Vancouver Price Drop

Documenting Vancouver real estate price movements

Just under a million – July 12, 2012

As most of you will know, on June 20th the federal government made a few “tweaks” to the mortgage rules.  The most widely talked about change was returning to a 25 year mortgage which many commentators thought was absolutely horrible despite the fact that until very recently there was no such thing as a 30, 35, or 40 year amortization.  There was another element of this change that I thought would have more severe consequences to the Vancouver market at that was the elimination of CMHC for any home sold for $1 million or more meaning you would now need a 20% down payment.

If they would have changed this to a $1 million mortgage (so $100K down on a $1.09M property for example) or if they would have staggered it using various marginal increases then the overall impact here would have been much less but what they did instead was immediately lower the potential selling price of just about every property by drawing this $1 million line in the sand.  Homes that are listed for $1.1 million are now missing a huge chunk of potential buyers and many are listing for $999K as the data below shows but this cascades through all prices.  Homes that were listed at $995K before now need to go below $900K to avoid competing with these newly dropped homes.  Those drops force lower priced homes to drop and so on.  It also affects prices above $1 million.  That $1.3 million home isn’t looking much better than the $999K home so it drops to $1.2 million.  Now those $1.5 million homes are looking out of place and they adjust and that continues all the way up at least until you start getting into the higher priced listings where rationality in most cases isn’t a consideration anyways.

The list below shows every listing that was listed at over $1 million at the time of the announcement and then dropped to below $1 million after the announcement.  Some of these would have naturally dropped due to lack of interest at the original price but the sheer quantity shows that this rule change had a significant impact here.  Sorry no assessments or pictures since those are both manual processes and this is a VERY long list!

Address:5848 175TH ST, Cloverdale BC, Cloverdale

March 09 F1204886 $1,600,000 $0 0%
April 04 F1204886 $1,100,000 $-500,000 -31%
June 23 F1204886 $999,900 $-600,100 -38%

Future development multi family potential in prime location in downtown Cloverdale. Good rental while waiting for rezoning. 15046 sq.ft. lot. All fenced. Check with city for zoning particulars.

Address:5225 CANADA WY, Deer Lake, Burnaby

March 19 V937888 $1,358,000 $0 0%
March 28 V937888 removed
April 09 V942093 $1,249,000 $-109,000 -8%
April 19 V942093 removed
April 26 V945673 $1,248,000 $-110,000 -8%
June 01 V945673 removed
June 04 V954366 $1,238,888 $-119,112 -9%
Open House: Jun 10, 23
June 21 V954366 $1,199,888 $-158,112 -12%
June 27 V954366 removed
July 06 V960351 $999,000 $-359,000 -26%
Open House: Jul 07, 08

Walk to DEER LAKE! Amazing opportunity in South Burnaby’s most coveted community….neighbouring Buckingham Elementary, Burnaby Central Secondary & Shadbolt Centre for the Arts. Extra large 8-bedroom/4-full bath, 4,560 SqFt home boasts quality reno’s from top to bottom. All new carpets, tiles, laminate & granite flrs! New appls, paint, HW tank, landscaping paving stones…the list goes on! Ground level 3-bdrm legal suite & 1-bdrm nanny qtrs. Don’t be fooled by the address – surprisingly quiet. Expansive 80’x119′ (9,520 SqFt) lot w/ample prkg for 6+ cars. Raise your family here! PRIVATE CAR ACCESS THROUGH RUGBY STREET ONLY. Please contact REALTOR. PUBLIC OPENS: Sat/Sun July 7th/8th, 2-4PM. A MUST SEE! Below assessment value!

Address:12498 232ND ST, East Central, Maple Ridge

March 09 V917886 $1,298,000 $0 0%
June 06 V917886 $1,095,000 $-203,000 -16%
July 11 V917886 $975,500 $-322,500 -25%

Build your family dream home with pristine, panoramic meadow and mountain views and a rural setting yet close to downtown Maple Ridge. Very Private. Add a “modular” guest home. Zoning permits hobby farm and/or agri-business such as garden centres, green houses,kennels etc. Municipal services on 5.73 acre site. Must be seen. Call today for your information brochure.

Address:3919 BROADWAY ST, Steveston Village, Richmond

March 09 V934922 $1,288,888 $0 0%
May 01 V934922 $1,198,000 $-90,888 -7%
July 04 V934922 removed
July 07 V960771 $999,000 $-289,888 -22%

Absolutely gorgeous new contemporary home in the heart of STEVESTON Village. Great attention to detail was paid as you will see in this expertly crafted home, the open concept in this home inviting and efficient with radiant heat throughout designer imported tiles, maple wood custom cabinets with slow closing doors and drawers, clean and smooth finished wood work flows seamless through the whole home. High end s/s appliances and fixtures. This home also boasts a ROOF TOP DECK finished with the absolute finest materials that allows you 360 degree VIEWS of the WATER, MOUNTAINS and the whole city while you sip wine and BBQ with friends, all a short 3 minute walk to the village. Truly a one of a kind. 2-5-10 Warranty.

Address:267 E 4TH ST, Lower Lonsdale, North Vancouver

March 09 V929676 $1,249,000 $0 0%
April 13 V929676 removed
June 20 V957306 $998,000 $-251,000 -20%


Address:14058 KING RD, Bolivar Heights, North Surrey

May 25 F1213537 $1,230,000 $0 0%
June 23 F1213537 $998,875 $-231,125 -19%
Open House: Jun 30

Stunning river and city views from this beautiful custom built home. The four balconies from the upstairs bedrooms give you plenty of opportunities to take advantage of the views. Four large bedrooms upstairs with three of them having ensuite bathrooms. Four bedrooms and three bathrooms downstairs plus a pre-wired media room and an additional bedroom and den on the main floor provides plenty of additional space for guests. The large basement suites have separate, above ground entry facing the river and brings in plenty of natural light. Call to view this one of a kind home.

Address:3536 TANNER ST, Collingwood, Vancouver East

May 21 V951663 $1,189,000 $0 0%
May 29 V951663 $1,050,000 $-139,000 -12%
June 25 V951663 $980,000 $-209,000 -18%

Attractive 6 bedrooms + den Vancouver Special home with hardwood floors in a pleasant & quiet neighborhood. Living room wired for sound system. Gourmet kitchen with ample cabinets. Detached double garage with hook ups for hot water/bathroom. Unauthorized accommodation in basement with own laundry, an ideal for mortgage helper. Attic with storage area. Super huge backyard ideal for BBQ activities plus more. Located near Joyce skytrain station, shopping, transit & other amenities. See to appreciate. All measurements are approximate. Buyer to verify if important. Openhouse Saturday July 14, 2012 2-4pm

Address:5692 FOREST ST, Deer Lake Place, Burnaby

March 09 V933582 $1,155,000 $0 0%
April 17 V933582 $1,055,000 $-100,000 -9%
June 11 V933582 removed
June 27 V958596 $958,000 $-197,000 -17%
Open House: Jun 30
Open House: Jul 01

Don’t miss this beautifully updated 5-bedroom family home in desirable Deer Land Place neighbourhood. Professional $200K DESIGNER Renovations in 2010 includes $80K kitchen w/high-end MIELE appliances, New roof, fir windows/doors, rain-shower, elegant blinds, porcelain tiles are just a few of the quality upgrades. Home is complete with state-of-the-art washer/dryer, security system & living room is wired for surround sound. Landscaped level yard with decks for entertaining on a child-friendly street make this the perfect family home! Close to transit, schools and recreation at Deer Lake. Home has suite potential with separate entry. Call Listing REALTOR to view. PUBLIC OPENS: Saturday June 30th/Sunday July 1st, 2-4 PM.

Address:2415 YEW ST, Kitsilano, Vancouver West

April 28 V946282 $1,198,000 $0 0%
Open House: May 21, 22, 27, 29
Open House: Jun 03, 05, 10
June 07 V946282 $1,149,000 $-49,000 -4%
Open House: Jun 12, 17, 19
June 19 V946282 $1,099,000 $-99,000 -8%
Open House: Jun 24, 26
June 27 V946282 $1,038,000 $-160,000 -13%
Open House: Jun 30
Open House: Jul 02, 03
July 04 V946282 $998,000 $-200,000 -17%
Open House: Jul 07, 08, 10

Gorgeous home in Kitsilano! Radiates character with large windows, high ceilings, wood flooring and the finest in craftsmanship. 3 beds, 2 baths, updated appliances, large deck & sunny peaceful yard. A perfect starter home! Well taken care of, with few owners. This detached home is also a wonderful option for those sizing down from a large house who want to live close to all the amenities Kitsilano has to offer. Bonus basement level income helper.The mechanics are great, wiring is newer, new high efficiency furnace, hot water tank approx.6 years old, Bosch dishwasher 4 years old, one year old LG washer dryer.Certificate re: no oil tank available. Open Tues July 10th 10:30-12

Address:6610 VIVIAN ST, Killarney, Vancouver East

March 10 V936491 $1,168,000 $0 0%
March 28 V936491 $1,138,000 $-30,000 -3%
June 15 V936491 removed
June 20 V957518 $975,000 $-193,000 -17%
Open House: Jun 23, 24

Prime location in Killarney. Well kept family home with 3 bedrooms up, dining room & huge kitchen with eating area. Fully finished basement with suite potential. Double carport. Walking distance to Killarney Community Centre & School. 2 blocks to Kingsford Smith Elementary. All measurements are approx. Buyer to verify if important. Whole house rented @ 2400 + utilities. Fixed term lease til Aug 31, 2012.

Address:643 E 10TH AV, Mount Pleasant, Vancouver East

April 09 V941940 $1,178,000 $0 0%
May 04 V941940 removed
May 07 V948372 $999,000 $-179,000 -15%
May 16 V948372 $1,150,000 $-28,000 -2%
May 30 V948372 $1,099,000 $-79,000 -7%
June 20 V948372 removed
June 25 V958471 $988,000 $-190,000 -16%
Open House: Jun 30
Open House: Jul 07

Must See! Clean and spotless 2 level beauty in hot Mount Pleasant area in like new condition. 3 bedrooms up with 3 bedrooms on the ground level. Features downtown view, new hardwood floor, huge covered sundeck , radiant hot water heat, fully fenced yards, alarm, attached double garage. Close to school, buses and shopping. All measurement are approximate and to be verified by buyers. Open House July 7 Saturday 2 – 4pm.

Address:4860 ETON ST, Capitol Hill, Burnaby

May 14 V950033 $1,188,000 $0 0%
Open House: May 20
June 23 V950033 $1,100,000 $-88,000 -7%
July 10 V950033 $999,000 $-189,000 -16%

Stunning Views! Waterview of Burrard Inlet, NS mountains & DT. Renovated family home, features DG vinyl windows, over 200 sf sundeck, original inlaid HW floors, newer open kitchen, bathrooms and ceramic tile floors. 3-bedroom bsmt suite could easily rent for $1,200 per month, ideal mortgage helper. Wide 66′ lot has plenty of room for an RV trailer or boat, or 6 or more vehicles. Lane access. Great property to live, hold as investment or build your dream home!

Address:# PH1602 1252 HORNBY ST, Downtown, Vancouver West

March 09 V933441 $1,188,000 $0 0%
April 20 V933441 $1,099,000 $-89,000 -7%
May 25 V933441 removed
June 26 V953790 removed
July 07 V959318 $999,000 $-189,000 -16%
Open House: Jul 08

Incredible PENTHOUSE at an AMAZING PRICE! Rare spacious outdoor area- 700 sq ft Wrap around terrace. Bright, Bold and Dramatic! One of a kind SKY-HOME is unabashedly fresh & contemporary. Architectural details like 9’6″ ceilings and floor to ceiling “Clerestory windows” wrap around to frame the panoramic city views, upgrated & integrated appliances (Sub-Zero/Bosch). Excellent floor plan- 2 bedroom 2 full bath 1,200 sq ft with bedrooms on opposite ends, 2 parking stalls too. The interior design is a kaleidoscope of colour and texture as previously featured in “Western Living – CONDO” magazine.

Address:2688 CHARLES ST, Renfrew, Vancouver East

March 30 V940210 $1,180,000 $0 0%
May 07 V940210 $1,080,000 $-100,000 -8%
Open House: May 19, 20, 26, 27
Open House: Jun 02, 16, 17, 23, 24, 30
Open House: Jul 01, 07, 08
July 11 V940210 $998,000 $-182,000 -15%
Open House: Jul 14, 15

OPEN HOUSE, SATURDAY and SUNDAY, JULY 14 & 15 2 TO 4 PM A RARE OPPORTUNITY for a solid 3 level home in the popular RENFREW neighbourhood. Central location. Flat, longer lot, 33 X 127 with detached extra wide 2 car garage. South exposure backyard with garden and covered patio for your outdoor enjoyment. Well designed floor plan. 4 bedrooms upstairs. Main floor features a large kitchen with eating area and family room off kitchen. Basement has separate outside entry and contains a finished living room, bedroom and bathroom. Very easy conversion to a suite mortgage helper. 2 blocks to Renfrew bus or Garibaldi Elementary school. Close to Notre Dame Secondary. Call for your private showing! DON’T MISS THIS ONE!

Address:8470 16TH AV, East Burnaby, Burnaby

April 09 V942075 $1,168,000 $0 0%
May 11 V942075 $1,118,000 $-50,000 -4%
May 25 V942075 removed
May 30 V953146 $1,048,000 $-120,000 -10%
Open House: Jun 16, 23
July 11 V953146 $989,000 $-179,000 -15%

CORNER Lot! TOTAL of 7 BDRM & 5 BATH plus a DEN & REC RM. Over 3400 sq/ft on 2 floors. 4 BDRM up & 3 BATH up. Newly painted, laminate floors. Big Kitchen with granite countertops, big covered sundeck. Views of North from TOP floor, radiant floor heating, tile roof, all fenced yard with electric powered privacy gate, 3 car detached garage. 2 suites [2+1] w/separate entry & laundry. Walking distance to Cariboo Secondary High, Second Street Elementary & John Knox Christian School. BIG 7938 sq/ft corner LOT. Maintenance free back yard. Bus stop across the street, walking distance to Robert Burnaby Park. **PRICED BELOW GOVT. ASSESSMENT**

Address:21722 MAXWELL CR, Salmon River, Langley

April 18 F1209709 $1,165,000 $0 0%
June 30 F1209709 $988,000 $-177,000 -15%

First Time Offered For Sale. 5.02 Acres on quiet cul-de-sac cresent, Properties rarely come available along this road. Adjacent to a greenhouse and Township Park. Flat, all usable (no creeks, ditches, easements or ROW’s). Great location to build an estate. Spacious garage and workshop area, ample parking. Home requires work, both cosmetic and electrical. ALR/RU3 – Zoning. Call today for your viewing, bring your ideas to this blank canvas!!

Address:6135 DUFFERIN AV, Forglen, Burnaby

June 27 V958839 $1,165,000 $0 0%
July 05 V958839 $1,065,000 $-100,000 -9%
July 11 V958839 $995,000 $-170,000 -15%

Solid 1 owner home enjoyed by the same family for 51 years. 50′ X150′ lot with lane tucked away in a quiet enclave of South Burnaby overlooking a lush tranquil green space of Kisby Park. Close to all amenities. Steps from Deer Lake nature trails. 1.4 km to Metrotown shopping and 1.5 km Royal Oak skytrain. 3 bedrooms on main floor with hardwood floors and spacious living room with fireplace. Basement has recroom with fireplace, roughed in plumbing and unfinished are awaiting your ideas. A rock solid home to renovate or build your dream home on this fabulous property.

Address:37633 DAWSON RD, Sumas Mountain, Abbotsford

March 09 F1120994 $1,149,000 $0 0%
June 01 F1120994 removed
June 23 F1216333 $997,000 $-152,000 -13%

Priced to Sell ! Mountain Air & Spacious Living are yours on this attractive 16.89 acre property w/Subdivision Potential (subject to city approval) on Sumas Mtn. Family style 2882 SF basement entry home has 4 roomy bdrms, 3 full baths plus newer roof, 4 fireplaces & mountain views! Large open plan, comfy Liv/Dinrm. Bright kitchen w/oak cabinetry, breakfast bar/island & separate eating area opens to sunny deck great for BBQs. Mbdrm w/walk-in + 4pc ensuite w/soaker tub. Downstairs features large Livrm + Recrm + 2nd kitchen. Huge 36×24 workshop, RV parking, quiet location + quick access to Hwy #1. Tons of Potential. Call today!

Address:31860 BENCH AV, Mission BC, Mission

March 09 F1124549 $1,149,900 $0 0%
June 27 F1124549 $998,800 $-151,100 -13%

A lavish colonial style residence sits on a 38,715 sq ft lot. This home boasts breathtaking southerly views from 3 spacious decks/balconies. This home features 6,226 sq ft of luxurious living. Enjoy the gourmet kitchen with pantry and high-end appliances. This home is great for entertaining with sunken family room w/coffered ceiling and dining room with adjoining bar. The liv room has a vaulted ceiling & gas f/p with detailed mantle. Palatial vaulted foyer, polished granite floors, and double stairway which leads upstairs. This home also has a triple car suspended slab. Just minutes from Mission Golf and Country Club. Call for details.

Address:2746 EAGLE MOUNTAIN DR, Abbotsford East, Abbotsford

March 09 F1202385 $1,150,000 $0 0%
June 20 F1202385 removed
June 28 F1216728 $999,999 $-150,001 -13%

FEEL LIKE A WINNER! Former Eagle Mountain Lottery Home. Living in the lap of luxury never felt so good. Spectacular contemporary home perched on the edge of your property will give you the views you only dream about. Unique open design boasts 18 foot ceilings, ultra modern kitchen, cool current colour schemes, trendy wall treatments like wood grain paneling and cultured stone. Features include walk in pantry, main floor laundry large garage, patio fireplace, wood grain soffits, with recessed feature lighting. Privacy for the master suite, enjoy large bath tub and shower and generous walk in closet, three bedroom upstairs. Spacious open plan basement with large view windows, wet bar, bedroom and bunker waiting for your ideas.

Address:4830 OAKTREE CT, Greentree Village, Burnaby

May 17 V950770 $1,138,000 $0 0%
Open House: May 20, 27
May 30 V950770 $1,058,800 $-79,200 -7%
July 06 V950770 $998,000 $-140,000 -12%

Very attractive, 1979 home bordering Deer Lake, is on a landscaped property located on a quiet cul de sac! 3 bedrooms, den and laundry room all upstairs. Vaulted ceilings with exposed beams in living room. Great floor plan with a nice size kitchen and eating area, open to a family room and French doors leading out to a big patio (deck) and beautiful, private backyard. Improvements: newer kitchen tile flooring, refaced kitchen cabinets, lighting, counter tops; exterior repainted in 2011. New garage door. Newer bathroom flooring, sinks, faucets, toilet etc. 2011 blinds. 12 yr.old gas fire place. Minutes away from BCIT and only a 5 to 10 min drive to skytrain & Metrotown, 30 min drive to downtown & 40 to the airport.

Address:4224 PACKALEN BV, Pender Harbour, Sunshine Coast

March 09 V875282 $1,125,000 $0 0%
June 20 V875282 $990,000 $-135,000 -12%

Beautiful open-plan Waterfront home in prestigious Daniel Point. Located on a wooded cul-de-sac lot across from a protected eagle reserve, you will enjoy many varieties of wildlife, great hiking, trout lakes, fishing, swimming & more. The spectacular ocean & Island views from nearly every room are breath-taking. With 3,850 square feet, there are 3+ bedrooms, 3 baths, a stunning Great Room with floor to ceiling windows, deluxe main-floor master suite, gourmet kitchen, radiant in-floor heating, vaulted ceilings – too many custom features to list. The landscaped front yard has a lovely pond, while the back-yard has a new deck with access to the ocean. Lovely package offering a peaceful, serene setting in a terrific neighbourhood.

Address:6590 SUNSHINE COAST HY, Sechelt, Sunshine Coast

May 31 V953445 $1,100,000 $0 0%
June 30 V953445 $975,000 $-125,000 -11%

A beautiful Estate property with lovely views of ocean and Trail Islands. Property has been in one family only and pride of ownership is very apparent in its meticulous condition. So many features. There are 2 separate legal lots and in addition to the main house, there are 2 separate rental homes. You enter through a gate and rise above it to a very private and exclusive area. Yard and gardens have been maintained over the years with love and care. Several outbuildings on the property include a greenhouse and workshop areas. Main home is an open plan area with 2 bedrooms and 2 baths. A unique feature is the European Kachelofen wood stove which is extremely efficient in heating the home. Contact LS for package.

Address:7620 NO 2 RD, Granville, Richmond

March 09 V920043 $1,125,000 $0 0%
May 01 V920043 removed
June 04 V954237 $1,049,000 $-76,000 -7%
Open House: Jul 14
July 10 V954237 $998,000 $-127,000 -11%

Own a piece of Richmond’s History while Investing in the Future. This is “The Every House” a Richmond Landmark located on large lot with Multi Family potential(next door will sell). One of the coolest houses in Richmond! Constructed in 1911, its a visual delight with peaked dormers and gables, Veranda running the length of the front of the house. Interior is also very appealing and mechanically sound with plumbing, wiring and heating updated. Most windows are original, original wood floors. 3 bedrooms up, very spacious main floor with updated bright kitchen and large Den. Could be a suite down. This house oozes charm! Enjoy living in a Famous house while the lot value grows. Note: not designated “Heritage” by the City. Open July14

Address:6755 STANLEY ST, Upper Deer Lake, Burnaby

July 06 V960363 $1,090,000 $0 0%
July 11 V960363 $969,000 $-121,000 -11%

Prime View Property, 6,222 SqFt lot on desirable Upper Deer Lake. House is livable, well kept, 3 bedrooms up, 2-bedroom suite downstairs. Hardwood floors on main. Fridge, range & hotwater tank are less than 2 years old. Re-built rooftop deck, carport and power-gate to carport are less than one year. Corner lot, quiet location.

Address:# 2102 909 BURRARD ST, West End, Vancouver West

March 09 V931268 $1,100,000 $0 0%
June 25 V931268 removed
June 27 V958800 $980,000 $-120,000 -11%

Great location & excellent value in this deluxe Vancouver Tower in Downtown. Hurry for this 1777 SF suite with 3 bedrooms & 3 baths, 9′ ceilings & air cond. Updated with H/W floor, blinds & new paint. Hardly lived in since new. Steps to Market Place, theatres & close to transits, Robson Street, restaurants, buses, businesses & shopping centre. 24/7 concierge/security services. Unit comes with 2 parking & a storage locker. Maintenance fee pays for all electricity, heat & air conditioning. Amenities include huge indoor pool, sauna, exercise centre, lounge & outdoor garden. Convenient & great lifestyle provided under one roof for people downsizing.

Address:8580 BAIRDMORE CR, Seafair, Richmond

May 09 V948570 $1,118,000 $0 0%
June 09 V948570 $1,038,000 $-80,000 -7%
July 06 V948570 $998,000 $-120,000 -11%

Beautiful 66′ x 120′ property with rancher on one of the prettiest streets in the Seafair area. This is a nice clean lot with no easements or rights of way, newer homes on either side and across the street, no ditches, nice wide street and excellent access to schools (including French Immersion), shopping, recreation, transportation and the dyke. Build your 3,600+ dream home here!

Address:2236 E 35TH AV, Victoria, Vancouver East

May 29 V953003 $1,068,000 $0 0%
June 23 V953003 $958,000 $-110,000 -10%

Superb opportunity! Extra-deep lot (33′?187′), central location, quiet neighbourhood. Pending RT-11 small house / duplex rezoning. Survey Certificate and Tank Search Report available.

Address:5997 BLUFF PL, Pender Harbour, Sunshine Coast

April 30 V946465 $1,100,000 $0 0%
July 06 V946465 $987,000 $-113,000 -10%

Ruby Lake Chalet – Bring Your Family to the Cottage! Easy level access right to your doorstep! At the lakeshore, a sleeping cabin, fire pit, dock & concrete platform you can ski right off! 1/2 Acre & 143 Ft of shoreline, ideal for landing a float plane, if that’s your favoured mode of arrival. Enjoy the screen gazebo in Lake View garden on a summer’s eve, or star gazing while you soak in the hot tub. Chalet Style, custom cedar home features a blend of hardwood & tile, sold maple cabinets w/granite top & vessel sink in Main Bath, maple Kitchen with timber frame ‘Cathedral Ceiling’ in central Living area, boasting a full Lake & Mountain outlook. Memories are made on Ruby Lake… you deserve this opportunity to make it your!

Address:6391 NANIKA CR, Granville, Richmond

April 21 V944678 $1,098,000 $0 0%
Open House: May 19, 26
Open House: Jun 02, 09
June 19 V944678 removed
June 23 V958171 $989,000 $-109,000 -10%
Open House: Jun 24, 30

A must see! Fantastic 3 bedrooms up + 3 bedrooms on mainfloor, 2 kitchens potential mortgage helper with separate entrance. Prime location on a large 6,295 SqFt lot. Totally renovated, new exterior paint, newer PVC windows, laminate flooring through out, newer roof, new kitchen on both floors. Walk distance to Park, Shopping, Bus and School. Public Open House Sat June 30th 2-4pm

Address:5637 EAGLE HARBOUR RD, Eagle Harbour, West Vancouver

May 30 V953041 $1,100,000 $0 0%
July 10 V953041 $998,000 $-102,000 -9%

Steps away from the beach. This spacious renovated home offers comfort and privacy. You truly can’t beat this location!

Address:7334 CLOVER RD, Pemberton, Whistler Pemberton

May 16 V950444 $1,100,000 $0 0%
June 26 V950444 $998,000 $-102,000 -9%

Address:7951 WILLOWFIELD DR, Quilchena, Richmond

April 21 V944687 $1,088,000 $0 0%
Open House: May 19, 27
June 12 V944687 $1,038,000 $-50,000 -5%
June 22 V944687 $988,000 $-100,000 -9%
June 28 V944687 removed

SUNNY RANCHER w/ PRISTINE FENCED YARD. One level. No stairs. No ditch. Sparkling clean! Quilchena’s PRETTIEST & most TRANQUIL KID-FRIENDLY street. BUILD your dream home on this JUMBO 8,170SF lot surrounded by MULTI-MILLION DOLLAR homes.JUMBO PATIO w/ access from Kitchen & Family Room. Durable METAL ROOF w/ Lifetime Warranty. New Paint.New Garage Door. Cross-Hall Living/Dining. Enclosed DEN (4th bd)-easy convert back to Formal DR. Master w/ Walk-in Closet/Ensuite/Laminate Wood Flr. Kids walk to Grauer Elem/Burnett Sec Schools. Easy stroll to Waterfront West Dyke/Thompson Comm Ctr/Park. Minutes to Terra Nova/Blundell/Seafair Shopping (Save-On/ Safeway/ Starbucks/Shoppers Drugmart/Kin’s Market.) Click View Multimedia/Virtual Tour

Address:1979 128TH ST, Crescent Beach Ocean Park, White Rock

March 09 F1201900 $1,099,000 $0 0%
Open House: Jun 17
June 27 F1201900 $998,888 $-100,112 -9%

In the heart of OCEAN PARK – Incredible value. Beautiful three level custom built home with 2-5-10 home warranty. Nearly 5000 sqft including 4 bedrooms up, each with an ensuite, guest suite/extra master on the main, three more in the basement. Basement is fully finished and has a wide variety of options. The quality throughout is obvious. Granite counters, real hardwood floors, designer plumbing and electrical fixtures, craftsman woodwork details and much more. Special HST tax 5% only.

Address:12268 BUCHANAN ST, Steveston South, Richmond

March 09 V932792 $1,099,000 $0 0%
May 05 V932792 $1,068,800 $-30,200 -3%
Open House: May 26
Open House: Jun 10, 16
June 19 V932792 removed
June 27 V958653 $998,900 $-100,100 -9%
Open House: Jun 30

Stevestons newest subdivision located within walking distance of Steveston Village & the dyke trails. Beautiful, contemporary 4 bedroom home loaded with features including 9′ ceiling, radiant hot water heat, hardi-plank siding, laminate wood floors, quality stainless steel appliances, granite countertops, extensive use of crown moulding, huge ensuite plus 2 walk-in closets in the master bedroom. The no. 1 high school in Richmond – McMath.

Address:364 E 19TH ST, Central Lonsdale, North Vancouver

June 11 V955814 $1,099,000 $0 0%
Open House: Jun 17
June 27 V955814 removed
June 29 V959378 $999,000 $-100,000 -9%

Charming 3 bedroom home located off the Boulevard. Fully renovated in 2006 with new hardwood floors, kitchen, appliances, bathroom, fixtures & many more. Bright family room with vaulted ceiling, & access to 2 decks (South facing deck just refinished). 2 full bathrooms upstairs. A cozy home office attached to the garage. Downstairs has a nanny suite plus rec room with potential for income. Lots of upgrades throughout. Extensive lawn for kids to play both in the front & backyard. Full size two car garage with separate 100-amp power source & natural gas connection. Potential for adding a coach house in the back (or on top of garage). Desirable corner lot. Home shows beautifully. Great schools & parks nearby.

Address:1879 FOSTER AV, Central Coquitlam, Coquitlam

March 09 V927965 $1,098,000 $0 0%
April 12 V927965 $1,049,000 $-49,000 -4%
April 24 V927965 removed
July 07 V960555 $998,500 $-99,500 -9%

Well maintained Italian custom-built 3-level 5,085 SqFt on 8,645 SqFt Lot. Main floor: 20′ high ceiling foyer, Italian crown mouldings, curved marble staircase, beautiful crystal chandelier, huge oak kitchen w/granite centre island & countertops, breakfast nook, family room, living room, guest room w/bathroom. Upstairs: real H/W floor, master bedroom with big walk-in close & ensuite with jetted bath tub. 2 other bedrooms with ensuites. Basement has accommodation with separate entrance. Central vacuum, radiant heat, 2 kitchens, 2 laundry rooms. Short walk/drive/buses to Poirier Community Centre, shopping centre, close to all schools. For more listing details, open house schedule and contact information to arrange a viewing, click on “Office Website”.

Address:1723 SUGARPINE CT, Westwood Plateau, Coquitlam

June 25 V958474 $1,098,000 $0 0%
June 30 V958474 $999,800 $-98,200 -9%

Stunning Victorian style custom built home, with over $90,000 in upgrades. Extensive finishing’s with detailed wood working, beautiful hardwood plank flooring and new carpeting. Family Room/Kitchen offers open floor plan with 17′ ceilings, upgraded appliances, and granite countertops. 3 bedrooms up plus den, master with vaulted ceiling – renovated spa inspired master ensuite, with rain shower and claw foot tub. Basement has separate entrance, containing a 2 bedroom in-law suite with full Kitchen & large living room. A beautifully landscaped lot on a quiet C-D-S street located in Westwood Plateau, walking distance to school, golf course, and transit. This home is a must see.

Address:40 PERIWINKLE PL, Lions Bay, West Vancouver

March 12 V936550 $1,098,000 $0 0%
July 04 V936550 $999,900 $-98,100 -9%

Buy the view for a million dollars and the house is included at no extra charge!! Welcome to this view home on one of Lions Bay’s nicest streets. This @2900 sq ft original owner home features vaulted ceilings, large living & dining room, bar/family room, 4 bedrooms & 3 bathrooms, numerous decks throughout the property, a garage, and did I mention the amazing view? Structurally, the house features an engineered foundation, it’s connected to sewer rather than septic, it has in-floor radiant heating in the concrete floating floors. Renovate it all before you move in or move in and fix it up room by room. Whatever the case, you’ll make it your own luxury view home. All this on a quiet, level, cul-de-sac. Only 10 minutes to West Van, 25 minutes to Vancouver & @ 1 hour to Whistler. What a perfect spot to make a home.

Address:1774 E 1ST AV, Grandview, Vancouver East

June 07 V954855 $1,088,000 $0 0%
July 11 V954855 $995,000 $-93,000 -9%

RT-5 duplex zoned. 3 level character home (3 suites), steps to Commercial,close to public transit, restaurants, shops, cafes. Double paned windows, basement suite with gas stove. Two big sundecks.

Address:12798 20TH AV, Crescent Beach Ocean Park, White Rock

March 09 F1201896 $1,059,000 $0 0%
June 27 F1201896 $969,888 $-89,112 -8%

New home in heart of OCEAN PARK – One of the most desirable neighbourhood. Beautifully crafted custom quality home by longtime reputable builder with 2-5-10 warranty. Fully finished on three levels this offers all kinds of options. The quality finish and materials is obvious throughout. Granite counters, real hardwood floors and tiles, superb wood details high ceilings, fabulous kitchen, designer plumbing and electrical fixtures and more. Note six full bathrooms, main floor guest room with full ensuite and den, covered deck off family room. Close to everything, shopping, schools, public transp. and beach. Don’t miss out! Will not last! Special HST only 5%!

Address:12788 20TH AV, Crescent Beach Ocean Park, White Rock

April 04 F1208315 $1,089,000 $0 0%
July 11 F1208315 $998,800 $-90,200 -8%

“OCEAN PARK quality new home, beautifully crafted by longtime reputable builder with 2-5-10 warranty. Fully finished on three levels close to 4000 sqft with 7 bedrooms and 7 bathrooms. Granite counters, real hardwood floors and tiles. Energy star windows, CAT 5 wiring throughout the house. High ceilings with superb wood details, fabulous kitchen with quality appliances. Main floor guest room with full ensuite. Covered deck off kitchen and family room. Fully landscaped yard with inground sprinkler system. Close to shopping, schools, public transits. Ocean Cliff Elementary and Elgin Park Secondary catchments.

Address:1305 KENSINGTON AV, Parkcrest, Burnaby

March 14 V936935 $1,088,800 $0 0%
May 17 V936935 $1,058,880 $-29,920 -3%
Open House: May 20, 26, 27
Open House: Jun 03, 10
July 06 V936935 $1,038,000 $-50,800 -5%
Open House: Jul 07
July 09 V936935 removed
July 11 V961319 $999,000 $-89,800 -8%
Open House: Jul 15

Prime location. Large lot (63×122). Walking distance to Burnaby North Secondary School & Kensington Square. This beautiful house is completely renovated. From the top: New roof, Stainless Steel Appliances. Granite counter tops. Functional layout. Enjoy summer barbecues on the spacious sundeck. On the ground floor: Updated two bedroom suite makes a great mortgage helper. Just move in and settle down, or start planning your next dream home!Open house Sunday 2-4.

Address:13143 15A AV, Crescent Beach Ocean Park, White Rock

May 12 F1212383 $1,089,000 $0 0%
Open House: Jun 24
June 23 F1212383 $999,500 $-89,500 -8%


Address:8328 16TH AV, East Burnaby, Burnaby

May 03 V947337 $1,088,000 $0 0%
June 13 V947337 removed
June 15 V956793 $1,048,000 $-40,000 -4%
July 05 V956793 $998,800 $-89,200 -8%

This Quality Owner Built home is Simply EXTRAODINARY!It has all the EXTRAS and More.3 Level,2755 sqft,5 Bed,4 Bath home w/4 beds upstairs. Features:Radiant heat on all 3 Levels; Walnut Hardwood Flring,pot lighting, Beautiful crown moulding wide baseboard,1 gas fireplace,gourmet kitchen for the Chef with granite and designer tile, s/s appliances,cream maple kitchen cabinets,gas stove,plus island with Prep sink.Master suite w/ an ensuite,walk-in closet plus a private deck.Formal DR, LR + separate eating area,family room.Den. Downstairs finished 1 bdrm Suite,1 Bath,Kitchen, Living Room.Lots of Crawl space for storage. Private backyard.Double car garage with extra parking,close to Schools,parks,transit.Luxurious Show Home!

Address:6620 COLTSFOOT DR, Riverdale, Richmond

June 06 V954635 $1,080,000 $0 0%
July 06 V954635 $998,000 $-82,000 -8%

One of a limited number of properties available that back on to the green space. Spectacular location with no neighbours directly behind you. Close proximity to Thompson Community Centre, Burnett High School, and Elementary Schools. West Richmond location convenient for shopping, recreation, quick access to Vancouver and the airport. Many new homes in the area. The current home is in good condition with a possible mortgage helper on the lower level. Move in and enjoy living in a great neighbourhood, or invest in a home with good revenue potential. If it’s a new home you want this would be a great lot to build on! Call Mike for additional details.

Address:5639 WILLOW ST, Cambie, Vancouver West

March 09 V925903 $1,080,000 $0 0%
April 04 V925903 $1,058,000 $-22,000 -2%
April 23 V925903 removed
May 05 V947823 $1,050,000 $-30,000 -3%
July 10 V947823 $998,000 $-82,000 -8%

Three-level townhouse in a great location – Oakridge. Rarely available corner unit with 3 good size bedrooms and 2.5 baths with large front yard and patio, like living in a house. High-end gourmet kitchen with granite countertops and lots of cabinets. Attached unique 2-car garage with windows and extra high ceiling space which can be converted to additional living space or entertainment room! It’s a very convenient location, close to shopping (Oakridge Centre), schools (Jamieson Elementary & Eric Hamber Secondary), parks and public transit. Easy access to UBC, Downtown and Airport.

Address:6151 CHESTER ST, Fraser, Vancouver East

May 19 V951247 $1,080,000 $0 0%
July 11 V951247 $999,000 $-81,000 -8%

Owner home built by Euro. builder. House shows as new, nice bright foyer w/ sky light, French door to living room. Nanny/guest room for use. Close to park, bus station, central location, 5-10 minutes to West side schools + Richmond. All measurements are approx. Buyer to verify. Contains unauthorized accommodation. WEB:

Address:336 E 58TH AV, South Vancouver, Vancouver East

June 06 V954625 $1,079,000 $0 0%
June 27 V954625 $999,000 $-80,000 -7%
Open House: Jul 07

Bright, immaculate & well kept family home. 4 Good sized bedroom up plus fully finished 1 bedroom basement suite. Perfect home for a growing family. Granite foyer, and granite fireplace up to ceiling. Detached double garage and an extra parking space. Very convenient location close to Langara College, Sunset Community Center, schools and shopping. All measurements and s.f. are approximate and must be verified by the buyer. Open house Saturday July 7th 2-4pm.

Address:5591 HUCKLEBERRY PL, Grouse Woods, North Vancouver

March 24 V939086 $1,075,000 $0 0%
May 10 V939086 $1,050,000 $-25,000 -2%
Open House: May 20, 27
Open House: Jun 03
June 25 V939086 removed
June 27 V958771 $999,000 $-76,000 -7%
Open House: Jun 30
Open House: Jul 01, 07, 08

Prepare to move right in & enjoy this family home! On the main floor, enjoy the rich walnut hardwood floors throughout, the bright kitchen with tons of storage and vaulted ceilings. You will love the large skylit family room with cozy gas fireplace. A spacious master bedroom & ensuite and additional bedroom on the main. Up is another bedroom & office. 2 more bedrooms & a bright RecRoom with fireplace downstairs. Sliding glass doors provide walkout to fenced backyard. Double garage, storage & low maintenance lot. HANDSWORTH catchment. Walk to parks, trails, Grouse Mtn. Excellent home to raise a family or to hold as a great rental property on a beautiful cul de sac! OPEN Sat/Sun 2-4.

Address:4310 SEA OTTER RD, Pender Harbour, Sunshine Coast

March 09 V907541 $1,049,000 $0 0%
June 28 V907541 $975,000 $-74,000 -7%

From the moment you enter the foyer, you know you’ve arrived someplace special. This spectacular waterfront home enjoys incredible south westerly view of the water from every principal room. Features include 10 and 12 ft ceilings onthe main with floor to ceiling windows; gourmet kitchen with custom cabinetry and ss appliances; hardwood floors & custom etched glass detailing. The lower level features 9′ ceilings; rec room with wet bar; & 2 bedrooms for guests. With world class fishing, boating, hiking and kayaking within minutes, this home would be perfect for recreational enthusiasts, an excellent corporate retreat or a retirement haven. Located just 2 1/2 hrs from Vancouver, this is truly a West Coast waterfront oasis!

Address:6483 SUNSHINE COAST HY, Sechelt, Sunshine Coast

April 04 V940822 $1,049,000 $0 0%
June 28 V940822 $990,000 $-59,000 -6%

RARE offering of 77′ ultra low bank with sweeping lawns to waterfront on the Platinum Mile just minutes from Sechelt. 2 bed, 2 bath heritage style beachhouse exudes charm and character. Large open plan main floor living area perfect forentertaining and family gatherings with fir floors, southwest exposure and lovely views of Trail Islands creates a warm and bright atmosphere. Check out the Virtual Tour !

Address:6484 KITCHENER ST, Parkcrest, Burnaby

May 04 V947528 $1,057,000 $0 0%
Open House: May 20
Open House: Jun 03, 09, 17
June 19 V947528 removed
June 27 V958706 $999,000 $-58,000 -5%
Open House: Jul 01, 07

Fantastic location for this renovated 3 bedrooms up and 1 bedroom down bungalow home. This flat 65 x 122 North facing home has a beautiful Southern view, on Kitchener Street just few blocks from Burnaby North High School. This well cared for home has been updated over the years, featuring a newer kitchen, paint, new baths, stucco exterior, hardwood floors, inviting landscaping, and a huge covered sundeck. Great opportunity for live in now or hold and build in the future.

Address:6706 BURFORD ST, Upper Deer Lake, Burnaby

April 30 V946472 $1,038,000 $0 0%
Open House: May 27
Open House: Jun 03
June 29 V946472 $998,800 $-39,200 -4%
July 04 V946472 $983,000 $-55,000 -5%

Upper Deer Lake, Corner of Sperling and Burford. Come View this Wonderful 3 Level Family home. Entertainment Size Living Room with Wet Bar, Room for your Grand Piano with Separate Entrance, Makes a Great home Office. Good Size Kitchen with Skylights, Separate Eating area and French Doors to Huge Private Side yard, fully fenced. Family Rm and Dining Rm, great for entertaining or kids play. 2 pce powder room on main entrance. Upper Level with 3 Good Size Bedrooms, all with full ensuite. Master Bedroom with Soaker Tub, Separate Shower, plus Walk-in Closet. Basement has lots of storage,Crawl Space, Utility Rm, Workshop and Make a Great Games Rm/Theatre Rm. Newer Hot Water Heating Boiler and tank. Newer Roof and siding, HRV System.

Address:10171 GILMORE CR, Bridgeport, Richmond

March 09 V929097 $1,000,000 $0 0%
July 11 V929097 $950,000 $-50,000 -5%

Revenue house on SUBDIVIDABLE CORNER lot in quiet subdivision of newer homes. North Rmd off #4 Rd across from Tait Elementary School (park + playground). Good revenue from long term tenants but value in land. Most off-sites already done. Unauthorized accomodation. Listing Realtor is Seller and disclosures will be provided. Proposed 2 lots = 4,148 sf to build 2,298 + 4,970 (corner) to build 2,734sf. Survey certificates + land engineering plans available. Buyers need to satisfy themselves as to all aspects of land + zoning + improvements. All measurements approx and to be confirmed. Contact LS for email info and document package.

Address:11424 FARMS RD, Durieu, Mission

March 09 F1202509 $1,049,000 $0 0%
June 27 F1202509 $998,000 $-51,000 -5%

Total of 19.61 acre blueberry farm- 4 bedroom home, barn, processing building (cannery) and 3 cabins on the property. 4 varieties of blueberries (Duke, Elliot, Bluecrop & Chander). The price includes all farm equipments.

Address:830 MATHERS AV, Sentinel Hill, West Vancouver

May 30 V953038 $1,029,000 $0 0%
Open House: Jun 02
June 22 V953038 $979,000 $-50,000 -5%

Immaculate 4 bedroom home in central Ambleside on a nice flat and sunny lot. Lovely vaulted ceiling in the living room and a great sun room off of the kitchen. Two bedrooms on the main with a 2 piece ensuite in the master and two more bedrooms below. Lovely big recreation room down and lots of storage. This home shows very well.

Address:126 E 47TH AV, Main, Vancouver East

June 07 V955018 $1,048,800 $0 0%
Open House: Jun 10
June 20 V955018 removed
June 22 V957978 $999,000 $-49,800 -5%
Open House: Jun 23
Open House: Jul 07
July 05 V957978 $998,000 $-50,800 -5%

West of Main Area Spectacular Character home with sunny southern rear yard Substantially renovated and updated in 2007 and is in move in condition. Wonderful open plan with large updated open kitchen, tasteful finishes throughout with newer mechanics, Marvin windows, electrical, cat 5 wiring, insulation and much much more. Lovely brand new 1 bdrm Mortgage helper down, entertainment sized deck off kitchen. School catchments are Van Horne Elem and Eric Hamber Sec., easy accesss to Langara, Oakridge, Canada Line, Downtown bus & QE Park. Open House Saturday July 7th 1-3pm

Address:# 8 2188 W 8TH AV, Kitsilano, Vancouver West

May 25 V952299 $1,050,000 $0 0%
Open House: May 27
Open House: Jun 02, 03, 09, 10
June 18 V952299 removed
June 20 V957541 $999,800 $-50,200 -5%
Open House: Jun 23, 24, 30
Open House: Jul 01, 07, 14

UNIQUE and MODERN LOFT INSPIRED LIVING in the heart of Kitsilano w/THREE SxS PARKING! This front-back townhome in the upscale, 18 unit Canvas rowhome (under warranty) has an ENTERTAINER’S DREAM main level featuring 11ft ceilings, gleaming concrete floors & floating staircase. A chef’s delight, the spacious kitchen with quartz countertops, stainless steel appliances & bar area leads to a sunny SOUTH facing PRIVATE PATIO. 2nd level has 1 bedroom, full bath, roomy storage & large den w/3rd bedroom potential. Above is a luxurious MASTER RETREAT w/a large balcony that has MAJESTIC MOUNTAIN VIEWS. The master is complete with a walk through closet & oversized dual fixture glass shower! Open House SAT July 14, 2-4 PM.

Address:4159 HURST ST, Metrotown, Burnaby

May 03 V947335 $1,048,000 $0 0%
June 23 V947335 $998,000 $-50,000 -5%

Welcome home to this nicely updated & beautifully maintained 5 bedroom (bsmt storage with closets & window, could be used as 6th bedroom with partition wall), 3 bath 2 story home with back lane featuring 12ft vaulted ceilings, open living space and cozy family room. Renovated kitchens & baths included updated cabinets, counters & appliances plus crown moldings, designer paint, 2 inch blinds, 3 inch shutter blinds, new roof and more. You enjoy relaxing and entertaining on your large covered 20x12ft sundeck overlooking your 32x16ft swimming pool. Walk to Central Park, skytrain & Metrotown. Don’t miss this. Open House Saturday & Sunday, May 5th & 6th, from 2-4pm.

Address:5561 RUGBY AV, Deer Lake, Burnaby

June 30 V955947 $1,049,000 $0 0%
July 04 V955947 $999,000 $-50,000 -5%

Just reduced.This 3 bedroom home nestled in the Deer Lake/Buckingham Heights nieighbourhood. This home features a private fenced backyard with hot tub & gazebo, original oak hardwood floors & a great family room. Its a fabulous home for a family or a great investment property. This home is located on a quiet cul-de-sac & is within walking distance to Deer Lake & the Shadbolt Centre. Great location. PRICE REDUCED BELOW ASSESSED VALUE. Call listing agent to book a showing.

Address:# 212 4685 VALLEY DR, Quilchena, Vancouver West

March 30 V940232 $1,037,000 $0 0%
June 02 V940232 $1,019,000 $-18,000 -2%
July 10 V940232 $988,000 $-49,000 -5%

Marguerite House by Polygon. Delightful 2 bedroom apartment unit with the best layout in concrete building. Every room is in a regular shape. Newly and professionally painted the whole unit with designer paint. It is with a garden facing view, resident manager, concierge, one oversize secured parking which is a few steps to the elevator , stainless steel appliances, open-plan kitchen, very quiet. Prince of Wale high school and Shaughnessy elementary catchment. A great new price!

Address:520 W 20TH ST, Hamilton, North Vancouver

May 26 V952458 $1,045,000 $0 0%
Open House: May 27
Open House: Jun 03, 24
July 11 V952458 $999,000 $-46,000 -4%

Great Central Location! On a very pleasant quiet street close to bus, shops and parks this 5 bedroom, 3 bathroom home sits on a level sunny lot. Features include a new roof and two gas fireplaces. Above ground level two bedroom suite down with separate entrance. Two car garage and lane access to the rear of the property. Walkable distance to Carson Graham Secondary with the International Baccalaureate programme.

Address:554 E BRAEMAR RD, Braemar, North Vancouver

May 26 V952417 $1,038,000 $0 0%
Open House: May 30
Open House: Jun 10, 16, 24
Open House: Jul 15
July 11 V952417 $999,000 $-39,000 -4%

Don’t let this address fool you. This immaculate and updated home is perfect for the North Shore family with a busy lifestyle. This highly utilized and functional floorplan provides 2,945 sq.ft. of living space on 2 levels. Inviting ground level tile foyer. Special features include: vaulted ceiling, floor to ceiling fireplace, hardwood floors and an abundance of south facing windows. Main floor family room offers access to 500 sq.ft. private sundeck , hot tub and well manicured gardens. Appreciate the kitchen reno which showcases european styled cabinetry, skylites, eating area and access to back garden. 3 bedrooms and 2 bathrooms complete the main level. The ground floor boasts a large rec room, 4th bedroom/den, laundry, bathroom and a large area that can be converted to a home office or second kitchen. Instant Gratification!


10 responses to “Just under a million – July 12, 2012

  1. Dimitri Tishchenko July 12, 2012 at 8:15 am

    “where rationality in most cases isn’t a consideration anyways” well said. I’m on the Island but still enjoying reading all your posts. Keep up the great work!

  2. radiostatica July 12, 2012 at 11:47 am

    How do we know that these price drops are abnormal? Do you have data for the same time last year?

    • an observer July 12, 2012 at 11:57 am

      No hard data to say that this is abnormal compared to previous years but if you have been looking at real estate in a particular area for a long time you will notice price drop frequency and probably agree that this is very far from normal. Of course there are always properties that are badly priced in any market but when almost 30% of new listings are recently pulled and relisted listings and over 40% of current listings (including those just added) have dropped their asking price you can make a pretty safe assumption that this is abnormal.

  3. Ed July 12, 2012 at 7:56 pm

    Thanks for the hard work. Very convincing.

  4. Yellow Helicopter July 12, 2012 at 9:59 pm

    This is one of the most interesting posts yet. This trend rewrites ‘value’ all the way down. Thank you Observer!

  5. Pingback: Vancouver Condo Info » Friday Free-for-all! » Vancouver Condo Info

  6. jack July 13, 2012 at 7:37 am

    Thanks for this, very interesting. I know someone who just listed at $988, have to mention this to them to see their reaction.

  7. AG Sage July 13, 2012 at 8:24 am

    Wow, thanks for the work you do.

    This is where the herd mentality punishes speculators. They are all moving in sync, which creates an oversupply at that price point, which makes buyers sanguine about taking their time.

  8. Jim Bentein July 13, 2012 at 2:55 pm

    Excellent research. Unintended consequences perhaps. The federal government is clearly worried about the bubble in Vancouver and other cities, which is why they changed the amortization, downpayment etc rules. But I wonder if the policy makers even considered this house-of-cards consequence. It only makes sense, when one thinks about it. If that “jewel” that was selling for $1.3 is now listed for $950,000 it starts a bit of a cascade. The buyer who was considering that $750,000 home of his dreams thinks: “well, If I come up with another $150,000 or so, maybe I can buy that real jewel”. I can hear the avalanche from here – and I’m in Mexico as I write this (in my house near the ocean I paid $80,000 for).
    Keep up the good work. I still have a bet with a friend Vancouver prices decline at least 50 per cent before this is all over.

  9. Claudia July 13, 2012 at 7:03 pm

    I was wondering how quickly prices would drop after the CMHC changes were announced — thanks for posting a snapshot of what’s happening with the million-dollar homes.

    My parents sold their Burnaby home for $1.2 million earlier this year, after dropping their original asking price by about 15% after it sat on the market for a month with very few viewings and zero offers. Scary to think that the new owner has since lost a quarter million dollars or more; my parents really dodged a bullet by selling when they did!

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