Vancouver Price Drop

Documenting Vancouver real estate price movements

Desperation Meter – November 16, 2012

The Desperation Meter is a formula I’ve come up with that determines a desperation score by weighting events like price drops, relisting under a new MLS and open houses and re-weighting them by how recent the event occurred.  Some highlights

  • Maple Ridge, North Vancouver and Mission all make the list 2 times
  • 8 of 9 listings with assessment info are listed below assessment

#10 ) 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%
September 07 V958839 removed
September 13 V970890 $895,000 $-270,000 -23%
Open House: Sep 16, 30
Open House: Oct 13
October 20 V970890 $847,500 $-317,500 -27%
November 05 V970890 removed
November 09 V979559 $795,000 $-370,000 -32%
Open House: Nov 17

Assessment: $863,300

Desperation Score: 37.5

UPDATE: Sold for $740,000, thanks “Disowned Renter”

Prime location. Close to Metrotown, skytrain, schools & nature trails. The original owners have cared for this home for 51 years. 3 bedrooms on the main floor, eating area in the kitchen, separate dining room, living room has hardwood floor, fireplace & overlooks the green space of Kisby Park. Partly finished basement with recroom & large area for potential finishings. A wonderful opportunity to renovated or add on to this solid home. This 50×150 lot with lane is great for building up to 4500 Sf of living space.Open Nov 17 Sat 2-4


#9 ) 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

Desperation Score: 38.2

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


#8 ) Address:24243 101A AV, Albion, Maple Ridge

August 10 V965832 $499,000 $0 0%
September 07 V965832 $469,900 $-29,100 -6%
October 19 V965832 $369,000 $-130,000 -26%
November 09 V965832 removed
November 15 V980056 $299,900 $-199,100 -40%

Assessment: $530,000

Desperation Score: 38.3


#7 ) Address:# 5 550 BROWNING PL, Seymour, North Vancouver

March 09 V934418 $745,000 $0 0%
March 28 V934418 $739,900 $-5,100 -1%
April 12 V934418 $734,900 $-10,100 -1%
May 05 V934418 $729,900 $-15,100 -2%
Open House: May 19, 20
May 21 V934418 $719,900 $-25,100 -3%
Open House: May 26, 27
June 08 V934418 $699,900 $-45,100 -6%
Open House: Jun 16, 17, 23, 24, 30
Open House: Jul 01, 07, 08
July 20 V934418 removed
July 22 V963428 $689,900 $-55,100 -7%
Open House: Jul 29
Open House: Aug 12, 19
August 22 V963428 $649,900 $-95,100 -13%
Open House: Aug 26
Open House: Sep 09, 16
October 11 V963428 removed
October 13 V976485 $648,900 $-96,100 -13%
October 19 V976485 removed
October 26 V978041 $635,000 $-110,000 -15%
Open House: Oct 28

Assessment: $677,000

Desperation Score: 39.3

2 sales here last year for an average of 1% BELOW assessment and this unit is currently priced at 6% BELOW assessment

Beautiful Tanager Townhouse. This former display suite features many fantastic built-ins and boasts 1705 square feet on 3 levels including 4 bedrooms and 3 bathrooms. The main floor features a great open kitchen with oversized island, quartz counter tops and stainless steel appliances, family room, nook, dining room and living room with fireplace and access to deck. 3 bedrooms up including ensuite master that can fit king sized bed, and additional 4 pc bathroom. Downstairs includes 4th bedroom or recroom, full bathroom and access to your 1 car garage with plenty of storage space. South facing, on the quite side of the building and looking into a greenbelt. Come and see for yourself, you will not be disappointed.


#6 ) Address:# 10 2986 COAST MERIDIAN RD, Birchland Manor, Port Coquitlam

May 12 V949714 $389,900 $0 0%
Open House: May 27
Open House: Jun 16
June 19 V949714 $379,900 $-10,000 -3%
July 23 V949714 removed
July 26 V963681 $375,000 $-14,900 -4%
Open House: Jul 29
July 27 V963681 removed
July 29 V964359 $359,000 $-30,900 -8%
August 14 V964359 $339,000 $-50,900 -13%
September 06 V964359 $319,000 $-70,900 -18%
September 20 V964359 removed
September 22 V972985 $319,000 $-70,900 -18%
Open House: Sep 30
September 29 V972985 $309,000 $-80,900 -21%
Open House: Oct 13
October 20 V972985 $299,000 $-90,900 -23%

Assessment: $373,000

Desperation Score: 40.1

2 sales last year averaging 1% BELOW assessment and this one is currently listed at 20% BELOW assessment!

WOW!! Completely redone. Great family complex central to all levels of schools, recreation, transit and shopping. This unit offer new: windows, maple hardwood floors, custom kitchen with all new tile work, designer paint, all new high end mouldings/trim work to accent the detailed finished, some slate floors. Updated bath with new fixtures and tile work. The master offers a huge Hollywood style walk in closet converted from the third bedroom, which you could easily return to 3 bedrooms. The top floors has a den/office with a door to the roof top deck. Bonus – fully fenced backyard. Hurry on this one, with it’s quiet location and updated it wont last.


#5 ) Address:9571 NO 4 RD, Saunders, Richmond

August 04 V959259 $591,600 $0 0%
August 08 V959259 $558,000 $-33,600 -6%
September 09 V959259 $519,888 $-71,712 -12%
September 22 V959259 $498,800 $-92,800 -16%
October 04 V959259 $488,000 $-103,600 -18%
October 23 V959259 $448,000 $-143,600 -24%
November 10 V959259 $428,000 $-163,600 -28%
November 14 V959259 $408,000 $-183,600 -31%

Assessment: $486,300

Desperation Score: 41.3

LIVE in it, RENT it out, HOLD it for future development !! This half duplex has huge potential to be part of a multiple family land assembly, but is priced affordably. 3 BR + 1.5 bathroom and substantially renovated. Single Garage. Large Western exposed lot, near to schools, parks, and transportation routes. Interior, carpets and paint, HW tank, and lighting updated. Roof done 2002. Please allow notice to show. All measurements approximate and to be confirmed by Buyer. See MLS#V956594


#4 ) 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

Desperation Score: 43.5

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.


#3 ) 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%
November 15 F1214691 $154,900 $-94,100 -38%

Assessment: No Assessment

Desperation Score: 43.5

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 rises steeply up the mountain. * PREC – Personal Real Estate Corporation


#2 ) Address:518 E 1ST ST, Lower Lonsdale, North Vancouver

July 15 V962307 $895,000 $0 0%
Open House: Jul 15, 21, 22
July 25 V962307 $875,000 $-20,000 -2%
Open House: Jul 28, 29
July 31 V962307 $850,000 $-45,000 -5%
Open House: Aug 04, 05
August 09 V962307 $838,000 $-57,000 -6%
Open House: Aug 11, 12
August 15 V962307 $825,000 $-70,000 -8%
Open House: Aug 19
August 22 V962307 $815,000 $-80,000 -9%
Open House: Aug 25, 26
September 05 V962307 removed
September 09 V970178 $795,000 $-100,000 -11%
Open House: Sep 09, 15
September 19 V970178 $785,000 $-110,000 -12%
September 28 V970178 $768,000 $-127,000 -14%
Open House: Sep 30
Open House: Oct 07, 13, 14
October 16 V970178 $749,000 $-146,000 -16%
Open House: Oct 20, 21
October 24 V970178 $729,000 $-166,000 -19%
Open House: Oct 28
Open House: Nov 03, 04
November 05 V970178 removed
November 10 V979771 $699,000 $-196,000 -22%
Open House: Nov 10, 11, 17, 18

Assessment: $670,900

Desperation Score: 53.0

Don’t miss seeing this well maintained bungalow featuring 2 fully finished 2304 sq ft on 2 levels. 3 bedrooms up/2 down & 2 baths (1) down & recreation room, wet bar & storage. Located on a 50×120′ nicely landscaped lot. Fenced backyard (safe for your little ones & pets). Very private & sunny backyard for your summer barbeques & entertaining your friends. Newly painted (June 2012) exterior & main floor, roof 2010, thermo windows thruout, enclosed porch for a quiet coffee in the morning while looking at your garden. Bonus: Mortgage helper 2nd kitchen plus 2 beds with private entrance with minor modification. Single garage w/lane access. Estate sale, must be sold. Bring your family-you would have to call this place home. Open House: Sat & Sun, Nov 17th & 18th, 1:00-4:00 PM.


#1 ) Address:34463 ROCKRIDGE PL, Hatzic, Mission

March 09 F1202886 $499,000 $0 0%
April 13 F1202886 removed
May 04 F1211519 $489,900 $-9,100 -2%
June 29 F1211519 $469,900 $-29,100 -6%
July 28 F1211519 $464,900 $-34,100 -7%
August 01 F1211519 $459,900 $-39,100 -8%
August 03 F1211519 $458,900 $-40,100 -8%
August 09 F1211519 $457,900 $-41,100 -8%
August 10 F1211519 $456,900 $-42,100 -8%
August 15 F1211519 $455,900 $-43,100 -9%
August 17 F1211519 $454,900 $-44,100 -9%
August 22 F1211519 $453,900 $-45,100 -9%
August 24 F1211519 $452,900 $-46,100 -9%
August 29 F1211519 $451,900 $-47,100 -9%
September 01 F1211519 $450,900 $-48,100 -10%
September 06 F1211519 $449,900 $-49,100 -10%
October 03 F1211519 removed
October 04 F1224553 $429,000 $-70,000 -14%
October 25 F1224553 $420,000 $-79,000 -16%

Assessment: $494,000

Desperation Score: 54.6

Quality rancher with loft in exclusive Rockridge Estates! Luxurious Main floor living with no stairs, plus a loft upstairs with extra bedroom, bathroom and games room.! Enjoy this spacious kitchen overlooking park-like backyard on tranquil greenbelt, dining room, living room, office, the Master Bedroom showcases en suite with soaker tub and shower! In-floor radiant heating, oversized double garage and large driveway, secure gated neighborhood with low $40 per month strata Incredible Value! Take advantage of this incredible home today!

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7 responses to “Desperation Meter – November 16, 2012

  1. M- November 16, 2012 at 2:31 pm

    This index is interesting– these places are asking substantially below assessment, which suggests that it may very well be a good indicator for owners who are desperate to sell! Good job!

  2. Alexcanuck November 16, 2012 at 6:34 pm

    #8:
    Grow-op, or just fire damage? Either way, don’t get too excited about it being 43% off assessed value, the pictures show a lot of damage.
    Wait until undamaged houses have that kind of discount off assessed, then it’s time to low-bid!

  3. Van guy November 17, 2012 at 1:43 am

    The 2 grow ops should not be on the list. The homes are not livable and need major repairs.

    • an observer November 17, 2012 at 2:15 am

      The owners knew they were grow ups when they initially priced these properties and that’s what this blog measures, the largest drops in asking price, so they should most definitely be there.

      • Van guy November 17, 2012 at 2:50 pm

        These grow op owners probably didn’t lose as much as it seams. This home was used as an investment to yield tax free gains.

  4. M. Ocubes December 8, 2012 at 9:51 am

    Overvalued properties….. Whoever assigned assessment values are partly to blame?

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