This is a new report concept I came up with after seeing a post on VancouverCondo.Info referencing an old Condo Index for various units downtown. This table shows the 20 buildings (technically building addresses) that have the most units currently for sale along with the number of units that have dropped in price (since early March). I’ll update this one periodically
* Denotes a building that is within 1 year old
** Denotes a building that is not currently complete
7 of the top 11 are less than a year old… Looks like a lot of flippers are in for a rude awakening
| Address |
Region |
Units |
$ Drops |
% |
| 161 W GEORGIA ST * |
Downtown, Vancouver West |
37 |
8 |
22% |
| 833 SEYMOUR ST * |
Downtown, Vancouver West |
33 |
14 |
42% |
| 7121 192ND ST * |
Clayton, Cloverdale |
27 |
9 |
33% |
| 5782 BERTON AV * |
University, Vancouver West |
24 |
12 |
50% |
| 1028 BARCLAY ST * |
West End, Vancouver West |
22 |
11 |
50% |
| 5682 WHARF AV ** |
Sechelt, Sunshine Coast |
22 |
0 |
0% |
| 9888 CAMERON ST |
Sullivan Heights, Burnaby |
20 |
11 |
55% |
| 565 SMITHE ST |
Downtown, Vancouver West |
20 |
9 |
45% |
| 6688 ARCOLA ST * |
Highgate, Burnaby |
19 |
10 |
53% |
| 660 NOOTKA WY |
Port Moody Centre, Port Moody |
19 |
9 |
47% |
| 838 W HASTINGS ST * |
Downtown, Vancouver West |
19 |
8 |
42% |
| 1011 W CORDOVA ST |
Coal Harbour, Vancouver West |
19 |
3 |
16% |
| 4050 WHISTLER WY |
Whistler, Whistler Pemberton |
19 |
3 |
16% |
| 4888 BRENTWOOD DR |
Brentwood Park, Burnaby |
18 |
11 |
61% |
| 128 W CORDOVA ST |
Downtown, Vancouver West |
18 |
8 |
44% |
| 6888 ROYAL OAK AV ** |
Metrotown, Burnaby |
17 |
0 |
0% |
| 17171 2B AV ** |
Pacific Douglas, White Rock |
16 |
16 |
100% |
| 15152 RUSSELL AV |
White Rock, White Rock |
16 |
8 |
50% |
| 280 ROSS DR |
Fraserview, New Westminster |
16 |
5 |
31% |
| 2036 LONDON LN |
Whistler, Whistler Pemberton |
16 |
5 |
31% |
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Awesome info…just what I am looking for! Any idea if Pre-sales come into this picture or are these just the units listed on MLS? Thank you.
I believe it only includes MLS listed units but as you can see from a few of the units with **, there are some presales on there
What’s up with Cameron st?? I thought it has been around for a while. Is there a special assessment coming??
Dave
I went to a couple of open houses on this one. This is actually a twin-building development (the other is 9868 Cameron i think). Between them there are like 40 listings out of a total of 500 units. Ya that’s 8% of the units for sale. My speculation is that there happened to be lots of investors in this, and they now step on each other to the exit. One of the open houses were actually shown by the investor owner, and he admitted that he’s listing for less than his purchase price…. and since then he dropped his price by another $25k…. and that was after he spent money to repaint the walls and redo the carpets, obviously because his tenants didn’t have good care of his unit.
Fantastic work again. Thanks observer.
Another good column would be the percentage of the building that is for sale. For instance, the first three on your list are (hope it formats…) ;
161 W Georgia 37 out of 253 total or 14.6%
833 Seymour 33/372 or 8.9 %
Sit down for this one!… Are you ready?… I’m not responsible if you have a mouthful of coffee at the moment…
7121-192 St in sophisticated urban Cloverdale, the newest world-class city here in TBPOE;
27/81 or 33% of the building is for sale, one year after completion. I thought we didn’t have flippers here?
Oddly enough, it seems that every single one of them is listed by a certain Realtor called Avtar Mann, all at the identical description and price for the identical unit (several different unit sizes with different prices, but the same unit is always the same price.) “I buy t’ree, my family buy twenty”.
Anyone know what the pre-sale price was?
+1 for including the % of building for sale.
For the cloverdale development, could it be that it was never sold out in the first place and now the devlopers are selling the dead stock thru mls?
If that is the case (entirely possible) then either the developer didn’t get financing (unlikely), lied about the number of presales to reach the threshold of I think it’s75% presold to get financing or had an awful lot of non-completions of the presales.
None of those alternatives speak well about the strength of the market.
Great addition, could you put the year completed in a seperate column?
Yeah, this is a great way of putting it. I’m watching 3 buildings in North Van for couple of months now.
BTW there is nothing from North Shore on your list.
Could you please list Vista Place in North Vancouver next time (1320 Chesterfield Ave V7M 0A6)?
It seems like a lot of flippers there =)
There are “only” 11 units for sale in that North Van apartment so it didn’t crack the top 20. Next time I can expand it a bit
The problem with it that it’s a twin towers plus row houses between them with different street addresses. The second tower is 158 W 13TH ST. Altogether they have more than 20 listings =)
Well, anyway if it doesn’t make top 20 then it’s fine. Thanks again!
I’ve seen some like this but unfortunately address matching is the best I can do since knowing if a particular condo has more than one tower is a lot of info I don’t have. I’ll expand the list next time and maybe both will make it!
I think the “% of units” for sale is a better measure than the absolute units. Of course one can set a minimum # of units, say 10 to filter out the low-unit buildings.
Note I am not demanding any of these to be done. The data set is tremendously valuable as it is. Just putting out suggestions to potentially make them even better.
Hard to do that without knowing the size of every apartment beforehand. I can add the apartment size to the list next time though
What does the % column mean? % for sale or % drop?
% that have dropped in price
Great job thank you
Excellent. Thanks so much for all the time you’ve spent on this project, Observer. I’m very interested in the downtown Vancouver condo market and have been following a number of buildings and watching the prices drop, listings be recycled, and so forth. You’ve insights have been invaluable to me as I sit and watch and learn. Thanks to this site, I’ve now been fastidiously looking up assessment values of condos that interest me (I didn’t realize it was ALL searchable right here: http://evaluebc.bcassessment.ca) and have noticed that the MLS listing price and assessment value are VERY far apart in many cases. (I know the West Side housing market is a different story because we’re talking $$$$ and owners in the hopes of attracting wealthy investors from Asia, so more fluctuation may be expected in that market.) Can anyone comment on what this “means” for the condo market specifically or generally? How close/far apart should condo list prices and assessment prices be when you’re talking about condos in the $450-$650K price range in the urban centre where, presumably, condos will always be in demand than compared to cities such as Burnaby, Poco, Surrey etc? Would appreciate any/every opinion from any avid real estate watcher. Let ‘er rip!
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For all those of you who are commenting that you want to buy some housing right now, The figures of disparity are still high (Home Prices in Vancouver and Canada) I recommend you to wait more time. There is still going to be more decrease over the next few year, and who knows maybe decades. My prediction comes from the current situation of the world economy and the insecurity of international banking corporations. We will see more about the impact of the Euro crisis on our housing market. But what is for sure, there is no additional space where the morgage interests could drop. So beware.
another is 833 homer and 1372 seymour. Great list you have.
One more for you. The Sechelt listing is called Wharf Place, and is a 24 unit condo development. 22 for sale out of 24 total! MLS.ca agrees, 22 for sale. That’s 92%.
Sunshine Coast is looking to take the crash king crown away from Kelowna, but it will be a long dirty grudge match before the bell rings on this one, and we have yet to see Cloverdale finish the warm-up and enter the ring.
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