Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – February 24, 2014

Here are the 10 detached 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.  There are some gaps in assessment data – I have some old data and can pull up 2013 but if you see years missed it is because I just don’t have the information available.

Richmond and West Vancouver lead the way with 3 listings each


#10 ) Address:288 HYTHE AV, Capitol Hill, Burnaby

March 31, 2007 V638569 $1,350,000 $0 0%
June 20, 2007 V638569 removed after 81 days
May 21, 2013 V1008009 $2,500,000 $0 0%
June 26, 2013 V1008009 $2,280,000 $-220,000 -9%
October 30, 2013 V1008009 removed after 162 days
November 11, 2013 V1035335 $2,280,000 $-220,000 -9%
February 20, 2014 V1035335 removed after 101 days
February 24, 2014 V1048773 $1,950,000 $-550,000 -22%

v1048773_1

Current Days on Market: 280 (0.77years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,815,000
Desperation Score: 28.9

THE BIGGEST HOUSE ON CAPITOL HILL!! This very solid Italian built mansion has over 8000sf of living space and boasts 270 degree magnificent views of Downtown Vancouver, Metrotown and the Mountains. Built of concrete, steel and massive timbers this home is guaranteed to last generations! Enter though the front foyer and be greeted by a gorgeous hanging crystal chandelier and winding oak staircase. The floors consist of radiant heated Italian Venetian marble and oak flooring. The Crown mouldings and so much more complement the home to its best. Close to transit, shops on Hastings, Highschools Burnaby North and Alpha Secondary and short minutes to SFU, this Palace is a MUST SEE!


#9 ) Address:775 WESTCOT PL, British Properties, West Vancouver

March 13, 2007 V633455 $1,150,000 $0 0%
April 24, 2007 V633455 removed after 42 days
April 23, 2010 V824375 $1,448,000 $0 0%
May 12, 2010 V824375 $1,398,000 $-50,000 -3%
July 23, 2010 V824375 removed after 91 days
June 22, 2011 V895679 $1,588,000 $0 0%
July 13, 2011 V895679 removed after 21 days
June 06, 2013 V1010508 $4,980,000 $0 0%
July 10, 2013 V1010508 $4,680,000 $-300,000 -6%
August 07, 2013 V1010508 removed after 62 days
August 12, 2013 V1021801 $4,480,000 $-500,000 -10%
October 11, 2013 V1021801 removed after 60 days
October 14, 2013 V1031965 $4,280,000 $-700,000 -14%
February 18, 2014 V1031965 removed after 127 days
February 22, 2014 V1048688 $3,880,000 $-1,100,000 -22%

v1048688_1

Current Days on Market: 264 (0.72years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $2,984,000
Desperation Score: 34.1

Brand New Executive Home, in Quiet Cul-de-sac. Level lot L(3886 sqft) Park-like garden & playground. Open floor plan, top-line appliances in the kitchen, sub-master bedroom on main floor. 4 en suited bedrooms upstairs. Basement separate entrance with 3 bedroom,3 bathrooms, large living room and kitchen could be great for mortgage helper. Walking distance to schools and shopping center. Pleasure to show.


#8 ) Address:6760 WILLIAMS RD, Woodwards, Richmond

January 12, 2013 V984639 $1,080,000 $0 0%
March 27, 2013 V984639 $868,000 $-212,000 -20%
September 30, 2013 V984639 removed after 261 days
November 11, 2013 V1035492 $858,000 $-222,000 -21%
January 31, 2014 V1035492 removed after 81 days
February 19, 2014 V1047948 $838,000 $-242,000 -22%

No Picture

Current Days on Market: 409 (1.12years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $823,900
2011 Assessment: $685,900
Desperation Score: 19.8

Excellent development property on corner of Gilbert and Williams. South West corner lot with 70′ frontage. Build your dream home or re-develop; City of Richmond wants to have townhouse development in this area. Land value only. Don’t miss out, call now!


#7 ) Address:# 6 23740 DYKE RD, Hamilton, Richmond

February 03, 2011 V866782 $1,850,000 $0 0%
December 29, 2011 V866782 $2,515,000 $0 0%
April 28, 2012 V866782 removed after 450 days
May 04, 2012 V947657 $2,085,800 $-429,200 -17%
May 30, 2013 V947657 removed after 391 days
July 06, 2013 V1015798 $1,950,000 $-565,000 -22%
December 28, 2013 V1015798 removed after 175 days
February 24, 2014 V1048904 $1,950,000 $-565,000 -22%

v1048904_1

Current Days on Market: 1118 (3.06years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,602,000
Desperation Score: 12.1

New detached South Facing WATERFRONT homes on the banks of the Fraser River. This 9 homes Strata Community also includes a future private Marina clubhouse with full services and moorage. Open floor plan, 9 ft. ceiling on the main, enjoy the magnificent views of the water and mountains. Quality finishing throughout, designer kitchen and bath’s. Homes include 3 bedrooms, Media room, Den/Office,Bedroom on Main floor, 4 baths, Master bdrm with view to the water and a spa like enste, all granite counters, outdoor patios, an 3 floor ” ELEVATOR ” in each home. Solid plank walnut floors, 65 oz. Saxony carpets, Deluxe Sub Zero fridge & S.S. Wolfe appliances package. 6 CAR Garage, ” Bare land strata ” Maint. fee $ 165 pm.

” ELEVATOR “!  Listed for 3 years…


#6 ) Address:6220 ST GEORGES PL, Gleneagles, West Vancouver

August 09, 2013 V1021476 $3,500,000 $0 0%
November 19, 2013 V1021476 removed after 102 days
November 23, 2013 V1036976 $2,800,000 $-700,000 -20%
February 22, 2014 V1036976 $2,600,000 $-900,000 -26%

v1036976_1

Current Days on Market: 200 (0.55years)
Current ‘Official’ Days on Market: 94
2013 Assessment: $2,324,000
Desperation Score: 26.8

Nestled at the end of a private cul-de-sac on one of the most desirable streets in West Vancouver, this majestic home opens up to extensive & spectacular ocean views from every room! Your outdoor entertainment includes relaxing in a glorious pool & hot tub with a flowing waterfall as well as sharpening your putting skills on the mini putting green all in complete privacy while soaking in the incredible views. The open concept kitchen, dining & living area is fabulous for entertaining or preparing the family meals while keeping an eye on the kids. This home includes a separate suite to use as a mortgage helper, in-law or nanny accommodation.


#5 ) Address:3294 WELLINGTON AV, Collingwood, Vancouver East

August 03, 2012 V965078 $1,390,000 $0 0%
April 23, 2013 V965078 $998,000 $-392,000 -28%
February 22, 2014 V965078 $997,000 $-393,000 -28%

v965078_1

Current Days on Market: 571 (1.56years)
Current ‘Official’ Days on Market: 571
2013 Assessment: $732,700
2011 Assessment: $648,500
Desperation Score: 14.9

Money making machine “Conservative store” with two 2 BR suite & 1 bachelors suite. Convenient store earning approx $6000/month & 2 suites earn $1100 each & bachelor’s suite rent $550 in total in pays you around $8750 monthly. Fully renovated, inside unit keeps you away from traffic noise. In the route of bus #27 & 10 mins walk from Joyce & 29th Avenue skytrain station. Recreation nearby.BRING YOUR OFFER, SELLER MOTIVATED!!

Any idea what a “Conservative store” is?  The $8750/month sounds good but I have a feeling they are not including a few thousand dollars worth of overhead and expenses.  BRING YOUR OFFER, SELLER MOTIVATED!!  Dropped their price by $400K the first drop and $1K the second drop…


#4 ) Address:9811 PINEWELL CR, Saunders, Richmond

December 12, 2011 V922180 $3,488,000 $0 0%
January 14, 2012 V922180 $3,288,000 $-200,000 -6%
February 02, 2012 V922180 $3,198,800 $-289,200 -8%
February 16, 2012 V922180 removed after 66 days
March 07, 2012 V935676 $3,158,800 $-329,200 -9%
April 17, 2012 V935676 $2,998,800 $-489,200 -14%
June 26, 2012 V935676 removed after 111 days
August 19, 2012 V967189 $2,888,000 $-600,000 -17%
September 22, 2012 V967189 $2,853,888 $-634,112 -18%
October 17, 2012 V967189 $2,788,000 $-700,000 -20%
November 06, 2012 V967189 removed after 79 days
January 13, 2013 V984851 $2,778,000 $-710,000 -20%
February 21, 2013 V984851 $2,658,000 $-830,000 -24%
August 09, 2013 V984851 removed after 208 days
September 30, 2013 V1029684 $2,658,000 $-830,000 -24%
November 07, 2013 V1029684 $2,588,000 $-900,000 -26%
December 28, 2013 V1029684 removed after 89 days
January 19, 2014 V1042624 $2,588,000 $-900,000 -26%
February 21, 2014 V1042624 $2,498,000 $-990,000 -28%

No Picture

Current Days on Market: 806 (2.21years)
Current ‘Official’ Days on Market: 37
2013 Assessment: $1,749,000
Desperation Score: 30.8

SPECTACULAR HOME ON HUGE LOT. Best value for this size house/lot in Richmond. Granite, hardwood, high end appliances – everything you would expect and more. Grand entrance with crystal chandelier. 18 ft ceilings, crown moulding, heat recovery and air conditioning. 6 bedrooms total, 5 with ensuites. LEGAL 2 bedroom suite with own patio. Triple garage and lots more open parking for RV and boat. This house has it all – truly a must see!

New build down $1 million over 2 years


#3 ) Address:1245 RENTON RD, British Properties, West Vancouver

April 03, 2008 V698192 $1,650,000 $0 0%
April 24, 2008 V698192 removed after 21 days
February 11, 2011 V868493 $2,148,000 $0 0%
May 03, 2011 V868493 removed after 81 days
May 26, 2011 V890111 $3,200,000 $0 0%
July 13, 2011 V890111 removed after 48 days
May 24, 2012 V951878 $3,650,000 $0 0%
June 12, 2012 V951878 $3,350,000 $-300,000 -8%
August 17, 2012 V951878 removed after 85 days
August 19, 2012 V967279 $3,350,000 $-300,000 -8%
September 18, 2012 V967279 $2,850,000 $-800,000 -22%
April 16, 2013 V967279 removed after 240 days
May 25, 2013 V1008599 $2,580,000 $-1,070,000 -29%
January 27, 2014 V1008599 removed after 247 days
February 24, 2014 V1048733 $2,580,000 $-1,070,000 -29%

No Picture

Current Days on Market: 642 (1.76years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $2,376,000
Desperation Score: 17.9

Fantastic views of ocean, Lions Gate Bridge and downtown Vancouver. Well kept family home in a desirable area. Completed renovated in 2010. 2 Bedrooms up and 3 bedrooms down. Total 5 bathrooms. Beautiful landscaping and level backyard. Hugedeck off the kitchen. Level corner Lot of 14000 sqft. Easy Access to shopping walking distance to Chartwell & Sentinel School.


#2 ) Address:3008 MARINE DR, Southlands, Vancouver West

June 28, 2012 V959053 $2,488,000 $0 0%
July 11, 2012 V959053 $2,280,000 $-208,000 -8%
July 31, 2012 V959053 $1,988,000 $-500,000 -20%
November 10, 2012 V959053 $1,890,000 $-598,000 -24%
December 18, 2012 V959053 removed after 173 days
January 26, 2013 V987234 $1,988,000 $-500,000 -20%
February 13, 2013 V987234 $1,899,000 $-589,000 -24%
April 24, 2013 V987234 removed after 88 days
April 29, 2013 V1003547 $1,899,000 $-589,000 -24%
August 01, 2013 V1003547 removed after 94 days
September 07, 2013 V1025637 $1,699,000 $-789,000 -32%
December 28, 2013 V1025637 removed after 112 days
February 22, 2014 V1048523 $1,699,000 $-789,000 -32%

v1048523_1

Current Days on Market: 607 (1.66years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $987,500
Desperation Score: 31.0

Original Victorian-style residence built with exceptional quality of dry timber and finished with elegant British style hardwoodfloors, wood panels and moldings.Secure south facing extra large backyard has enough space to accommodate children’ssoccer games and parents’ dream patio set. Below semi-attached garage for two facing the backyard located unique workshopspace. This home is located in the center of prestigious neighbourhood area just steps away from parks and three golf courses,as well as only minutes away from Crofton House School, Kerrisdale Elementary and UBC. Must see to appreciate.


#1 ) Address:967 ROSLYN BV, Dollarton, North Vancouver

February 26, 2012 V933878 $3,750,000 $0 0%
March 27, 2012 V933878 $3,690,000 $-60,000 -2%
April 18, 2012 V933878 $3,288,000 $-462,000 -12%
May 16, 2012 V933878 $2,980,000 $-770,000 -21%
June 15, 2012 V933878 $2,750,000 $-1,000,000 -27%
July 25, 2012 V933878 removed after 150 days
August 10, 2012 V965789 $2,690,000 $-1,060,000 -28%
January 03, 2013 V965789 removed after 146 days
February 15, 2013 V990537 $2,388,000 $-1,362,000 -36%
June 06, 2013 V990537 $2,329,000 $-1,421,000 -38%
August 27, 2013 V990537 removed after 193 days
October 04, 2013 V1030299 $2,378,000 $-1,372,000 -37%
January 31, 2014 V1030299 $2,349,000 $-1,401,000 -37%
February 21, 2014 V1030299 $2,239,000 $-1,511,000 -40%

v1030299_1

Current Days on Market: 730 (2.00years)
Current ‘Official’ Days on Market: 144
2013 Assessment: $2,039,000
Desperation Score: 26.8

DO THE MATH! HUGE family home designed for extended family or a large growing family! FIVE bedrooms on main, 2 down plus a den! Home theatre, inground pool, Koi pond, waterfall feature….HUGE gourmet kitchen on main too! Gorgeous family oriented neighborhood just steps to schools, beaches, shops, trails, restaurants, golf and skiing! Lot is worth $1.5. You can’t replace this home at this price !North 1/2 of home built in 2001 and south 1/2 in 2006. Small portion of original foundation is all that is left of the 1959 home !OPEN SUN FEB 16, 2-4

After briefly toying with a price increase they have dropped to a new low.  This house actually seems well priced after 40% in drops

19 responses to “Weekly Drop Metro Vancouver Detached – February 24, 2014

  1. Vancouverbound February 24, 2014 at 4:12 pm

    #7 – Blue Heron Estates – this complex has another unit for sale ($178,000 BELOW assessment value) priced at $1,488,000. Tough to sell this one at $1,950,000.

  2. Peter Mueller February 24, 2014 at 4:27 pm

    ‘Conservative store’ = ‘Convenience store’ for ESL or lazy spell-checker

  3. Real Estate Tsunami February 24, 2014 at 5:11 pm

    #5
    “Money making machine” HaHa.
    More likely a “Money laundering machine”.

  4. Real Estate Tsunami February 24, 2014 at 5:16 pm

    #7
    Almost looks like a house boat, which it will be in the event of a flood.
    Just hope the are not stuck in the elevator when that happens.

  5. Aman Gupta February 24, 2014 at 6:11 pm

    What’s the elevator about? An year back a friend of mine in Ontario was talking about his new house with two elevators….

  6. Real Estate Tsunami February 24, 2014 at 8:49 pm

    Mr. Observer.
    Paul Boenisch on Vancouver Price Drop is reporting a record of 127 price reductions over the weekend.
    Prepare to be busy!
    Thanks, for your good work.

  7. Waiting_to_buy February 25, 2014 at 1:26 am

    Observer, if you have the information for MLS# F1402095. It went off listing this week so was wondering whether it is sold or taken off the market. Please let me know.

  8. Exurban February 25, 2014 at 3:20 pm

    Notice that a lot of these, which must be a select group of sellers who asked way too much, are getting close to assessed value. With the exception of #2, which is still 70% over assessment even now. BTW, how can an SFH property on SW Marine be assessed below a million?

    • an observer February 25, 2014 at 9:43 pm

      Not sure regarding the sub million assessment. Can anyone shed some light on this?

      • Diane February 25, 2014 at 11:42 pm

        If you look at the other houses nearby on this street (via BC Assessment), it is by FAR the lowest assessed one. It’s land value is a little over half of its neighbors, despite being about the same size (11k sq feet vs 12k). The building is also assessed at a much lower price, but that makes sense given its size and age compared to the neighbors.

      • ex-kitsie February 26, 2014 at 4:03 pm

        I have actually been in the house (my son’s friend in elementary school lived there) and it has what could be considered the worst location on SW Marine. The lot is a triangle with a very busy road out front and a fairly busy road along the back (the road to Southlands). The lot may sound large when described in square footage but the reality is it is a wierd lot, the grassy area points out towards the intersection on SW Marine so is not safe in the least. Cars have been known to miss the turnoff and end up in the yard. It is also a bitch to enter or leave the small parking spot since the street is so busy. It is not on a lane, just a busy street on either side.

      • an observer February 26, 2014 at 4:11 pm

        that makes more sense, thanks for the info

      • dunbarfarmer February 26, 2014 at 4:09 pm

        Take a look on Streetview (the link in the listing takes you to West Vancouver by the way). It is a narrow, triangular lot with not much room for placing a house anywhere but close to Marine Drive which is extremely busy most times of the day. I commuted along that route for years and that property has been on and off the market for the last 10 to 12 years.

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