Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Attached – February 25, 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.

The condo market continues to get hammered and with so much new inventory coming along with new rules regarding depreciation reports I believe it’s going to get much worse.


#10 ) Address:# 2606 6540 BURLINGTON AV, Metrotown, Burnaby

June 06, 2008 V714151 $720,000 $0 0%
July 06, 2008 V714151 $668,000 $-52,000 -7%
September 07, 2008 V714151 removed after 93 days
April 26, 2012 V945828 $698,800 $-21,200 -3%
August 01, 2012 V945828 removed after 97 days
August 22, 2012 V967508 $688,888 $-31,112 -4%
December 16, 2012 V967508 removed after 116 days
December 20, 2012 V982936 $688,888 $-31,112 -4%
April 01, 2013 V982936 removed after 102 days
February 21, 2014 V1048199 $529,900 $-190,100 -26%

v1048199_1

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $563,000
2011 Assessment: $706,000
Desperation Score: 16.9

Penthouse, two level! Spectacular, panoramic, breathtaking views frm SFU to the Gulf Islands & Tsawwassan! Stunning & elegant best describes this stylish, completely reno 2 lvl, spacious, loft-style, 2 bed + den/flex penthouse at BurlingtonSquare. No expenses spared in the custom contemporary design & finishings! Other ftrs incl oversized bedrooms & bthrms, spacious open living area w/ vaulted ceiling & bay windows, balcony off DR, 350 sf rooftop deck, 2 parking & 1 storage locker. Excellent amenities incl squash court, hot tub, sauna & rec lounge. Steps to Metrotown, transit, Skytrain, Bonsor Rec Centre, T&T & all your other daily essentials! Building is re-roofed, re-piped & its elevator is upgraded. Low strata fee incl hot water.

Assessment down 20% in 2 years and they’ve abandoned the magic 8′s in the price.  I’m wondering if this is a foreclosure


#9 ) Address:# 301 1480 DUCHESS AV, Ambleside, West Vancouver

January 23, 2010 V805583 $679,000 $0 0%
February 15, 2010 V805583 removed after 23 days
May 30, 2010 V833743 $978,000 $0 0%
July 08, 2010 V833743 $939,000 $-39,000 -4%
September 08, 2010 V833743 removed after 101 days
September 10, 2010 V849302 $959,000 $-19,000 -2%
November 16, 2010 V849302 removed after 67 days
November 20, 2010 V858996 $899,000 $-79,000 -8%
January 27, 2011 V858996 removed after 68 days
January 30, 2011 V866214 $888,000 $-90,000 -9%
February 25, 2011 V866214 removed after 26 days
March 05, 2011 V873570 $898,000 $-80,000 -8%
March 29, 2011 V873570 removed after 24 days
October 20, 2012 V977410 $819,000 $-159,000 -16%
February 13, 2013 V977410 removed after 116 days
February 17, 2013 V991177 $789,000 $-189,000 -19%
March 10, 2013 V991177 removed after 21 days
March 14, 2013 V995569 $699,000 $-279,000 -29%
March 25, 2013 V995569 removed after 11 days
April 10, 2013 V999834 $798,000 $-180,000 -18%
June 07, 2013 V999834 removed after 58 days
June 15, 2013 V1012363 $779,000 $-199,000 -20%
August 24, 2013 V1012363 removed after 70 days
September 05, 2013 V1025064 $779,000 $-199,000 -20%
November 15, 2013 V1025064 removed after 71 days
January 31, 2014 V1044269 $740,000 $-238,000 -24%
February 19, 2014 V1044269 $719,000 $-259,000 -26%

v1044269_1

Current Days on Market: 494 (1.35years)
Current ‘Official’ Days on Market: 26
2013 Assessment: $745,000
Desperation Score: 35.8

Top 5 reasons this unit is a gem. #1 LOCATION – Situated only a few blocks from Ambleside park, Marine Dr restaurants, and Park Royal shopping center. #2 VIEW – Amazing south western exposure with views of Lions Gate to UBC from every room. #3 RENOVATIONS – Beautifully updated custom kitchen including stainless appliances, Caeser stone countertops, solid wood cabinets. New hardwood flooring through-out and fully modernized bathrooms. It’s gorgeous. #4 LAY-OUT – Open concept kitchen with dining area, huge pantry, over sized master with walk-thru closet and ensuite. #5 PRICE – Priced sharp for quick sell and below assessed value. OPEN HOUSE Sun Feb 16th 2-4pm. Don’t miss this one. No pets, No rentals, 19+, No worries. *click multimedia button for video*

13 MLS numbers and counting


#8 ) Address:# 203 120 E 4TH ST, Lower Lonsdale, North Vancouver

February 07, 2010 V808535 $269,900 $0 0%
March 06, 2010 V808535 $259,900 $-10,000 -4%
April 06, 2010 V808535 removed after 58 days
May 13, 2010 V829658 $259,900 $-10,000 -4%
May 25, 2010 V829658 removed after 12 days
June 30, 2011 V897004 $259,900 $-10,000 -4%
September 09, 2011 V897004 $254,900 $-15,000 -6%
September 20, 2011 V897004 $250,000 $-19,900 -7%
December 15, 2011 V897004 removed after 168 days
January 08, 2012 V924027 $249,900 $-20,000 -7%
January 31, 2012 V924027 $244,900 $-25,000 -9%
March 02, 2012 V924027 $239,900 $-30,000 -11%
April 08, 2012 V924027 removed after 91 days
April 18, 2012 V943727 $244,900 $-25,000 -9%
June 13, 2012 V943727 removed after 56 days
July 23, 2012 V963443 $239,900 $-30,000 -11%
September 05, 2012 V963443 $233,900 $-36,000 -13%
September 11, 2012 V963443 $229,900 $-40,000 -15%
September 18, 2012 V963443 $219,900 $-50,000 -19%
February 01, 2013 V963443 removed after 193 days
February 13, 2013 V989772 $219,900 $-50,000 -19%
March 07, 2013 V989772 $216,900 $-53,000 -20%
April 04, 2013 V989772 $209,900 $-60,000 -22%
June 30, 2013 V989772 removed after 137 days
July 10, 2013 V1016744 $210,000 $-59,900 -22%
October 30, 2013 V1016744 removed after 112 days
November 23, 2013 V1036663 $209,000 $-60,900 -23%
January 17, 2014 V1036663 $205,000 $-64,900 -24%
January 28, 2014 V1036663 $200,000 $-69,900 -26%
February 19, 2014 V1036663 $193,900 $-76,000 -28%

v1036663_1

Current Days on Market: 972 (2.66years)
Current ‘Official’ Days on Market: 95
2013 Assessment: $189,500
Desperation Score: 19.1

Tremendous value with his spacious 664sq/ft 1 bedroom suite in a well run mostly owner occupied building steps to Lonsdale, easy walk to Lonsdale Quay & Sea bus. The suite has been well maintained by resident owner with updates in kitchen/bathroom & laminate floors. Enclosed balcony is perfect to enjoy your morning coffee or create a den. Take in the private treed outlook. Parking, locker & 1 dog/cat allowed. The roof has been replaced. Call today for your private showing or come along to our OPEN HOUSE on SUNDAY 23rd FEBRUARY 3pm-4pm

Listed for almost 3 years but still above assessment but don’t worry, 40 year old condo’s often sell for above assessment…  See you in #1 spot some time soon


#7 ) Address:# 312 8511 WESTMINSTER HY, Brighouse, Richmond

February 11, 2010 V809044 $208,000 $0 0%
January 01, 2011 V809044 removed after 324 days
March 25, 2011 V877806 $289,000 $0 0%
July 29, 2011 V877806 $229,000 $-60,000 -21%
October 31, 2011 V877806 removed after 220 days
November 19, 2011 V920275 $209,900 $-79,100 -27%
October 01, 2012 V920275 removed after 317 days
February 21, 2014 V1048048 $207,000 $-82,000 -28%

No Picture

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $205,700
2011 Assessment: $216,000
Desperation Score: 3.0

Good and bright unit with potential. Vault ceiling, sunken living room, wood burning fireplace to name a few. Heat and water included in maintenance fee. With some renovation it can turn into a nice and trendy first time buyer home.

That entire description is code for “This place is a dump, enter at own risk”.  Another 30 year old condo listed above assessment


#6 ) Address:# 310 4111 BAYVIEW ST, Steveston South, Richmond

May 04, 2012 V947557 $879,000 $0 0%
May 11, 2012 V947557 $849,000 $-30,000 -3%
May 23, 2012 V947557 $819,000 $-60,000 -7%
June 04, 2012 V947557 removed after 31 days
June 09, 2012 V955561 $789,000 $-90,000 -10%
June 22, 2012 V955561 $749,000 $-130,000 -15%
July 24, 2012 V955561 $689,000 $-190,000 -22%
September 01, 2012 V955561 removed after 84 days
September 08, 2012 V970245 $689,000 $-190,000 -22%
January 01, 2013 V970245 removed after 115 days
March 14, 2013 V995580 $689,000 $-190,000 -22%
March 29, 2013 V995580 $669,000 $-210,000 -24%
May 22, 2013 V995580 removed after 69 days
June 02, 2013 V1009977 $669,000 $-210,000 -24%
June 20, 2013 V1009977 $649,000 $-230,000 -26%
September 23, 2013 V1009977 removed after 113 days
November 27, 2013 V1037163 $638,800 $-240,200 -27%
February 19, 2014 V1037163 $625,000 $-254,000 -29%

v1037163_1

Current Days on Market: 663 (1.82years)
Current ‘Official’ Days on Market: 91
2013 Assessment: $700,000
2011 Assessment: $731,000
Desperation Score: 21.6

Priced to Sell! This 3 Full Bedroom with Den and 2 bathrooms is ready for you to call home. The last to be built in this Onni Complex of 5 buildings. All 3 bedrooms have their own balcony. Master facing the most remarkable sunsets plus the 2 other bedrooms have balconies large enough for a 3 pc bistro sets facing the quiet courtyard. Corner/End unit, 2 Car parking, in suite laundry, etc. Walking distance to all that pleases you in the heart of Steveston Village. This is a great place to feel the buzz of the village. Canada Day is coming soon so don’t wait… considerably the best priced for this complex.

“considerably the best priced for this complex.” I bet all the neighbours love this!


#5 ) Address:2144 W 3RD AV, Kitsilano, Vancouver West

February 06, 2008 V687168 $489,000 $0 0%
February 15, 2008 V687168 removed after 9 days
April 23, 2012 V945046 $799,000 $0 0%
June 08, 2012 V945046 removed after 46 days
June 15, 2012 V956459 $694,500 $-104,500 -13%
October 12, 2012 V956459 removed after 119 days
April 07, 2013 V999779 $648,000 $-151,000 -19%
April 10, 2013 V999779 removed after 3 days
April 12, 2013 V1000730 $648,000 $-151,000 -19%
July 25, 2013 V1000730 removed after 104 days
August 01, 2013 V1020086 $599,000 $-200,000 -25%
October 30, 2013 V1020086 removed after 90 days
January 29, 2014 V1044010 $599,000 $-200,000 -25%
February 25, 2014 V1044010 $559,000 $-240,000 -30%

v1044010_1

Current Days on Market: 674 (1.85years)
Current ‘Official’ Days on Market: 28
2013 Assessment: $545,200
2011 Assessment: $516,200
Desperation Score: 24.0

Unique character townhome in 4 unit complex! This 888 sq.ft. 2 bedroom, 2 bathroom home is a rare find in Kits. Enjoy lots of natural light in this south-facing end unit. Features include south-facing private yard with large private patio area, newly renovated kitchen (cabinets, appliances, granite), and new bathrooms, crown moulding, in-suite laundry, wood burning fireplace with new surround, 2 floor plan with bedrooms upstairs, walk-through in-suite storage space, new carpet, etc.etc. Open parking stall off lane, and lots of storage in this unit. As for location you are in the heart of the Kitsilano only 3 blocks to Kits beach and pool, 1 block to famous 4th Ave shopping (restaurants/lulu lemon!/cafes/boutiques), minutes to downtown. Guess where the gang is meeting this year for fireworks! Building has been rainscreened, roof (2002), all new windows (2008), complete exterior paint (2011), newly landscape grounds (2012), and is pet and rental friendly! Bonus is low maintenance fees only $225/mo.


#4 ) Address:# 104 3731 W 6TH AV, Point Grey, Vancouver West

May 17, 2008 V706993 $284,900 $0 0%
May 24, 2008 V706993 $274,900 $-10,000 -4%
June 05, 2008 V706993 $258,800 $-26,100 -9%
June 18, 2008 V706993 $239,900 $-45,000 -16%
July 30, 2008 V706993 removed after 74 days
July 12, 2013 V1017003 $235,000 $-49,900 -18%
September 20, 2013 V1017003 $225,000 $-59,900 -21%
October 29, 2013 V1017003 $219,000 $-65,900 -23%
November 15, 2013 V1017003 $211,000 $-73,900 -26%
January 16, 2014 V1017003 $206,000 $-78,900 -28%
February 25, 2014 V1017003 $195,000 $-89,900 -32%

v1017003_1

Current Days on Market: 229 (0.63years)
Current ‘Official’ Days on Market: 229
2013 Assessment: $202,600
2011 Assessment: $221,100
Desperation Score: 16.2

Location. Location. Location! Point Grey just few blocks from Jericho Beach. Spacious studio for sale. Great layout. Low strata fees incl heat & hot water. Easy access to UBC and downtown by transit. Shopping and recreation nearby. Perfect for the 1st time home buyer. Maintenance fees include Gardening, Heat, Hot Water, Management. You’re not going to find a better deal anywhere else. Amazing opportunity to own your home!


#3 ) Address:# 1701 1372 SEYMOUR ST, Downtown, Vancouver West

January 13, 2012 V925018 $2,065,900 $0 0%
January 11, 2013 V925018 removed after 364 days
January 13, 2013 V984855 $3,044,946 $0 0%
April 03, 2013 V984855 removed after 80 days
February 19, 2014 V1047761 $2,065,900 $-979,046 -32%

v1047761_1

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $1,620,000
Desperation Score: 24.4

Luxurious Yaletown living. This magnificent southwest facing 2,170 sq ft 3 bedroom + family + den + flex home is lavishly finished with floor-to-ceiling windows, wide-plank engineered hardwood flooring, forced air heating & cooling and Control4 automated lighting and sound control with built-in speakers. Gourmet kitchen boasts Miele appliances and Sub-Zero built-in fridge, craftsman flat-panel oak cabinetry and solid composite stone countertops. Residents enjoy exclusive access to the 10,000 sq ft Wellness Centre featuring professionally-equipped gym, yoga room, pool, hot tub, sauna & steam rooms and theatre. Enjoy 24-hour concierge services. Built by award-winning Onni Group. Presentation Centre open daily 12-6pm except Fri.

I checked the description on that $3 million price point and it’s the same as the current description more or less.  If only they made the price $3,088,986 they probably would have sold it!


#2 ) Address:# 201 7180 LINDEN AV, Highgate, Burnaby

December 02, 2007 V679995 $159,900 $0 0%
January 18, 2008 V679995 removed after 47 days
February 28, 2008 V691327 $197,900 $0 0%
December 01, 2008 V691327 removed after 277 days
January 14, 2009 V748132 $192,900 $-5,000 -3%
July 01, 2009 V748132 removed after 168 days
July 10, 2009 V776019 $187,900 $-10,000 -5%
January 03, 2010 V776019 removed after 177 days
January 29, 2010 V806551 $175,000 $-22,900 -12%
March 31, 2010 V806551 $169,000 $-28,900 -15%
July 01, 2010 V806551 removed after 153 days
July 07, 2010 V840497 $159,000 $-38,900 -20%
January 10, 2011 V840497 removed after 187 days
February 10, 2011 V868282 $149,000 $-48,900 -25%
February 17, 2011 V868282 removed after 7 days
February 25, 2011 V871656 $149,000 $-48,900 -25%
March 11, 2011 V871656 removed after 14 days
May 18, 2011 V888821 $172,000 $-25,900 -13%
May 31, 2011 V888821 $165,000 $-32,900 -17%
June 16, 2011 V888821 $159,000 $-38,900 -20%
June 22, 2011 V888821 removed after 35 days
November 15, 2013 V1035962 $147,000 $-50,900 -26%
December 17, 2013 V1035962 $139,900 $-58,000 -29%
February 19, 2014 V1035962 $129,900 $-68,000 -34%

v1035962_1

Current Days on Market: 103 (0.28years)
Current ‘Official’ Days on Market: 103
2013 Assessment: $124,800
Desperation Score: 12.3

GREAT BUY! Updated 1 bdrm close to Highgate Village. Newer kitchen and bathroom cabinets and laminate floors. Sunny balcony. Well maintained building. Short walk to public transit, shopping, library and new recreation centre.

And another 40 year old condo listed above assessment…


#1 ) Address:1456 BEWICKE AV, Hamilton, North Vancouver

November 01, 2008 V742016 $1,099,500 $0 0%
November 15, 2008 V742016 $1,049,500 $-50,000 -5%
March 31, 2009 V742016 $999,500 $-100,000 -9%
July 01, 2009 V742016 removed after 242 days
September 04, 2011 V908166 $998,000 $-101,500 -9%
September 28, 2011 V908166 removed after 24 days
October 30, 2011 V917848 $859,900 $-239,600 -22%
December 02, 2011 V917848 removed after 33 days
April 09, 2012 V941577 $889,000 $-210,500 -19%
May 03, 2012 V941577 $879,900 $-219,600 -20%
May 29, 2012 V941577 $859,000 $-240,500 -22%
September 12, 2012 V941577 removed after 156 days
June 24, 2013 V1014310 $788,900 $-310,600 -28%
September 02, 2013 V1014310 removed after 70 days
September 20, 2013 V1027986 $748,000 $-351,500 -32%
October 25, 2013 V1027986 removed after 35 days
November 03, 2013 V1034137 $718,000 $-381,500 -35%
January 04, 2014 V1034137 removed after 62 days
January 16, 2014 V1040963 $699,900 $-399,600 -36%
February 08, 2014 V1040963 $689,900 $-409,600 -37%
February 22, 2014 V1040963 $679,000 $-420,500 -38%

v1040963_1

Current Days on Market: 247 (0.68years)
Current ‘Official’ Days on Market: 41
2013 Assessment: $732,000
Desperation Score: 33.7

New 1/2 duplex in a convenient location close to all amenities. Offering a bright main floor with large picture windows, open plan living room and dining room, and galley kitchen adjacent to a family room and eating area. Upstairs features 3 bedrooms, 2 bathrooms including a spacious master with floor to ceiling windows, full ensuite, and a balcony. Downstairs offers a recreation room, fourth bedroom, and laundry room. Central location close to transit, schools, shopping, and more. Court ordered sale. Sold As Is, Where Is.

“Court ordered sale. Sold As Is, Where Is.”

6 responses to “Weekly Drop Metro Vancouver Attached – February 25, 2014

  1. Frank February 25, 2014 at 10:51 pm

    Most condos in Vancouver are selling at Assessed values or give an take around $10,000 from assessed. Kits 360 is assessed in the low 600′s but there’s one listed at $750,000 that the developer is hoping someone buys but good luck if he gets anything over $700,000 unless a buyer is absolutely desperate to overpay that much.

  2. RFM February 26, 2014 at 8:53 am

    An Observer, I could not agree with you more that the Vancouver area condominium market is going to be hit hard. It started in the suburbs with overbuilding because housing there cost less. We are seeing saturation and serious problems pushing new product there. The Vancouver condominium market has been ripe for a major correction for a few years. We have already seen that anyone who purchased after about 2006 has little chance of making money when they resell at this point. In fact, many who purchased after 2006 will be losing money at current market values.

    There was always a simplicity to purchasing condominiums that appealed to the thousands of amateur ‘investors’ who piled into the market starting in about 2002. I am being gentle when I call it a ‘simplicity,’ because, in my view, buying condominiums is a fairly ‘brainless’ way of investing. With a dozen major players responsible for overbuilding, starting with Concord Pacific and running all the way through to Concert Properties, all builders had to do was throw up a presentation center and people came, were impressed and pre purchased. However, as we now know, the reality is that operating costs have skyrocketed for many developments when the actual long-term costs of maintaining a huge building or complex in an unforgiving climate became clear.

    My prediction remains that 2015 will be the watershed year for collapse in the Vancouver condominium market, with single family houses then being dragged down because of the blowback. Sit down, fasten your seatbelts and hang on. It could be quite a ride.

  3. Real Estate Tsunami February 26, 2014 at 11:40 am

    #6
    “Canada Day coming soon, so don’t wait” gotta love that one.
    Probably will have to wait until this coming July 1.
    Good to see the overpriced condos in Steveston finally getting a haircut.

  4. Saj February 26, 2014 at 11:42 am

    So based on the snark (which is great, btw), am I interpreting correctly that you believe assessments aren’t taking age of the building into account? Or is there something else going on that makes you think older buildings should sell at relatively lower prices than newer buildings compared to assessment?

    • an observer February 26, 2014 at 3:47 pm

      I don’t have any hard data on this but a few things to keep in mind:

      1) assessments represent a value as of the middle of the previous year and older condo’s decrease in assessment value year to year much more so than a new build so immediately the assessment can be considered to be too high

      2) older buildings are much more likely to require special assessments or other major repairs that would not be reflected in the assessment at least not immediately

      3) supply and demand, well specifically demand. There isn’t a lot of demand for 30-40 year old condo’s so with that small buyer pool there is less competition which leads to lower prices

      So again, no hard data to substantiate my claim but a lot of factors that are hard to argue with

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