Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – December 18, 2012

Here are the 10 detached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous week AND have dropped the largest percentage overall from their original asking price.

#10 ) Address:1816 W 14TH AV, Kitsilano, Vancouver West


April 25, 2010 V825359 $1,898,000 $0 0%
June 13, 2010 V825359 $1,698,000 $-200,000 -11%
November 01, 2010 V825359 removed after 190 days
November 10, 2010 V857809 $1,698,000 $-200,000 -11%
November 17, 2010 V857809 removed after 7 days
August 10, 2012 V965769 $3,198,000 $0 0%
September 05, 2012 V965769 $2,890,000 $-308,000 -10%
September 22, 2012 V965769 $2,680,000 $-518,000 -16%
December 15, 2012 V965769 $2,550,000 $-648,000 -20%

Assessment: $2,048,000

The assessment on this home does not likely include the massive restoration that took place last year.  If you look at the likely selling price of about $1.7 million and the current asking price of $2.55 million, after transactional fees there is about $736K left over, much less than the $1.37 million they were hoping to get with their initial price…  It is a 4000 square foot home and the renovation looks like it was very nicely done – I don’t think there is much profit left on this renovation flip. 

MAGNIFICENT LOWER SHAUGHNESSY GRACIOUS HOME with STUNNING CUSTOM HERITAGE RESTORATION 2011! You will be amazed! Gorgeous foyer, grand staircase, coffered ceilings! Every attention to detail to preserve the integrity of this classic beauty! Gracious entertainment size principal rooms, gorgeous bevelled stain glass, bay windows, California shutters, dark stained H/W floors, wainscotting, exquisite dining B/I buffet. Spacious new gourmet kit, stainless, granite counters, gas pantry! Cozy den, with B/I library, gas F/P’s. Solarium could be breakfast room! Upper lvl mtn views. 4 bedrooms, master w/separate dressing room, beautiful ensuite. New wiring, plumbing, insulation, R/I sprinkler system for lower level suite or strata unit. Incredible secret garden (50×125) stepping stones to the pond, exotic trees. Fabulous location, walk to South Granville shops, galleries, Stanley Theatre. The best of the city! RARE OPPORTUNITY AT THIS NEW PRICE…Hurry & Call to View by appointment!

#9 ) Address:6891 ANGUS DR, South Granville, Vancouver West


October 05, 2011 V913924 $4,888,000 $0 0%
March 31, 2012 V913924 removed after 178 days
December 16, 2012 V982702 $3,880,000 $-1,008,000 -21%

Assessment: $3,799,000

Lots of CAPS!!!  Likely one of those people they talk about on the news who pull the listing this spring waiting for conditions to get better and now, 9 months later, relist for $1 million less.  Wait, I didn’t hear about that part of the story on the news…

BEST LOCATION ON ONE OF THE MOST BEAUTIFUL STREETS IN WESTSIDE! PRESTIGIOUS SOUTH GRANVILLE, BIG LOT 66X125, over 5600 sf, DESIGNED BY LOY LEYLAND, THIS AMASING & ELEGANT CHARACTER HOME offers supreme finishing & details/craftmanship, provides intimate feeling of luxurious comfort of mixed classic/modern lvg, terrific layout w/4 ensuites & hobby rm up, quality H/W fls, high end appls & cabinetry, gourmet kit & wok kit, A/C, HRV, huge rec room & media room, park-liked garden. CLOSE TO CROFTON HOUSE PRIVATE SCHOOL, MAGEE Secondary, Maple Grove Elem, UBC, TRANSIT & KERRISDALE SHOPPING. Excellent price! Best value! You can’t miss it!

#8 ) Address:4610 MIDLAWN DR, Brentwood Park, Burnaby


April 23, 2012 V944980 $1,988,000 $0 0%
July 05, 2012 V944980 $1,788,000 $-200,000 -10%
August 02, 2012 V944980 removed after 101 days
December 13, 2012 V982504 $1,538,000 $-450,000 -23%

Assessment: $1,101,000

Initially priced at close to double assessment value and now “down” to 40% ABOVE assessment…  Likely first place candidate in the coming months

“One of Brentwood Parks finest”. A very special 3350 SF (approx) home on a gorgeous 8443 SF sunny – S,W,N corner lot. Lovely split level w/’craftsman” exterior styling & a bright, open concept, interior boasting colors/finishings with “Tuscan Flair”. Great layout maximizing natural light, large principal rooms (an entertainers dream), vaulted ceilings/skylights & a gourmet kitchen at the centre of it all! Three large bedrooms up plus amazing private master suite on the top floor with private, expansive view roof deck. Down is 1 bdrm nanny suite ready for occupancy. Central location just a few blocks to Brentwood Mall, bus & skytrain. Orig home (1954) but addition & reno 1998. All meas/info approx.

#7 ) Address:6380 MACDONALD ST, Kerrisdale, Vancouver West


October 14, 2011 V915565 $7,780,000 $0 0%
March 07, 2012 V915565 $7,380,000 $-400,000 -5%
April 17, 2012 V915565 removed after 186 days
April 20, 2012 V944449 $6,980,000 $-800,000 -10%
August 01, 2012 V944449 removed after 103 days
October 26, 2012 V978187 $5,980,000 $-1,800,000 -23%
October 26, 2012 V978187 removed after 0 days
December 14, 2012 V982559 $5,980,000 $-1,800,000 -23%

Assessment: $3,802,000

“Completely” new” lower level” with “new” in quotes – kind of concerning / confusing.  Another home listing at more than double assessment and after $1.8 million in price drops it is still a long ways off

Sophisticated Estate Property completely re-built in 2003. Stately Brick Georgian featuring a floor plan that is ideal for family living and large scale entertaining. Especially attractive custom kitchen with all the high end in demand appliances. An exceptionally generous family room has wall-to-wall French doors, which lead onto professionally landscaped grounds that include a sun trap pool complete with self contained pool house and additional lap pool. 5 spacious bedrooms up stairs including the 5th bedroom suite on the 3rd level. Completely” new” lower level with high ceilings and exceptional light, featuring media, games room, en suite Bdrm and much more. Truly one of the finest offerings on the market today!!

#6 ) Address:3666 MARINE DR, West Bay, West Vancouver


August 07, 2009 V780435 $7,888,000 $0 0%
April 07, 2010 V780435 $6,850,000 $-1,038,000 -13%
January 01, 2011 V780435 removed after 512 days
January 09, 2011 V862581 $6,850,000 $-1,038,000 -13%
April 08, 2011 V862581 removed after 89 days
April 24, 2011 V884225 $6,400,000 $-1,488,000 -19%
January 17, 2012 V884225 removed after 268 days
January 20, 2012 V926670 $6,400,000 $-1,488,000 -19%
June 30, 2012 V926670 removed after 162 days
July 04, 2012 V959890 $6,200,000 $-1,688,000 -21%
September 05, 2012 V959890 $5,900,000 $-1,988,000 -25%
October 05, 2012 V959890 removed after 93 days
December 12, 2012 V982360 $5,900,000 $-1,988,000 -25%

Assessment: $3,670,000

“one of the most talked about landmark properties on West Vancouver’s exclusive waterfront” – maybe it is talked about a lot because it has been listed for over 1100 days in the past 3 years…  Yet another listing coming in at more than double assessment

Here is a fantastic opportunity to acquire one of the most talked about landmark properties on West Vancouver’s exclusive waterfront.Nestled amongst properties ranging from 12 to 30 million dollars & boasting approximately 180′ of low-bank ocean frontage, it’s located minutes from shopping and restaurants in the quaint village of Dundarave & it’s close to the best Schools Canada has to offer.Imagine a new residence smartly situated on the property offering the new owner unparallelled access to the Vancouver Harbour,staggering 200 degree views day & night from every principal room & complete and utter privacy.Enjoy fishing,windsurfing,kayaking,boating and water-skiiing from the back of your own private seaside resort.

#5 ) Address:219 W 49TH AV, Oakridge, Vancouver West


June 08, 2008 V714879 $849,000 $0 0%
August 15, 2008 V714879 $799,900 $-49,100 -6%
December 31, 2008 V714879 removed after 206 days
February 15, 2009 V752850 $798,000 $-51,000 -6%
April 21, 2009 V752850 removed after 65 days
February 23, 2011 V870880 $998,800 $0 0%
March 08, 2011 V870880 removed after 13 days
July 27, 2012 V964034 $1,600,000 $0 0%
August 24, 2012 V964034 $1,380,000 $-220,000 -14%
December 18, 2012 V964034 $1,180,000 $-420,000 -26%

Assessment: $1,063,200 and sold March 3, 2011 for $997,500.  

Owners relisted hoping for a $529K profit (after all transactional fees) or well over 50% profit in a year.  Their latest price drop brings them down to a profit of $121K if they sell for asking.  This is one of two “Cambie Corridor” lots to make the weekly drop today.  It’s comical that they mention that it is an “excellent income property” bringing it $2250 / month.  Even after their 26% in price drops this is listed for over 500 times monthly rent!!!  Sorry but that is not an investment and in fact once you take away property tax and repairs it will under perform against inflation.

Attention Developer. Great opportunity to buy this 2 side by side lot (Total size approx. 99 x 120) property under Cambie Corridor Plan designation. FSR is between 1.25-1.75 which allowed for Mid-Rise residential building. Minutes walking distance to Langara College, Eric Hamber Secondary, Langara Golf Course, and Canada Line Station. 219 W. 49th is a 33 x 120 lot with fenced backyard & large sunny deck. It’s a fabulous family home with 6 bedrooms/4 bthrms or excellent income property which rented at $2250/month (2 bdrm + sep suite on main, & 3 bdrm bsmt suite w/own laundry). Lots of character, beautiful hardwood floors, and coved ceilings.

#4 ) Address:1910 ALMA ST, Kitsilano, Vancouver West


February 13, 2011 V869264 $1,800,000 $0 0%
February 19, 2011 V869264 $1,888,000 $0 0%
May 10, 2011 V869264 removed after 86 days
July 23, 2011 V900412 $1,690,000 $-198,000 -10%
September 16, 2011 V900412 removed after 55 days
November 04, 2011 V918135 $1,399,800 $-488,200 -26%
February 20, 2012 V918135 removed after 108 days
December 15, 2012 V982638 $1,358,000 $-530,000 -28%

Assessment: $1,016,200

2nd property from Kitsilano in the top 10.  This building lot is now down 28% but still way over assessment although the assessment does seem artificially low for a 3500 sqft lot in Kitsilano

UPDATE: “Justin” posted that this place sold in February for $ 1.2 million or 36% BELOW their peak asking price!  The new owners apparently got cold feet and are trying to flip for a profit.  If sold for asking price they would make an $87K profit minus capital gains taxes but given that this was purchased for $1.2 million in a much stronger market I think they are very optimistic with their new asking price.

Great opportunity to invest at an affordable price in a prime Kitslano area.This is a RT-8 lot which allows you to renovate or make a strata duplex each one about 1300sf;DP is approved already.School catchment: Bayview Elementary and Kitsilano Secondary.

#3 ) Address:3155 E 6TH AV, Renfrew, Vancouver East


June 04, 2012 V954399 $1,199,000 $0 0%
June 22, 2012 V954399 $1,149,000 $-50,000 -4%
July 13, 2012 V954399 $1,059,000 $-140,000 -12%
August 17, 2012 V954399 $999,000 $-200,000 -17%
September 01, 2012 V954399 removed after 89 days
October 07, 2012 V975716 $948,800 $-250,200 -21%
November 20, 2012 V975716 $889,000 $-310,000 -26%
December 18, 2012 V975716 $850,000 $-349,000 -29%

Assessment: $891,000

$1.2 million for an old, ugly vancouver special in East Vancouver?  Take a look at the interior pictures if you want a good laugh.  Good luck getting the $850K that they have now dropped the price down to

22yr old Vancouver special with 2 levels with basement. Features 3 bedrooms up and 1 bedroom in the basement, mountain view, double garage, new appliances, laminated floors and blinds. Close to school , shopping and transit.Property contains unauthorized accommodations. Open House Dec 1 Saturday 2 – 4pm.

#2 ) Address:2181 DEEP COVE RD, Deep Cove, North Vancouver


June 08, 2011 V892888 $1,750,000 $0 0%
July 08, 2011 V892888 removed after 30 days
July 10, 2011 V899001 $1,689,000 $-61,000 -3%
September 27, 2011 V899001 removed after 79 days
September 29, 2011 V912917 $1,490,000 $-260,000 -15%
January 10, 2012 V912917 removed after 103 days
January 13, 2012 V924968 $1,490,000 $-260,000 -15%
March 29, 2012 V924968 removed after 76 days
March 31, 2012 V940332 $1,280,000 $-470,000 -27%
June 29, 2012 V940332 removed after 90 days
July 05, 2012 V960200 $1,199,000 $-551,000 -31%
September 07, 2012 V960200 removed after 64 days
September 16, 2012 V971715 $1,199,000 $-551,000 -31%
December 09, 2012 V971715 removed after 84 days
December 12, 2012 V982352 $1,199,000 $-551,000 -31%

Assessment: $930,000

Working on their 8th MLS number since June of 2011 they seem to have stalled at the $1,199,000 price point for the time being but I imagine their realtor isn’t terribly busy

Stunning Deep Cove renovated home with mountain and water views. Custom built quality home just steps to the shops in Deep Cove. This Entertainers home has hard to find 4 bedrooms upstairs! Large Master suite has a separate tub and shower in this spa inspired en suite. Open the doors to your private deck where you can enjoy a cup of coffee and watch the sun rise. Three more large bedrooms and another bathroom complete this floor. The main floor boasts a custom kitchen with sub zero appliances and a new cook top in the island perfect for the chef in the family. Allow the kitchen gatherings to spill outside to the gracious outdoor deck and enjoy the sound of the stream next door. Radiant floors, new windows, designer paint.

#1 ) Address:231 W 49TH AV, Oakridge, Vancouver West


July 27, 2012 V964032 $3,200,000 $0 0%
August 24, 2012 V964032 $2,680,000 $-520,000 -16%
December 18, 2012 V964032 $2,180,000 $-1,020,000 -32%

Assessment: $1,436,200

“excellent income property which rented at $2100/month” with $500 going to property tax.  Even without the property tax this price is over 1000 x monthly rent making it one of the worst income properties in the entire bloated region.  I have to say that it is nice to see it has dropped a million so far.

Attention Developer. Great opportunity to buy this 2 side by side lot (Total size approx. 99 x 120) property under Cambie Corridor Plan designation. FSR is between 1.25-1.75 which allowed for Mid-Rise residential building. Minutes walking distance to Langara College, Eric Hamber Secondary, Langara Golf Course, and Canada Line Station. 231 W. 49th is a 66 x 118.58 lot with fenced backyard & large sunny deck. It’s a fabulous fabulous family home with 4 bedrooms/2 bthrms or excellent income property which rented at $2100/month.


15 responses to “The Weekly Drop – December 18, 2012

  1. Sheesh December 18, 2012 at 9:06 pm

    Wow, when you weed out the outlying areas, it seems prices for SFHs in Metro Vancouver have not dropped in any significant way. Only one of ten priced under assessment! I can only hope we still have a long way to go.

    • Not much of a name... December 18, 2012 at 9:30 pm

      Don’t forget, these are asking. You can ask all you want…what really matters is the sales price. I think that the lack of sales at these asking prices is a pretty strong statement in itself.

    • overthepoond December 18, 2012 at 9:31 pm

      Yup – pretty underwhelming drops there! No wonder the sales figures are plummeting!

      Still quite a way to go until Vancouver hits the ‘assessed value’ equilibrium we’re seeing in the out-of-Vancouver ‘burbs (not that those assessment values aren’t in for a haircut anyway!).

      Good stuff – thanks!

  2. Happy cynic December 19, 2012 at 12:23 am

    Thanks for these. Appreciate the over/under one million, and the longer histories.
    It also appears that there are fewer 8’s in asking prices these days. Does this mean that HAM is not such a draw anymore? It’s a while since I’ve seen a luxury suv touring prospective new owners and piloted by one of Vancouver’s exclusive realtors.
    I remember house hunting here in 1983 with a realtor friend. He took us out in his Ford Maverick.
    I recall that he was collecting welfare in the slow months. Time have changed.

  3. Felix December 19, 2012 at 2:57 am

    Great data, thats exactly what I wanted to see. Please keep up the great work!

  4. Van Coffee December 19, 2012 at 9:44 am

    Re: 1910 Alma.

    This brings back some real memories.

    My buddy and I rented the basement in that dump (actually he fouind the place when I was working away for the summer and I had to move in when I got back to BC) . We promptly moved out once first term exams hit – can you believe that place even had a basement. You will note the “slanted” appearance of the building – that carried through to the shower downstairs back in 1997….

  5. DK December 19, 2012 at 10:02 am

    Re: #2 Deep Cove

    “enjoy the sound of the stream next door”

    and the traffic hurtling down Deep Cove Road!! Good luck at $1.2M

  6. davers December 19, 2012 at 10:30 am

    #8 is a couple blocks away from my parents house and underwent a pretty signifigant reno recently (I believe last year, but it seems strange there is no mention of it in the description) which has probably not shown up in the assessment yet. Considering my folks house is assessed around 800K and is much older and on a smaller lot I’m willing to bet the assessment will be higher on that place next year.

    Looking at the pictures of it there is no way my parents place and that one should be anywhere close in assessed value.

    • an observer December 19, 2012 at 12:24 pm

      Thanks for the info – that is a very material thing to leave out of the description especially when they make note of a 1998 renovation! That could partially explain the complete disconnect between asking and assessment

  7. Jack December 19, 2012 at 1:54 pm

    #3 “Property contains unauthorized accommodations” I wish someone at CRA would start searching MLS for this phrase. Thanks for this, enjoying the new breakdowns and # of days on market.

    • Happy cynic December 19, 2012 at 7:20 pm

      I concur. Many of the Vancouver houses built under the newer 0.7 fsr ratio have two basement suites. This includes houses on 33 X 120 lots. I have one next door. (33 X 108). I’ve informed the owner that I’m aware of them, and so far he doesn’t have them regularly tenanted. I suspect he has built to sell, and is just waiting a year or so to avoid paying any taxes. In addition, the garage has never had a car in it.

  8. Real Estate Tsunami December 19, 2012 at 3:15 pm

    It has become pretty clear by now that in many cases the assessment value must be taken with a grain of salt. The volatility of the market makes it hard to properly assess properties.
    Again, the real catch would be the actual selling price.
    I believe, just based on anecdotal evidence, Richmond is moving down faster than other parts of LM. If HAM are liquidating, then Richmond could be the Canary in the Chinese coal mine.(pun intended).

    • Naked Official #9000 December 20, 2012 at 1:46 am

      Sorry, Didn’t quite catch that – you say Richard Fadden is investigating Pat Bell?

      Ho ho ho – jobs for everyone! (as long as you aren’t a Canadian union member)

  9. chinaexpert December 20, 2012 at 4:06 am

    The new Chinese new president Xi JinPing is really cracking down on corruption in China. Many officials are trying flee away but moving their corrupted capitals away from China is getting very difficult. For last decade properties bubble in China, chinese are borrowing unlimited loan from their sick banks hopefully for a good flip in Vancouver but market now are not cooperate. Those Chinese who bought places like west side or WV 5-6 years back are in trouble now. They need to force to sell to cover their axxes. That’s why you see all these 1 to 2 million price drop here. Look at it, an average Mainland Chinese cant afford to paid cash for their houses. They have to belong to govt officials, police or People liberation Army. Why Jason Kenney all the sudden changes all the immigration rules this year because he sees the mainland Chinese are bringing these black money into Canada. It’s violate the legitimacy of Canadian Immigration system.

  10. an observer December 21, 2012 at 2:39 pm

    This was posted by Justin in the About section, I reposted here:

    Quick bit of info on 1910 Alma Street. You noted that the house was removed on February 20th 2012 after 108 days on the market. The house was actulaly sold, not de-listed, on February 20th 2012, for $1.2 million – a 33.3% drop from the original $1.8 million list. It has since been put back on the market by the new owners at $1,358,000. The current owners are attempting to realize a $158,000 profit (not accounting for transactional costs) after holding for 9 months.

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