Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – November 5, 2012

Sorry about the late posting – this is the top 20 as of yesterday though, just wasn’t able to finish.  Here are the 20 properties that dropped their price the previous week AND have dropped the largest percentage overall from their original asking price.

Some highlights for this week:

  • 44 listings dropped to a cumulative total of 20%+ this week, 21 hit 25% and 8 hit 30% this week
  •  Sunshine coast leads with 3 in the top 20 followed by New Westminster, Maple Ridge, Burnaby, Mission and Hope all with 2
  • 14 of 17 listings are listed below assessment for a new record of 82%!!!

#20 ) Address:# 112 1202 LONDON ST, West End, New Westminster

April 26 V945836 $264,500 $0 0%
April 26 V945836 removed
May 04 V947664 $228,000 $-36,500 -14%
Open House: May 19
Open House: Jun 02
Open House: Jun 16
June 29 V947664 $217,000 $-47,500 -18%
August 03 V947664 removed
August 16 V966616 $217,000 $-47,500 -18%
Open House: Aug 19
September 22 V966616 $209,000 $-55,500 -21%
Open House: Sep 30
November 02 V966616 $198,500 $-66,000 -25%
Open House: Nov 03

Assessment: $200,400

2 sales here last year averaging 4% ABOVE assessment and this unit is currently 1% BELOW assessment and that’s after starting off at over 30% ABOVE assessment

Spacious completely renovated 2-bedroom unit in popular, central location. Very quiet, all windows overlooking green space. Shows beautifully: new kitchen, bathroom, flooring. Excellent floor plan, feels much larger than actual square footage. Large living/dining rooms combo separates the bedrooms, handy en-suite storage/den and over-sized balcony! Conveniently located within walking distance to schools, shopping & transit. Parking stall and storage locker are included.


#19) Address:905 E 15TH AV, Mount Pleasant, Vancouver East

March 09 V914244 $668,000 $0 0%
April 13 V914244 removed
April 16 V943709 $598,000 $-70,000 -10%
July 12 V943709 $568,000 $-100,000 -15%
October 30 V943709 $498,000 $-170,000 -25%

Assessment: $518,000

Another one starting at almost 30% ABOVE assessment and now dropping below assessment.  This is a common theme now in these weekly drops: Excessive Greed turns to PRICED TO SELL turns to UH OH…

Very quiet Mount Pleasant location close to everything. Beautiful ground floor unit in a half duplex with open floor plan. 2 bedrooms with full bath. All on one level this beauty boasts a stunning kitchen with granite countertops, stainlesssteel appliances including gas range, gleaning engineering wood, radiant in floor heat and superb finishing detailing around window and doors. Outdoor space includes front Eastern patio and large backyard with garden space. Parking space off lane. This home shows like a display suite. Act fast!


#18 ) Address:# 212 5375 205TH ST, Langley City, Langley

June 14 F1114953 $219,900 $0 0%
November 04 F1114953 $209,900 $-10,000 -5%
February 10 F1114953 $204,900 $-15,000 -7%
March 30 F1114953 $199,900 $-20,000 -9%
April 20 F1114953 $189,900 $-30,000 -14%
May 23 F1114953 $184,900 $-35,000 -16%
August 01 F1114953 removed
August 21 F1221159 $176,900 $-43,000 -20%
September 27 F1221159 $159,900 $-60,000 -27%
Open House: Oct 07
October 30 F1221159 removed
November 04 F1226826 $162,900 $-57,000 -26%

Assessment: $210,000

4 sales here last year averaging 1% ABOVE assessment and after this price increase this unit is now 22% BELOW assessment.  Previously in their description they had indicated it was sold in March for $205K…    It was listed in March for $205K but it continued to list under the same MLS number until August which I don’t think is possible if it actually sold.  If anyone can dig into this further I’d be interested to know the details.  They have since dropped that load of BS in the description but the one thing that stays consistent is the fact that it isn’t selling for more than 20% less than similar units were selling for a year ago.

THIS ONE HAS TO BE ON YOUR LIST. 55+ DELUXE CONDO in Showhome condition with solid oak cabinets in kitchen and white appliances which overlooks dining/living room which offer a cozy corner gas fireplace with crown moldings, warm laminate floors and large enough balcony to entertain overlooking quiet courtyard. 2 spacious bedrooms with mirrored sliders in master and full ensuite. New carpeting and large insuite storage unit with extensive cabinets plus an additional storage unit on the same floor. Solid complex with a newer roof approx 7 yrs old and mnt fees include HEAT, HOTWATER AND GAS. Priced for a quick sale. Vacant. Additional parking and rv parking available $20/spot. Weekly socials, clubhouse, workshop and guest suite on site. No rentals, no pets. Within walking distance to Seniors center and shopping. One look and you’ll be proud to call this home! * PREC – Personal Real Estate Corporation


#17 ) Address:2841 ROY RD, Roberts Creek, Sunshine Coast

May 02 V946958 $1,350,000 $0 0%
June 28 V946958 $1,100,000 $-250,000 -19%
August 09 V946958 $999,999 $-350,001 -26%
October 26 V946958 removed
October 31 V978618 $999,000 $-351,000 -26%

Assessment: $1,241,000

A whopping $999 price drop after relisting but still good enough for the top 20 overall

Rare opportunity to buy two legal waterfront lots. These lots are dead flat and have an elevation at approximately 6 feet from the beach. House at little value.


#16 ) Address:13011 250TH ST, Websters Corner, Maple Ridge

September 22 V911968 $669,000 $0 0%
January 30 V911968 $639,000 $-30,000 -4%
March 09 V911968 $629,900 $-39,100 -6%
June 13 V911968 $599,900 $-69,100 -10%
September 01 V911968 removed
September 13 V970862 $599,000 $-70,000 -10%
September 27 V970862 removed
September 29 V974231 $549,900 $-119,100 -18%
October 18 V974231 $509,900 $-159,100 -24%
November 01 V974231 $494,900 $-174,100 -26%

Assessment: $537,000

Great family home on 1.777 acres, on quiet cul-de-sac, backing onto greenbelt. Spacious 2 storey home with 4 bedrooms plus family room up, 2 ? baths, and double garage.


#15 ) Address:6080 MARINE DR, Big Bend, Burnaby

October 12 V976180 $1,749,000 $0 0%
October 16 V976180 $1,849,000 $0 0%
October 26 V976180 $1,649,000 $-200,000 -11%
October 30 V976180 $1,428,000 $-421,000 -23%
November 03 V976180 $1,350,000 $-499,000 -27%

Assessment: $1,045,000

Purchased July 21, 2011 for $1,070,000 so they initially relisted at over 60% above what they paid for it, then 4 days later increased this to 70% above what they paid for it… Quickly getting down to reality with 3 price drops totalling 27% in a little over a week!!!

ABSOLUTELY GORGEOUS HOME BUILT BY EUROPEAN BUILDER on beautiful deep lot of 50’x207′ & in desirable Burnaby South location. Over 4,018 SqFt of living area & designed to its highest standard. BEST in QUALITY, WORKMANSHIP, full attention to details & supreme finishing. Grand foyer w/high ceilings, extensive use of granite & H/W floors throughout. 9 generous sized bedrooms & 7 bths, entertaining sized open LVGRM & large gourmet KIT w/high-end cabinets & appliances, large isl w/granite countertop. 1 & 3-bdrm walk-out suites as mortgage helper. Beautiful landscaping & PARK-LIKE GARDEN! Close to well know school: Burnaby South, Greenwood Elem & some private schools, golf club, shopping & transit. Easy to SFU, UBC, Douglas! A VERY SPECIAL HOME HAS ALL!


#14 ) Address:# 202 8775 CARTIER ST, Marpole, Vancouver West

April 30 V946467 $289,000 $0 0%
June 27 V946467 $269,000 $-20,000 -7%
Open House: Jun 30
August 30 V946467 removed
November 04 V979115 $210,000 $-79,000 -27%

Assessment: $280,400

3 sales here last year averaging 4% BELOW assessment and this unit is currently 25% BELOW assessment

Prime Marpole location. Quiet, bright southeast corner 1 bedroom apartment in the ‘Cartier House’. Also includes an enclosed balcony which is not include in the 670 sq.ft with views of Marpole Park, maple cabinets in the kitchen & hallway, newer appliances, gas fireplace with glass doors, marble tiles & maple mantle, closet organizers, mirrored bi-fold doors and more. One parking stall. One storage locker. No pets. Rentals allowed with restrictions. Lobby, boiler & hot water tank 2009. Roof 2008. Piping 2001. Easy to show. Quick completion possible.


#13 ) Address:# LOT 5 ROY RD, Roberts Creek, Sunshine Coast

June 04 V954205 $689,000 $0 0%
June 28 V954205 $579,000 $-110,000 -16%
August 09 V954205 $499,900 $-189,100 -27%
October 26 V954205 removed
October 31 V978638 $499,900 $-189,100 -27%

Assessment: No Assessment

Such a huge glut of building lots in the Sunshine Coast – tough to imagine many of these selling even if priced an additional 50% off.  How many people are really looking to build there at this point?

Level waterfront building lot in Roberts Creek, just off Metcalfe Rd. 10 minute walk to post office, store, restaurants. Rare and affordable. Adjacent lot also available.


#12 ) Address:# TH6 8160 LANSDOWNE RD, Brighouse, Richmond

March 24 V939119 $788,000 $0 0%
April 05 V939119 $686,000 $-102,000 -13%
Open House: May 20
Open House: May 26
June 06 V939119 $598,000 $-190,000 -24%
Open House: Jun 17
June 25 V939119 removed
August 10 V965739 $659,000 $-129,000 -16%
Open House: Aug 11
Open House: Aug 12
Open House: Aug 18
Open House: Aug 19
October 02 V965739 removed
October 04 V974895 $588,000 $-200,000 -25%
November 02 V974895 $568,000 $-220,000 -28%

Assessment: $603,000

9 sales here last year for an average of 3% ABOVE assessment and this unit is currently 6% BELOW assessment

Located in Central Richmond, steps to skytrain, Lansdowne Mall, Kwantlen University. This building offers: concierge service, 2 guest suites, pool table & games room, exercise center & steam room & sauna. Located within easy distance to skytrain, shopping & restaurants. Beautiful front patio with trees, flowers & plants. Recent renovation on flooring & bathrooms. Perfect condition & ready for quick possession.


#11 ) Address:16535 TIMBERLINE RD, Pender Harbour, Sunshine Coast

June 01 V953784 $230,000 $0 0%
June 30 V953784 $210,000 $-20,000 -9%
August 10 V953784 $200,000 $-30,000 -13%
August 30 V953784 $180,000 $-50,000 -22%
September 27 V953784 $170,000 $-60,000 -26%
November 02 V953784 $165,000 $-65,000 -28%

Assessment: $169,400

This one bedroom one bath property offers a peaceful get away from the big city. It is minutes from the Earls Cove ferry, and the treed lot provides all the privacy you could ever want. A view corridor could be opened up to the ocean as the property is bordered on one side by an undeveloped road allowance. Perfect for the couple or family who want a rural retreat without the big price tag.


#10) Address:# 47 3960 CANADA WY, Burnaby Hospital, Burnaby

March 14 V936828 $349,900 $0 0%
March 28 V936828 $328,800 $-21,100 -6%
April 28 V936828 $314,900 $-35,000 -10%
Open House: May 20
May 23 V936828 removed
May 28 V952738 $275,900 $-74,000 -21%
Open House: Jun 09
Open House: Jun 16
July 31 V952738 removed
August 06 V965295 $265,888 $-84,012 -24%
Open House: Aug 19
Open House: Aug 26
Open House: Sep 02
Open House: Sep 16
Open House: Oct 14
November 02 V965295 $249,900 $-100,000 -29%
Open House: Nov 04

Assessment: $259,200

No units sold in this development last year.  “MOTIVATED SELLER. BRING OFFERS. MUST GET SOLD”.  Maybe they should have thought about that before initially listing it for 35% ABOVE assessment…  I believe this one still has quite a ways to go.  Don’t believe many 28 year old apartments are selling for anything close to assessment these days

OPEN HOUSE: SUNDAY, NOVEMBER 4, 2:00-4:00 MOTIVATED SELLER. BRING OFFERS. MUST GET SOLD. Beautiful spacious 1 bdrm corner unit with its own private entrance and large patio rarely becomes available in Lodges in popular Cascade Village. Nicely kept unit. Wood burning fireplace gives a country style feeling to this cozy apartment. Top of the line appliances, newer hot water tank, in suite laundry. Complex has a very nice recreation facility with indoor pool, weight room, two theatre rooms & party room looking out to landscaped green area. Close to HWY 1, Metrotown, Brentwood Mall, BCIT, and 2 minutes walk to Ismaili Jamatkhana & Centre.


#9 ) Address:32600 BOBCAT DR, Mission BC, Mission

September 07 F1122311 $319,000 $0 0%
October 07 F1122311 $299,000 $-20,000 -6%
November 16 F1122311 $289,000 $-30,000 -9%
January 27 F1122311 $284,000 $-35,000 -11%
February 29 F1122311 $250,000 $-69,000 -22%
October 05 F1122311 removed
October 06 F1224897 $231,900 $-87,100 -27%
November 01 F1224897 $224,900 $-94,100 -29%

Assessment: $285,000

From 12% ABOVE assessment to 21% BELOW assessment in the 14 months it has been listed

Come for the views, stay for the equity. Great fixer upper on a quiet street, yet only minutes to town. 3 bedrooms and 2 bathrooms on a large lot with views of the valley below. Home needs some TLC but is priced accordingly. Don’t miss yourchance, view today!


#8 ) Address:61802 YALE RD, Hope Silver Creek, Hope and Region

March 09 H1200379 $325,000 $0 0%
May 01 H1200379 removed
September 15 H1203820 $249,000 $-76,000 -23%
November 02 H1203820 $229,000 $-96,000 -30%

Assessment: $317,800

Almost 30% BELOW assessment 

Priced to sell, 3.3 acres of flat land would be good for horse/hobby farm. Has a 4 year old drilled well, 200 amp service, nice mountain views, easy highway access and recreational areas and just 5 mins to amenities Hope has to offer. Bring your ideas.


#7 ) Address:# LT.3 SWARD RD, Mission BC, Mission

June 06 F1214691 $249,000 $0 0%
June 21 F1214691 $234,000 $-15,000 -6%
July 07 F1214691 $226,500 $-22,500 -9%
July 26 F1214691 $214,900 $-34,100 -14%
August 11 F1214691 $201,900 $-47,100 -19%
August 28 F1214691 $189,900 $-59,100 -24%
September 22 F1214691 $185,900 $-63,100 -25%
October 16 F1214691 $179,900 $-69,100 -28%
November 03 F1214691 $169,900 $-79,100 -32%

Assessment: No Assessment

“It is wet at the bottom, then risessteeply up the mountain” sounds like a great building location…  I give them points for honesty

8.17 ACRES at the north end of Hatzic Lake. Access off the end of a dead-end street. Neighborhood has a park and boat launch. Not subdividable. No driveway, property begins at the end of the street. It is wet at the bottom, then risessteeply up the mountain. * PREC – Personal Real Estate Corporation


#6 ) Address:# 1204 1026 QUEENS AV, Uptown, New Westminster

March 09 V931231 $299,000 $0 0%
April 24 V931231 removed
May 04 V947733 $239,000 $-60,000 -20%
June 18 V947733 $218,000 $-81,000 -27%
August 01 V947733 removed
November 03 V978990 $199,900 $-99,100 -33%

Assessment: $183,900

2 units sold here last year for an average of 2% ABOVE assessment and this unit after 33% in price drops is still 9% ABOVE assessment…  Likely a future #1 Weekly Drop entry – 27 years old and “needs TLC” yet they still have it way over assessment.  “Seller motivate”?

Wow! What a view! This one bedroom is on the top floor, solid concrete building. Just minutes to skytrain, New West Quay, Douglas college, shopping & parks. Suite has great layout, covered deck for your morning coffee & summer BBQ. Building has newer roof, exercise room, outdoor pool & garden. Maintenance fee includes hot water, management & recreation facility. Easy to show. Quick possession! Seller motivate. Suite needs TLC, bring your ideas & all offers.


#5 ) Address:4462 64TH ST, Holly, Ladner

March 09 V920798 $2,100,000 $0 0%
May 22 V920798 removed
June 06 V954602 $1,700,000 $-400,000 -19%
September 05 V954602 $1,550,000 $-550,000 -26%
October 30 V954602 removed
November 04 V979144 $1,400,000 $-700,000 -33%

Assessment: Farm Land

ALR land is tough to set a price on but they sure missed the mark

Central location, this is where the City meets the Country. This 9.69 acres has easy access to Highway 99, George Massy Tunnel and Ladner. The solid will support a wide variety of crops. Ideal for a home based business. Older barn and land currently leased. Excellent holding property for the right investor; currently zoned RS2 Single family.


#4 ) Address:38748 BUCKLEY AV, Squamish, Squamish

May 08 V948473 $399,000 $0 0%
June 08 V948473 $385,000 $-14,000 -4%
July 06 V948473 $338,000 $-61,000 -15%
September 06 V948473 $300,000 $-99,000 -25%
November 01 V948473 $258,000 $-141,000 -35%

Assessment: $301,700

Lowest-priced detached home in Squamish. Old-timer, 3 bedroom, 1.5 bathroom home located close to downtown and schools. Renovated in 1992 with new windows, doors, gas furnace/fireplace, upgraded electrical, new flooring and vinyl siding. Washer and dryer replaced in 2004 and new roof and hot water tank in 2010.


#3 ) Address:3033 LOUGHEED HY, Agassiz, Kent

March 30 H1201249 $695,000 $0 0%
September 25 H1201249 $469,900 $-225,100 -32%
November 01 H1201249 $439,900 $-255,100 -37%

Assessment: $401,000

Imagine dropping your initial price by 32% in one shot and realizing that still nobody wants it.  They have dropped the price another 5% but still way over assessment

Fraser River views! Awesome privacy with this gated 12.13 acre estate, nestled privately amidst towering cedars! Sit out on your south west facing deck and soak in the sun, the Fraser and valley views! 2400 sq. ft. custom 4 bedroom home. Great room concept with floor to ceiling windows to capitalize on the spectacular views. Only minutes to great golf (and dining) at Sandpiper Golf Course, fishing, hiking, parasailing, boating and skiing at Hemlock Valley. This is an ideal private retreat! Call today for details. * PREC – Personal Real Estate Corporation


#2 ) Address:274 RUPERT ST, Hope Center, Hope and Region

March 09 H1104578 $469,000 $0 0%
April 09 H1104578 $489,000 $0 0%
May 17 H1104578 removed
May 19 H1202138 $439,000 $-50,000 -10%
June 09 H1202138 $419,000 $-70,000 -14%
June 26 H1202138 $409,000 $-80,000 -16%
July 14 H1202138 $399,000 $-90,000 -18%
July 24 H1202138 $379,000 $-110,000 -22%
August 17 H1202138 removed
October 12 H1204081 $319,900 $-169,100 -35%
October 23 H1204081 $309,900 $-179,100 -37%
November 01 H1204081 $299,900 $-189,100 -39%

Assessment: $455,000

Look at their initial price of $469K and then the increase to $489K… fast forward 6 and a half months and they are hoping for $299K which happens to be over 33% BELOW assessment

Great location in Hope, set on treed lot with waterfront views of Fraser. A fisherman’s dream home. Conveniently located close to boat launch. This is a unique home with over 3000 sq.ft., 5 bedrooms, rec room and games room. Lots of windows to take in the scenic views. Needs some updating, but lots of potential. Central to shopping. * PREC – Personal Real Estate Corporation


#1 ) Address:12470 BLUE MOUNTAIN CR, Northeast, Maple Ridge

April 02 V940681 $698,000 $0 0%
August 03 V940681 removed
August 06 V965433 $475,000 $-223,000 -32%
August 17 V965433 $449,000 $-249,000 -36%
September 06 V965433 $429,000 $-269,000 -39%
September 21 V965433 $389,000 $-309,000 -44%
October 13 V965433 $374,900 $-323,100 -46%
October 31 V965433 $349,000 $-349,000 -50%

Assessment: $526,000

Cape Cod hits #1 spot yet again.  Time for the realtor to rethink this, get rid of the pictures and list this as a 1 acre lot with a nice overhead view.  Currently 50% off the initial price…

CAPE COD ON 1 ACRE! Nice curb appeal to this home with upstairs bedroom dormer windows. Lots of parking, double enclosed garage, nifty brickwork at the front, large covered sundeck at the back, off the dining and living room areas. Main floor has huge living and dining rooms, family room with gas fireplace, kitchen with wood cabinets and island, large laundry room. Two half baths on this level. Upstairs are 4 bedrooms, a full bathroom, and a full ensuite off the master. The basement is part and unfinished. Court Order Sale, as-is, extensive damage to home throughout, mold, etc. view photos on Realtor website before requesting a viewing. Check with your bank for financing first, as the home is without an occupancy permit.

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14 responses to “The Weekly Drop – November 5, 2012

  1. happy cynic November 6, 2012 at 1:24 pm

    #17- “elevation at approximately 6 feet from the beach”
    This may not be a good selling feature any more. Particularly with images of East Coast flooding fresh in our minds.
    http://www.huffingtonpost.ca/2012/11/04/tsunami-flooding-storm-surge-vancouver-richmond-earthquake_n_2066649.html?utm_hp_ref=canada-british-columbia

  2. Kits November 6, 2012 at 2:55 pm

    Thanks again for your work on this very useful blog! It would be awesome if you went in reverse order for your regional updates this week …. please! I have been hoping to see your latest West Van information … it would rock if you went 20 deep for that report!!!

  3. ere November 6, 2012 at 3:02 pm

    What about West Vancouver ,Vancouver west

  4. Yellow Helicopter November 6, 2012 at 4:34 pm

    Great work, thanks again!

  5. jack November 6, 2012 at 9:49 pm

    Thanks for this. I find myself rooting between Cape Cod and Blue Tarp every week. Helps me get along without hockey.

  6. Alexcanuck November 7, 2012 at 7:07 am

    I think Blue Tarp last appeared in September at https://vancouverpricedrop.wordpress.com/2012/09/ for 629K, 30% off their original 895K in March.
    Sold 650K, did it?

  7. McLovin November 7, 2012 at 9:11 pm

    I wonder when we will start to see these and other drops in the averages?

  8. JR November 8, 2012 at 11:11 am

    Maple Ridge is in for some pain. There is so much inventory sitting around in the Albion area it’s incredible. Lot’s of unsold and more not completed. There are several projects where it appears they have stopped work until they can sell units or secure more funding.

  9. cecil November 9, 2012 at 1:36 pm

    #6 is funny, look at the angle of the street relative to the building. What a brutal walk and hopefully the buyer doesnt have an older standard car.

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