooms. Features includes: Modern gourmet kitchen with Miele, Subzero appliances, custom built cabinets & granite counters, floor to ceiling windows. Master ensuite with imported limestone flooring, solid polished marble counter, glass enclosed shower, soaker tub & radiant floor heating & much more. Enjoy the outdoor terrace (200SF) for your entertaining. Close to U/Hill Elementary school, array of parks, beaches, museums & public transit. MUST see! Agent Open, Tues, Feb 18th, 1030-12. Public Open, Sat & Sun, Feb 22/23, 2-4pm.


#1 ) Address:# 504 2189 W 42ND AV, Kerrisdale, Vancouver West

May 17, 2008 V709314 $1,298,000 $0 0%
June 07, 2008 V709314 $1,248,000 $-50,000 -4%
June 20, 2008 V709314 $1,198,000 $-100,000 -8%
July 18, 2008 V709314 $1,168,000 $-130,000 -10%
July 23, 2008 V709314 removed after 67 days
September 17, 2008 V733824 $1,158,000 $-140,000 -11%
October 18, 2008 V733824 $1,048,000 $-250,000 -19%
November 10, 2008 V733824 removed after 54 days
February 26, 2009 V754349 $988,000 $-310,000 -24%
August 14, 2009 V754349 $948,000 $-350,000 -27%
September 08, 2009 V754349 removed after 194 days
September 23, 2013 V1028494 $1,079,000 $-219,000 -17%
October 29, 2013 V1028494 $995,000 $-303,000 -23%
December 21, 2013 V1028494 $949,000 $-349,000 -27%
February 14, 2014 V1028494 $919,000 $-379,000 -29%

v1028494_1

Current Days on Market: 149 (0.41years)
Current ‘Official’ Days on Market: 149
2013 Assessment: $844,000
2011 Assessment: $1,082,000
Desperation Score: 23.9

Kerrisdale – totally renovated in 2009. A wonderful bright corner suite with top notch finishings. Two bedrooms plus den across from Kerrisdale Community Centre, shops and banks. Spacious, open floor plan with 5′ x 7′ SW balcony off living room and master bedroom. Gourmet kitchen with walnut hardwood floors, ss appliances, granite countertops, wet bar, wine fridge. Very elegant master ensuite with separate shower and heated floors.Two parking stalls plus storage locker.Age restriction of 19 years. Depreciation report done.

This condo was assessed almost 30% higher just two years ago.  “Depreciation report done.” – this is something you’ll be seeing a lot of in the near future

7 responses to “Weekly Drop Metro Vancouver Attached – February 18, 2014

  1. JP February 18, 2014 at 6:29 pm

    #7 was an old house for sale, after a while it was rebuilded and put on the market again. I think it was rebuilded in 2013.

  2. Aman Gupta February 18, 2014 at 6:31 pm

    Thankyou, it will be interesting to see a graph depicting price correction in different areas….

  3. Real Estate Tsunami February 18, 2014 at 7:38 pm

    Depreciation Reports.
    That’s going to kill the strata properties.

  4. Exurban February 18, 2014 at 8:40 pm

    Wow, major assessment drop on #1. What’s up with that?

    • bailinginbc February 18, 2014 at 11:50 pm

      Depreciation Report probably done it!

      • Natalie March 20, 2014 at 6:32 pm

        I can’t see the depreciation report affecting the BC Assessment. Individual owners have to challenge their assessments. The Depreciation report is something that falls under the Strata Property Act and is much like having a pre-inspection done on your own home. Its done by the strata council and communicated to and dealt with through the ownership. It may affect resale values, for sure, much like finding out your home needs to be re-plumbed or rewired would. I don’t think its going to kill strata properties…I think it actually instills a bit more confidence in buying one.

  5. volleyho February 18, 2014 at 11:43 pm

    can someone provide update on the monstrosity on 57th and Oak??

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