Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – July 2, 2012

Here are the 20 properties that dropped their price the previous week AND have dropped the largest percentage overall from their original asking price.  11 of the 15 properties with valid assessment information are now listed below assessment – we’ve never seen anything close to that so far in the Weekly Drop.

#1) Address:# 206 1477 FOUNTAIN WY, False Creek, Vancouver West

March 09 V924617 $568,000 $0 0%
March 12 V924617 removed
March 28 V939572 $498,000 $-70,000 -12%
Open House: May 27
Open House: Jun 03, 10, 24
Open House: Jul 01
June 30 V939572 $320,000 $-248,000 -44%

Assessment: $463,000

Amazing Value-best price in the Creek! Experience one of Vancouver’s choicest communities at Granville Island with all its shops, restaurants, theatres and galleries. This well finished 2 bedroom condo exploding with light, enjoys a sunny SE exposed fenced patio in a tranquil setting. It also acts as a second entrance. With close to 1400 sq ft that will take your household furniture, a vaulted living room with garden outlook, air conditioning for comfort and a rustic kitchen with nook and library, you’ll feel instantly at home! Pluses include custom ensuite, large walk in closet, storage locker and full security. Easy wheel chair access & larger doors in the condo ease access. Open House every Sunday 1 to 3!

#2) Address:# LT.B FERNDALE AV, Mission BC, Mission

March 09 F1205237 $599,000 $0 0%
April 04 F1205237 $495,000 $-104,000 -17%
June 30 F1205237 $399,000 $-200,000 -33%

Assessment: No Assessment

10.23 acres zoned for 4 acre lots. Partially treed. Great place to build your dream home with some future potential. Near Mission City hall on Ferndale. Changes in Fisheries setback reduced from 30 meters to 10 meters. Property is located West of 34711 Ferndale Ave.

#3) Address:# 413 33960 OLD YALE RD, Central Abbotsford, Abbotsford

March 09 F1127557 $169,900 $0 0%
April 27 F1127557 removed
April 28 F1210945 $129,000 $-40,900 -24%
June 26 F1210945 $119,000 $-50,900 -30%

Assessment: $133,300

Ideal for an investor or first time buyer. 1 bedroom and 1 bath condo with a Maple kitchen, laminate flooring, in-suite laundry. 2 underground parking stalls and 1 storage locker. Downtown Abbotsford location, walking distance to restaurants, pubs, grocery stores and more. No age or rental restrictions. Great investment!!

#4) Address:4611 WOODBURN RD, Cypress Park, West Vancouver

March 15 V937107 $3,388,000 $0 0%
April 11 V937107 $3,188,000 $-200,000 -6%
April 24 V937107 $2,888,000 $-500,000 -15%
May 01 V937107 $2,688,000 $-700,000 -21%
Open House: May 20, 27
Open House: Jun 03, 10, 24
June 29 V937107 removed
July 02 V959849 $2,398,000 $-990,000 -29%

Assessment: $2,279,000

This 58,806 sq.ft. (1.35 acre) property offers total privacy with awesome ocean views. The gated entrance leads to a private rock bluff setting overlooking the views from Lion’s Gate Bridge to Vancouver Island. This spacious 5615 sq. ft home offers 3 bedrooms, 3 bathrooms, vaulted ceilings, sun drenched decks and a master bedroom with spa like ensuite. Perfectly located near Caulfeild Village, Rockridge High School and Caulfeild Elementary. This home offers a 3 car garage and indoor swimming pool to complete the package.

#5) Address:# SL9 41488 BRENNAN RD, Squamish, Squamish

June 06 V954642 $599,900 $0 0%
June 27 V954642 removed
June 28 V948105 $449,900 $-150,000 -25%

New development drops prices by 25% just 3 weeks after posting the listing…

Assessment: No Assessment

**Click on Multi-Media link to view additional information on Rivendale Development website** Where form meets function. Where modern ideas blend with nature. Where you can experience natural living. Offering two stunning West Coast Modern 1/2 duplex styles, Rivendale introduces thoughtfully designed layouts into an unsurpassed setting. Rivendale is an environmentally friendly development that embraces and respects the natural beauty throughout the surrounding area. Move in, unwind and experience natural living at its finest!

#6) Address:# 204 11671 FRASER ST, East Central, Maple Ridge

March 09 V895929 $124,900 $0 0%
March 19 V895929 removed
June 29 V959261 $94,300 $-30,600 -24%

Assessment: $112,400

Priced to Sell!!! Perfect for a first time Buyer. Great 2 bedroom, 1 bath upper unit features a functional floor plan, and a covered deck off the Livingroom. Conveniently located w/ shopping and recreation close by. Close to West Coast Express.Pets are allowed with restrictions.Call today to view!

#7) Address:2656 W 41ST AV, Kerrisdale, Vancouver West

March 09 V935348 $2,488,000 $0 0%
April 11 V935348 $2,388,000 $-100,000 -4%
April 24 V935348 $2,260,000 $-228,000 -9%
May 23 V935348 $1,998,000 $-490,000 -20%
Open House: May 26, 27
May 28 V935348 removed
May 31 V953373 $1,955,000 $-533,000 -21%
Open House: Jun 02, 16
June 25 V953373 removed
June 29 V959234 $1,880,000 $-608,000 -24%
Open House: Jul 01

Assessment: $1,125,000 (Building Unfinished)

Brand new family home in the heart of KERRISDALE. 2-5-10 yr warranty. Extra deep 33×134 lot. Extremely quiet inside. Light, bright & airy; overheight ceilings w/skylites throughout. Top of line appliances: Viking, Miele, Bosch. Beautiful dream kitchen perfect for entertaining or great family moments. Floor to ceiling glass sliding doors off kitchen area brings the outdoors in. Meticulous attention to detail from designer tiles to restoration hardware touches. All upstairs bedrooms are ensuite. 2 bedroom basement can be suited w/own laundry. A must see at this spectacular value. Kerrisdale Elem & Pt Grey Sec catchment. Also close to best private schools: Crofton House, St George’s.

#8) Address:# 109 32025 TIMS AV, Abbotsford West, Abbotsford

June 14 F1215497 $109,900 $0 0%
June 23 F1215497 $99,900 $-10,000 -9%
July 02 F1215497 $84,900 $-25,000 -23%

Assessment: $104,800

Affordable, clean 2 bdrm condo, close to everything shopping, seniors center, medical, church and public transit, newer stove, fridge and laminate flooring, enclosed patio with 5 x 5 storage area plus locker downstairs, quiet side of the building, amenities include workshop, meeting room with kitchen and exercise area, strata fee includes heat, hot water and electricity, low taxes, 55+, no rentals and no pets, new roof coming assessment already paid for.

#9) Address:# 31 2998 MOUAT DR, Abbotsford West, Abbotsford

May 02 F1211219 $249,000 $0 0%
May 26 F1211219 $229,000 $-20,000 -8%
June 16 F1211219 $199,000 $-50,000 -20%
June 29 F1211219 $194,000 $-55,000 -22%

Assessment: $235,500

Nice home located in Brookside Terrace. Gated community, walking distance to schools and other amenities. 3 storey, 3 bedroom, 2 bathrooms. Please call to view and all measurements are approx, please verify if important. Home sold ‘as iswhere is’ Subject to Court Approval’

#10) Address:3529 MATHERS AV, Westmount, West Vancouver

March 09 V924752 $4,188,888 $0 0%
April 12 V924752 removed
April 21 V944692 $3,980,000 $-208,888 -5%
May 26 V944692 $3,688,000 $-500,888 -12%
June 29 V944692 $3,288,000 $-900,888 -22%

Assessment: $3,412,000

A Sensational, almost new 5500 SQ FT, 5 bedroom, 8 bathroom home in sought after West Bay with good City and Ocean Views. Walk to Erwin Park Elementary School & the Beach. This luxury home features a large gourmet kitchen, large family room and elegant living and dining areas. The upper level features four bedroom suites including a lavish Master Suite with private patio overlooking the ocean. Enjoy a fully finished lower level with Games Room, Wine Room and Gym plus bedroom for nanny. Other features of this finely detailed home include beautiful hardwood floors, state-of-the art security system, hot tub, exercise room, wine cellar, triple garage, heated driveway. Best value in the Westmount/West Bay area…

#11) Address:3577 ROSEMARY HEIGHTS CR, Morgan Creek, White Rock

March 29 F1207805 $1,015,000 $0 0%
April 13 F1207805 $998,000 $-17,000 -2%
May 09 F1207805 $899,800 $-115,200 -11%
May 28 F1207805 removed
Open House: Jun 03
June 01 F1213906 $828,000 $-187,000 -18%
Open House: Jun 03, 10, 16, 30
June 30 F1213906 $800,000 $-215,000 -21%

Assessment: $808,000

Gorgeous 1 owner “Rose Monde” model by Foxridge Homes, located in the beautiful Rosemary Heights subdivision. This well appointed luxury home greets you w/soaring ceilings in a bright, open plan. Numerous upgrades includ. hardwood flooring & custom trim. Fabulous kitchen layout features maple cabinetry, granite countertops, all new stainless appliances, & breakfast nook. Relax in your inviting family room w/gas fireplace & half bath. Upstairs is a spacious Master with ensuite & wall-in closet, plus laundry, two more bedrooms and full bath. Finished basement w/separate entry has 4th bedroom with ensuite, storage, generous size game/media room.

#12) Address:# 226 8860 NO 1 RD, Boyd Park, Richmond

March 09 V922618 $289,000 $0 0%
April 02 V922618 removed
June 28 V958918 $228,000 $-61,000 -21%

Assessment: $257,800

Best priced unit at Apple Greene. Private South facing corner unit overlooking the courtyard.1134SF+104sf balcony,3 beds,2 baths. Spacious kitchen with eating nook. Well managed complex with clubhouse, guest suite and swimming pool.Walk to Seafair Shopping Centre and public transit. Maintenance includes hot water and heat.

#13) Address:4361 CARSON ST, South Slope, Burnaby

March 29 V939742 $1,699,000 $0 0%
May 23 V939742 $1,499,000 $-200,000 -12%
June 28 V939742 removed
July 02 V959872 $1,348,888 $-350,112 -21%

Assessment: $832,200 (Building Unfinished)

Custom built home located in prime area of south Burnaby. Quiet neighbourhood close to schools & transportation. 3 minutes drive to Metrotown facing south higher side of park. 7 bedrooms, 6 baths, large master bedroom with ensuite. Option for 2 suites downstairs. glazed stained maple kitchen with granite counter tops air condition HRV, Stucco, tile foof, china kitchen. Double car garage, lots of parking at front. Ready to move. All measurements are approximate. Casll LS for more info. Buyer ot verify.

#14) Address:21353 40TH AV, Brookswood, Langley

March 30 F1207888 $2,250,000 $0 0%
June 13 F1207888 $1,988,800 $-261,200 -12%
June 29 F1207888 $1,788,000 $-462,000 -21%

Assessment: $975,000

SPECTACULAR Resort Style Oasis on totally private, gated & fenced 1.28 acres on one of Langley’s finest streets. Approx 1.2 mil spent in last 2 yrs in renovations, 60×40 pool house & landscaping. Stunning Tudor style castle, 2 levels. Heated 42×21 RV garage/workshop with 10’6 door, pool house with Nano wall windows, 40×15 swim jet fresh water pool, sauna, hottub, change rms & bath rm. Expansive patios, beautiful manicured lawns & gardens, feature pond with waterfall +++. Formal living & dining rms, gourmet custom maple kitchen with large granite island & high end appliances. LUXURIOUS master suite with sitting area, walk-in closet, balcony & magnificent ensuite with oversize shower, jetted tub and double sinks. Family rm, games rm, rec rm & a nanny suite over the garage with a private entrance. Too many extras to list.

#15) Address:# 208 141 W 13TH ST, Central Lonsdale, North Vancouver

March 14 V937066 $399,900 $0 0%
March 22 V937066 $389,000 $-10,900 -3%
April 20 V937066 $378,000 $-21,900 -5%
April 25 V937066 removed
May 15 V946035 $363,000 $-36,900 -9%
May 29 V946035 $348,000 $-51,900 -13%
Open House: Jun 03
June 15 V946035 $331,000 $-68,900 -17%
June 28 V946035 $318,000 $-81,900 -20%

Assessment: $427,000

X-tra large 2 bedroom/1.5 baths (1173 sq/ft) South West VIEW corner suite. Outstanding features: sunken living room, terrace dining room, fireplace, 2 balconies, huge master bedroom with ensuite,insuite laundry, insuite storage, wing to wing bedrooms & more. Fantastic 13th & Lonsdale location.

#16) Address:4891 NEVILLE ST, South Slope, Burnaby

March 09 V932526 $2,188,000 $0 0%
April 09 V932526 $1,939,000 $-249,000 -11%
June 28 V932526 removed
June 30 V959499 $1,749,000 $-439,000 -20%

Assessment: $1,561,000

Immaculate engineered home, south facing front door surround by wrapped around veranda. Near Gray Creek Raving Park. About 15 minutes walk distance to skytrain and Metrotown and high school. Convenient location on 66×132 large lot. One block from Nelson Elementary. 4,736 sq ft 1st class deluxe material, workmanship and finishing throughout, plenty of granites and wood trims, mouldings. Custom designed gourmet kitchen and cobble ceiling to elegant dining room. High ceiling foyer with expensive chandelier. Upstairs rooms with ensuites. View of Richmond and Fraser River. 3 car garage plus open parkings with back lane access. Must see to appreciate. All measurements are approximate, Buyer to verify if required.

#17) Address:3346 W 10TH AV, Kitsilano, Vancouver West

June 07 V954908 $1,850,000 $0 0%
Open House: Jun 09, 17, 23
June 26 V954908 removed
June 29 V959294 $1,488,000 $-362,000 -20%
Open House: Jul 07

Assessment: $1,512,400

Phenomenal Kitsilano 50 ft Character Home. Very well maintained and looked after. Same owner for more than 30 years. Great property to live in and mortgage helper. 4 units in the house. Main floor has 2 bedrooms. Upstairs – 1 bed, Basement – 2/1 bed units. This property could generate an income of more than $5,500 per month. New roof in 2010. Great location, with the beaches, parks and The Shops on Broadway, plus easy Access to UBC and downtown. Don’t miss this opportunity, come check it out. Showings are Wed/Sat 2-4pm with 24 hr notice. Don’t miss on it. Come Check it out.

#18) Address:16211 SUNSHINE COAST HY, Pender Harbour, Sunshine Coast

March 09 V923708 $2,475,000 $0 0%
March 24 V923708 $2,290,000 $-185,000 -7%
June 27 V923708 $1,999,000 $-476,000 -19%

Assessment: No Assessment Available

Rare and spectacular Ruby Lake, Sunshine Coast, 4.11 acres with 329′ of lake frontage. Improvements include a 7,178 sq ft unfinished three level Artisan log home and a finished 1500 sq ft four car garage Carriage house with a fully finished two bedroom self contained suite. The property has road access with due West exposure and dock, many services are in including a 600 amp service, heating systems, septic systems, most of the drywall in main home is up. Separate mechanical building, unfinished pool and too many features complete this package. Contact LS for addintional details. Buyer to verify all measurements.

#19) Address:7031 MCCALLAN RD, Quilchena, Richmond

March 09 V930282 $1,638,000 $0 0%
April 05 V930282 $1,490,000 $-148,000 -9%
June 29 V930282 $1,329,000 $-309,000 -19%

Assessment: $1,428,000

Absolutely gorgeous! Better then new well built mansion with all bell & whistles. 3510 sf 5 bed, 6 bath, 4 en suite, 3 car garage, grand & luxury home on 7871 sf lot in the most prestige sought ofter quilchena subdivision. Walk to dyke, quilchen golf & country club, transit, green park, community centre, renowned thompson elementary, burnette secondary. Must see to appreciate. Well priced! see realtors wed site for pictures and virtual tour.

#20) Address:1537 E 5TH AV, Grandview, Vancouver East

March 09 V923259 $895,000 $0 0%
April 08 V923259 removed
April 12 V942434 $793,000 $-102,000 -11%
June 07 V942434 removed
June 09 V955548 $789,000 $-106,000 -12%
June 15 V955548 $759,000 $-136,000 -15%
June 30 V955548 $729,000 $-166,000 -19%

Assessment: $686,000

25×122 / 3050sq.ft. lot just half a block to Commerical Drive on 5th Ave. Fantastic location. Duplex property with RM-4 zoning. For sale by court order. All measurements are approx. Buyer to verify. Property sold as-is where-is. Restore the duplex home (circa 1912) or build new. Vibrant community. Easy transit connect to UBC, downtown. Call to discuss your new home opportunities!


18 responses to “The Weekly Drop – July 2, 2012

  1. jr July 2, 2012 at 11:48 am

    I just wanted to take this opportunity to thank Eximus reality for so prominently inserting themselves into our Canada Day Parade in Abbotsford.

  2. Good to be out July 2, 2012 at 4:26 pm

    I think another noteworthy statistic within the statistics is that the majority of these listings are pre-March 9 when Weekly drop first started monitoring price changes. Probably the asking price for many of these listings were too high to begin with, but thanks the the sellers greedy and unrealistic expectations their properties have gone unsold for (at least) four months. Priced realistically they might have sold for 80-90% of their original asking price. Now they are just chasing the downward price trend, and may still be behind the price curve.

  3. harbottle July 2, 2012 at 6:33 pm

    #20 is very interesting. Love the blue tarp curb appeal.

  4. Julia Tyndal July 3, 2012 at 10:17 am

    we just sold my Mom’s place far above asking price – we deliberately under priced it to create some interest. Wonder how many other people are doing the same- which is going to skew some of this information. I also wonder how many folks out there are totally delusional about what their homes are worth and thinking they are going to cash in.

    Wish someone would/could be tracking the actual sales/assessment data.

    In spite of our personal successful sale, there is no doubt in my mind that things are getting very soft.

    • an observer July 3, 2012 at 12:00 pm

      At this point most of these price drops are delusional expectations from the sellers. I think further down the road you will see real loss of value – there is some of that happening already, primarily with condo’s outside of the lower mainland.

      Unfortunately there is a ton of missing and partial information in the real estate space so impossible to get a true picture but these price drops along with the recycle and overall price drop rates for regions help fill in the picture a little bit

    • Moloko July 4, 2012 at 4:30 pm

      Lucky lucky ladies! I’d hate to be trying to sell in this market

  5. gokou3 July 3, 2012 at 10:37 am

    Has anyone been able to find out whether #1 was “sold very quickly or was pulled”?

    • Sevin Atilla July 3, 2012 at 11:38 pm

      I was listed at $320,000 today. It takes a couple of days before it goes on MLS. (FYI, it is a leasehold)

      • an observer July 4, 2012 at 7:52 am

        Yes it is back on now – it was on the MLS as of Sunday but then missing Monday and back on today.

      • gokou3 July 5, 2012 at 12:47 pm

        Thanks for the info. The assessed price is $463k.. does it incorporate the fact that it’s a leasehold? I tend to think so because another bigger and very close-by listing (V949108) is being listed for $639k. If that’s the case, then $320k is arguably a bargain for the present time.

  6. Brian July 4, 2012 at 4:44 pm

    This might be out of context a little bit. But I would like to know where to get this type of data.

  7. Van City July 5, 2012 at 12:39 am

    This is a great website. Very useful especially for those frustrated mid twenties guys who are trying to establish themselves and are frustrated about real estate prices.

  8. Vince July 5, 2012 at 11:08 am

    Thanks for the great work

  9. Patrick July 8, 2012 at 9:40 pm

    These are all in the area that I’m watching: Killarney and Fraserview, East Vancouver

    6550 GLADSTONE ST VANCOUVER. Go from 2090000 to now 1790000 -15%
    Assessed 1690000

    5963 TODERICK ST VANCOUVER. Dropped from 1990000 to now 1576000 -21%
    Assessed 1662000

    7768 VICTORIA DR Vancouver. Lastly, this one from 1880000 to now 1690000 -11%
    Assessed 1279000 (probably for old property)

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