Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – July 30, 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.

This is a record breaking week in just about every metric we track.  Here are some highlights:

  • Records broken this week with 13 listings hitting 25%+ (previous high was 12), 45 hitting a 20% drop (previous high was 28) and 23% to make the top 20 (previous high was 21%).  To be fair, 13 of the 20%+ listings were lots from one development in Gibsons
  • The breakdown by region includes 7 in the Sunshine Coast (5 of those are lots from the same development), 3 in Richmond and 2 in West Vancouver
  •  10 of 14 listings that have valid assessment are now listed below assessment – Last week it was 61% and the week before that 44% below assessment.  This week in the top 20 it is 71%!

#1) Address:9267 188TH ST, Port Kells, North Surrey

March 09 F1129462 $1,788,000 $0 0%
March 17 F1129462 removed
May 29 F1213865 $1,399,000 $-389,000 -22%
July 24 F1213865 $1,150,000 $-638,000 -36%

Assessment: $1,171,000

INVESTOR ALERT! IN THE PORT KELLS NCP FOR FUTURE DEVELOPMENT. Over an 1.22 acres of flat and usable land. In the mean time, a huge, gorgeous home perfect for the property owner and their family, or a terrific revenue property to rent out. Many updates to the house include flooring, paint, etc and 3 generously-sized rooms with an additional, massive rec room. Very quiet area with tons of yard for kids, entertaining, hobbies or your landscaping dreams. Double garage for working on the car(s), woodworking and all your other activities. WILL ACCEPT TRADES.

#2) Address:18700 RIVER RD, East Richmond, Richmond

April 26 V945639 $1,210,900 $0 0%
May 23 V945639 $1,139,750 $-71,150 -6%
June 21 V945639 $1,110,900 $-100,000 -8%
July 24 V945639 $779,900 $-431,000 -36%

Assessment: $841,800

2.26 AC (99,752 sq ft) acreage on River Rd in North Richmond. Easy access to Vancouver via Knight Street Bridge & Hamilton (East Richmond) featuring all amenities & large shopping centre. Excellent holding property, 3 bedroom house tenanted. Hold now or build your dream home. The Vendor will not accept any offers to purchase from any individual that is an employee of Toronto Dominion Bank or any of its subsidiaries or affiliated corporations”

#3) Address:5540 PARTHENON PL, Eagle Harbour, West Vancouver

March 09 V930920 $2,998,000 $0 0%
April 04 V930920 $2,750,000 $-248,000 -8%
May 02 V930920 $2,498,000 $-500,000 -17%
May 25 V930920 removed
May 28 V952953 $2,349,000 $-649,000 -22%
Open House: Jun 16
July 27 V952953 removed
July 29 V964285 $2,000,000 $-998,000 -33%

Assessment: $1,836,000

Enjoy stunning views from this semi-waterfront 4 bedroom family home! This West Coast contemporary home features over 4,000 sq ft of spacious living area on 3 levels, walls of windows and balconies across each floor. Become an exclusive member of ‘P.P.O.A.’ and be a ‘participant owner’ of approximately 1/2 hectare of incredible waterfront property, in addition to this property. This is the only lot of the 15-lot subdivision that touches the private waterfront retreat. Access the property by a private roadway shared with only one neighbour. A great location close to many amenities, the Horseshoe Bay ferries and minutes to Eagle Harbour Elementary and Rockridge Secondary!

#4) Address:2155 PORTER RD, Roberts Creek, Sunshine Coast

March 09 V918925 $649,000 $0 0%
March 13 V918925 $555,000 $-94,000 -14%
May 01 V918925 removed
July 27 V964073 $439,500 $-209,500 -32%

Assessment: $469,000

Totally private 5 acre south exposure,partially cleared, ponds sloping, open and bright. Level entry, 2 level, 4 bedroom home needs some finishing, it’s almost there. Build your equity quickly by finishing the renovation and cleaning up theproperty. Huge sundeck overlooks the property with nature in your own yard, watch the critters go by. the are 2 small outbuildings awaiting finishing and RV hook up too. Lots of room lots to do and lots of upside with some work.

#5) Address:# LT 56 HARRY RD, Gibsons, Sunshine Coast

June 14 V660742 $179,500 $0 0%
July 26 V660742 $129,500 $-50,000 -28%

Assessment: No Assessment

Nestled between the Chaster Creek & End Creek ravines at the top of Bonniebrook. Curb & Gutter roadways. Underground services (Hydro, water, Natural Gas, Telephone & Cable). Approved health covenant Sites. Quality home neighbourhood.

#6) Address:7453 TREETOP LN, Whistler, Whistler Pemberton

March 09 V844503 $2,995,000 $0 0%
July 26 V844503 $2,200,000 $-795,000 -27%

Assessment: $2,492,000

#7) Address:# LT 52 MOONDANCE PL, Gibsons, Sunshine Coast

June 14 V660722 $189,500 $0 0%
July 26 V660722 $139,500 $-50,000 -26%

Assessment: No Assessment

Level lot nestled between 2 ravines at the top of Harry Road in Bonniebrook. Curb & Gutter roadways. Underground services (Hydro, Water, Natural Gas, Telephone & Cable). Approved health covenant Sites. Nicely treed, & easy to build on.

#8) Address:918 CHARLAND AV, Coquitlam West, Coquitlam

March 09 V934552 $1,599,000 $0 0%
March 29 V934552 $1,499,000 $-100,000 -6%
April 24 V934552 removed
April 27 V945850 $1,399,000 $-200,000 -13%
Open House: May 19
Open House: May 20
Open House: Jun 10
Open House: Jun 24
Open House: Jun 30
Open House: Jul 07
Open House: Jul 08
Open House: Jul 15
Open House: Jul 21
Open House: Jul 22
July 24 V945850 removed
July 27 V963884 $1,198,000 $-401,000 -25%
Open House: Jul 28
Open House: Jul 29

Assessment: Building Unfinished at time of assessment

“LOCATION – LOCATION – LOCATION” Across from Vancouver Golf Club. Features: 9 bedrooms, 8 bathrooms, 4 kitchen areas. Best price per sq ft in Central or West Coquitlam. Just move into this recently renovated home with new addition (with permits) in 2007 & 2008; lane access, impressive 16′ floor to ceiling windows facing private yard; hardwood, two stairways to upstairs, open concept with huge kitchen, lots of additional parking and located on no thru street with huge gated driveway. 1 bdrm nanny suite & 2 bdrm in-law suite with walk out basement. OPEN HOUSE SAT JULY 28TH, & SUN JULY 29TH, 1:30 – 4 PM.

#9) Address:# LT 53 MOONDANCE PL, Gibsons, Sunshine Coast

June 14 V660726 $199,500 $0 0%
July 26 V660726 $149,500 $-50,000 -25%

Assessment: No Assessment

Level lot nestled between 2 ravines at the top of Harry Road in Bonniebrook. Curb & Gutter roadways. Underground services (Hydro, Water, Natural Gas, Telephone & Cable). Approved health covenant Sites. Nicely treed & easy to build on.

#10) Address:# 5 1336 PITT RIVER RD, Citadel, Port Coquitlam

November 30 V921301 $399,900 $0 0%
December 14 V921301 $379,000 $-20,900 -5%
March 09 V921301 $358,000 $-41,900 -10%
April 24 V921301 $349,900 $-50,000 -13%
June 28 V921301 $329,900 $-70,000 -18%
July 10 V921301 $319,900 $-80,000 -20%
July 27 V921301 $299,900 $-100,000 -25%

Assessment: $374,000

NEW PRICE TO TAKE EFFECT $299,000! Never before has a townhouse of this sqft been sold for this low a price! This END UNIT has 2 very spacious bedrooms & a massive living/dining room. With the amount of square footage in this unit, you will never be short of space. There is another oversized room in the basement level which can be used as another Bedroom or a Theatre/Games Room as well as an ABUNDANCE OF STORAGE SPACE. Enjoy a summer BBQ and extend your party onto your outdoor patio and green space off the living room and not worry about neighbours. Just minutes to the Mary Hill Bypass, for easy travel to Vancouver, or east to Maple Ridge, SITUATED WELL BACK FROM TRAFFIC.

#11) Address:8241 REDROOFFS RD, Halfmoon Bay, Sunshine Coast

March 09 V920309 $399,900 $0 0%
March 26 V920309 removed
March 28 V939466 $349,800 $-50,100 -13%
Open House: May 26
July 25 V939466 $299,900 $-100,000 -25%

Assessment: $331,700

High Bank Water front, cosy house with partial basement. This cute home features oak Kitchen Cabinets, Gas Fireplace and newer Gas Furnace. Might be possible to rebuild the original beach house, the lot is steep to the water.

#12) Address:6428 CHELMSFORD ST, Granville, Richmond

March 09 V917053 $2,398,000 $0 0%
July 24 V917053 removed
July 26 V963719 $1,800,000 $-598,000 -25%

Assessment: $1,597,000

Own this magnificent home in a multi-million dollar neighborhood. The entrance foyer boosts a 16 ft ceiling, gleaming chandelier & marble floors. The dramatic curved staircase leads to the upper floor with a high ceiling & dome-shaped skylight along the hallway. The open floor plan kitchen has S/S appliances, wood cabinets & granite countertops. There is an ample space for dining in the breakfast bar, informal & dining rooms. Have your gatherings in the family room which has a warm & cozy fireplace & wet bar. Treat yourself in your own spacious spa tub & sauna. The master bedroom is so huge & has two separate walk in closets & ensuite 5 pce bathroom. Buy it now!

#13) Address:# 32 7529 140TH ST, East Newton, Surrey

March 09 F1201781 $224,900 $0 0%
March 30 F1201781 $199,000 $-25,900 -12%
May 05 F1201781 $190,000 $-34,900 -16%
June 15 F1201781 removed
June 16 F1215787 $179,900 $-45,000 -20%
July 28 F1215787 $169,900 $-55,000 -24%

Assessment: $235,500

GLENVIEW ESTATES. At back of complex. 2 level unit with 3 bdrms & 2 1/2 bathrms, wood F/P. Patio & back, fenced yard have Southern (sunny) exposure. Mbdrm has deck. Needs some work, but for the price???? Measurements are approximate and should be verified by the Buyer if important to them.

#14) Address:# 46 1650 COLUMBIA VALLEY RD, Chilliwack, Chilliwack

June 14 H1100765 $89,900 $0 0%
July 08 H1100765 $77,900 $-12,000 -13%
July 24 H1100765 $68,000 $-21,900 -24%

Assessment: $72,100

No Picture

Leisure Valley your place to get away from it all. This is a bareland strata just minutes from Cultus Lake and Aquadel Golf Course. Lot includes a 8 x 10 storage shed, a fire pit, and a 2004 (28ft) Prowler Trailer. Your family could enjoy many a summer or weekend in this quiet, 49 lot park, the low strata fees include: road and area maintenance, garbage collection, water and sewage system, insurance, snow removal, strata management and clubhouse.

#15) Address:# LT 54 MOONDANCE PL, Gibsons, Sunshine Coast

June 14 V660733 $209,500 $0 0%
July 26 V660733 $159,500 $-50,000 -24%

Assessment: No Assessment

Great level lot nestled between 2 ravines at the top of Harry Road in Bonniebrook. Curb & Gutter roadways. Underground services (Hydro, Water, Natural Gas, Telephone & Cable). Approved health covenant Sites. Nicely treed & easy to build on.

#16) Address:# 601 1111 HARO ST, West End, Vancouver West

February 23 V933456 $650,000 $0 0%
March 16 V933456 $620,000 $-30,000 -5%
April 26 V933456 $599,000 $-51,000 -8%
June 09 V933456 $590,000 $-60,000 -9%
June 16 V933456 $570,000 $-80,000 -12%
July 19 V933456 $525,000 $-125,000 -19%
July 26 V933456 $499,000 $-151,000 -23%

Assessment: $545,000

Perfect location in the west end, 1 block from Robson St., just steps from unlimited amenities: shopping, restaurants, theater, transportation. 1,050 sq.ft. of living space with large rooms, separate bedrooms, floor to ceiling windows, cozy gas fireplace. Well run building with pro-active strata council features gym, media room social room, secure underground parking. Now priced right & ready for your creative updates! Open House Saturday July 28, 1:00-4:00pm.

#17) Address:1525 ERRIGAL PL, Canterbury, West Vancouver

March 14 V937025 $6,980,000 $0 0%
April 12 V937025 $5,980,000 $-1,000,000 -14%
July 20 V937025 removed
July 25 V963588 $5,380,000 $-1,600,000 -23%
Open House: Jul 26

Assessment: $4,581,000

Magnificent View Mansion, offering Enter luxury in this magnificent ocean&city view mansion.Built w/pride in workmanship.Impressive marble foyer w/open ceiling & peekaboo view of large indoor pool through etched glass window leads to games/media room. Main floor boasts open floor plan, large f/p, kitchen w/high end app.warm limestone flr,guest suite,den complete this spacious area.All BRs have own en suite. MBR has prvt deck&sitting area. No expense spared with lighting. Feature packed and exciting.

#18) Address:# 109 11595 FRASER ST, East Central, Maple Ridge

June 18 V957139 $149,000 $0 0%
July 07 V957139 $129,000 $-20,000 -13%
July 17 V957139 $119,000 $-30,000 -20%
July 28 V957139 $114,900 $-34,100 -23%

Assessment: $138,100

Brickwood Place offers a central location, walking distance to Fraser River, WestCoast Express, shopping, and restaurants. Steps to Brickwood Park. 2 Bedrooms with large patio. Good condition —and great opportunity to own!!

#19) Address:11651 WOODHEAD RD, East Cambie, Richmond

January 06 V923762 $2,199,900 $0 0%
February 14 V923762 $1,998,000 $-201,900 -9%
May 17 V923762 $1,849,000 $-350,900 -16%
June 19 V923762 $1,789,000 $-410,900 -19%
July 26 V923762 $1,699,000 $-500,900 -23%

Assessment: $1,605,000

Custom Built Luxury Executive 7 Bedroom 5990 Sq Ft Family home on 15,800 Sq Ft Lot. Home is located across from the California Point Subdivision. Offers open entry with Elegant Living/Dining Rooms for Entertaining, Spacious Den for Home Office. Gourmet Kitchen with top of the line Cabinets, Granite Countertops and Stainless Steel Appliances. Open High Ceiling in Family Room with Gas Fireplace and view of the Rear Yard. Upper Floor has 5 Bedrooms with 3Ensuites, Media Room with Bar. Triple garage, all modern features. This is an ideal home for a growing family with room for Nanny/In laws, must see to appreciate the quality of workmanship and the conveniences of easy access to Oak/Knight St bridges, shopping Park/Schools etc…

#20) Address:# LT 47 MOONDANCE PL, Gibsons, Sunshine Coast

June 14 V660708 $219,500 $0 0%
July 26 V660708 $169,500 $-50,000 -23%

Assessment: No Assessment

Very private level lot adjacent to End Creek ravine at the top of Harry Road in Bonniebrook. Curb & Gutter roadways. Underground services (Hydro, Water, Natural Gas, Telephone & Cable). Approved health covenant Sites. Quality home area.


15 responses to “The Weekly Drop – July 30, 2012

  1. Yellow Helicopter July 30, 2012 at 2:32 pm

    Re #2: ‘ The Vendor will not accept any offers to purchase from any individual that is an employee of Toronto Dominion Bank or any of its subsidiaries or affiliated corporations” – would love to know the story behind that one!!

    • an observer July 30, 2012 at 4:24 pm

      Maybe the owners are Persian and very upset about TD’s closure of Iranian bank accounts in Canada? Seems kind of silly to limit the potential people who might buy your home

  2. xyz July 30, 2012 at 6:48 pm

    I’ve seen this before… maybe its a legal thing… a foreclosure or court ordered sale where an employee could have an advantage of knowing how much is owing or something?? I could be way off though…

  3. gokou3 July 30, 2012 at 7:28 pm

    Ya I have seen the TD clause a few times too.. but only for TD, not any other banks.

  4. Moloko July 30, 2012 at 10:19 pm

    Wow crazy reductions…sweet:)

  5. bcj July 31, 2012 at 10:56 am

    “Never before has a townhouse of this sqft been sold for this low a price!”

    ’nuff said

    • an observer July 31, 2012 at 11:03 am

      It’s quite amazing that people can blatantly lie when selling something that is many times the entire net worth of the buyers. I’m normally against regulation and the government getting more involved in business but the real estate business needs some serious regulation

      • bcj July 31, 2012 at 12:07 pm

        To me it’s not so amazing that they can lie, but rather that they would bother. In this case it’s such a demonstrably false statement I’d have to chock it up to some sort of error in translation (the realtor claims to be fluent in english, cantonese, punjabi & hindi).
        No offense, but setting up some sort of government bureaucracy to regulate what realtors say would turn into a very expensive exercise in chasing the wind. If individuals can’t sift through the BS for themselves, they deserve what they get.

      • an observer July 31, 2012 at 12:49 pm

        I’m not talking about setting up an expensive government bureaucracy to manage this but this is a huge financial transaction and having blatant lies not be punishable by fines, suspensions etc will encourage more lies and deception.

        Sure, saying that there has never been a lower priced townhome of this sqft is easily dismissed. In the Vancouver West spotlight one home is listed as “The Best Price Ever!!!” even though it is still a few hundred thousand above assessment and is 64 years old. Why stop there? Change the square footage and lot sizes which I know is already happening… Say that there is no oil container in the backyard when there is… Air Conditioning installed when it isn’t.

        Yeah, you could verify these things yourself but people are buying a home, not a product on a late night commercial that might be stretching the truth and the sad fact is that the latter provides more recourse.

      • bcj July 31, 2012 at 1:50 pm

        “Change the square footage and lot sizes which I know is already happening… Say that there is no oil container in the backyard when there is… Air Conditioning installed when it isn’t.”

        This is fraud, for which very serious recourse already exists.

        “The Best Price Ever!!!”

        I say let a realtor make a fool of himself. Would you hire a realtor that makes spelling mistakes, grammatical errors and outrageous, unsubstantiated claims for his existing clients?

  6. Sparky July 31, 2012 at 11:55 am

    Here’s one might want to follow:
    1010 W 57TH AV
    Vancouver, BC V6P 1S5
    For Sale: $5,988,000
    MLS®: V941837
    Originally listed at 6,988,000 and now 5,988,000

    • bcj July 31, 2012 at 12:49 pm

      Good call, this one has a long way to drop. To my mind this property is emblematic of the entire westside spec built luxury market. Buy lot @ $1 – 1.5M, build out @ $1 – 1.5M, pencil in a tidy $3-4M profit, throw a few lucky 8’s into the listing price and wait for a sucker to bite. My suspicion is that their is an air pocket below the original ask of $7M approximately equal to the entire imagined profit. And who in their right mind builds this type of ultra-luxury house directly on a street that is alternately a parking lot and a 6-lane freeway?

  7. Kelly July 31, 2012 at 5:15 pm

    Love this site!!!!Please keep it up! I’m looking for a house in S. Surrey and am amazed at the no. of listings and the length of time most of them have been on the market! One interesting point:whenever I go to an open house the realtor says how busy they are and that it is still a very good market!!!(Denial?)

    • an observer July 31, 2012 at 6:05 pm

      Denial… I am actually looking at selling my home and buying in south surrey likely some time next year and so I get email alerts on every sale in south surrey. The only thing selling are homes as development lots and low priced homes. In the $2 million+ range the MOI is probably about 40! (again excluding old homes on very large lots purchased for redevelopment). Main problem there is horrendously out of touch listing prices – reasonably priced homes still sell

    • moloko August 1, 2012 at 5:23 pm

      yes great site! your work on this blog is very much appreciated!

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