Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – December 19, 2012

Here are the 10 attached 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:# 219 9857 MANCHESTER DR, Cariboo, Burnaby

V968176_1

February 28, 2010 V811970 $199,000 $0 0%
May 04, 2010 V811970 $189,900 $-9,100 -5%
May 15, 2010 V811970 $184,900 $-14,100 -7%
May 30, 2010 V811970 removed after 91 days
June 13, 2010 V836379 $179,900 $-19,100 -10%
August 09, 2010 V836379 removed after 57 days
August 26, 2012 V968176 $169,900 $-29,100 -15%
December 14, 2012 V968176 $159,900 $-39,100 -20%

Assessment: $180,600

LOTS OF CAPS AND A STEADY DECLINE IN ASKING PRICE OVER CLOSE TO 3 YEARS

GREAT VALUE! COMFORT & CONVENIENCE AT BARCLAY WOODS. SPACIOUS, CLEAN, FRESHLY PAINTED THROUGHOUT IN 2012. FEATURES LAMINATE FLOOR, LARGE MASTER BEDROOM, BRIGHT EURO STYLE KITCHEN WITH NEW STOVE. COVERED WALK OUT PATIO TO ENJOY YEAR ROUND PERFECT FOR PETS & PATIO GARDENERS. STORAGE LOCKER / ONE PARKING STALL INCLUDED. HANDY SHARED LAUNDRY JUST STEPS DOWN THE HALL IS EASY TO ACCESS AND USE. WONDERFUL OPPORTUNITY TO BUY A HOME OR MAKE A SOLID INVESTMENT. RENTALS & PETS ALLOWED. RENTAL REVENUE $850. PER MONTH. 5 MINUTE WALK TO SKY TRAIN, TRANSIT, LOUGHEED MALL.


#9 ) Address:# 108 3709 PENDER ST, Willingdon Heights, Burnaby

V974709_1

March 16, 2012 V937566 $277,900 $0 0%
May 22, 2012 V937566 removed after 67 days
May 26, 2012 V952465 $273,400 $-4,500 -2%
October 01, 2012 V952465 removed after 128 days
October 03, 2012 V974709 $247,800 $-30,100 -11%
November 09, 2012 V974709 $237,900 $-40,000 -14%
December 15, 2012 V974709 $222,900 $-55,000 -20%

Assessment: $254,000

Court Ordered Sale

Court Ordered Sale. Spacious one bedroom suite with nice floor plan. Fireplace in the living room. Fenced South-facing patio. End unit, parking stall and locker. Close to transportation. Great opportunity. A must view this one.All measurements are approximate and to be verified by buyers. Call for appointment now.


#8 ) Address:4737 GRASSMERE ST, Forglen, Burnaby

V982736_1

March 26, 2012 V939334 $799,000 $0 0%
May 23, 2012 V939334 $788,000 $-11,000 -1%
June 08, 2012 V939334 $749,000 $-50,000 -6%
June 26, 2012 V939334 $699,000 $-100,000 -13%
August 21, 2012 V939334 $688,000 $-111,000 -14%
September 13, 2012 V939334 $648,800 $-150,200 -19%
October 03, 2012 V939334 removed after 191 days
December 16, 2012 V982736 $638,000 $-161,000 -20%

Assessment: $759,000

If you include the $30K in renovations this place is listed for well over 20% BELOW assessment.  “All Offers will be presented on Tues, Dec 18th at 6 PM.” – Interesting to see if there were any offers

Hot Deal. Priced well below BC Assessment of $759,000. Approx $30,000 in renovations just done. New laminated floors throughout, new S/S appliances, new furnace, blinds and painted up and down and approx 4 yr old roof. 5 bedrooms, 3 baths & 2 kitchens. 3 bedrooms main floor plus 2 bdrm basement suite. Master bdrm with 3 pce ensuite. Private backyard with covered deck. Vaulted ceiling, bright south facing and lots of windows. Great location – Metrotown, Bby Hospital & BCIT. Attached garage or hobby shop plus driveway parking. Can accommodate quick possession. Close to schools and shopping. A pleasure to show. Will not last at this price. Rare find. This renovated SxS half duplex which sits on a large private lot is amazing priced for quick sale. Open House: Monday & Tuesday Dec 17th & 18th,from 12:00 – 2:00 PM. All Offers will be presented on Tues, Dec 18th at 6 PM.


#7 ) Address:# 202 1675 HORNBY ST, Yaletown, Vancouver West

V967125_1

January 12, 2007 V625270 $888,000 $0 0%
April 01, 2007 V625270 removed after 79 days
August 15, 2008 V728195 $965,000 $0 0%
October 20, 2008 V728195 removed after 66 days
April 02, 2011 V879477 $948,000 $-17,000 -2%
May 11, 2011 V879477 removed after 39 days
July 23, 2011 V901295 $948,000 $-17,000 -2%
September 24, 2011 V901295 $929,900 $-35,100 -4%
December 01, 2011 V901295 removed after 131 days
February 03, 2012 V929236 $929,900 $-35,100 -4%
March 24, 2012 V929236 $899,000 $-66,000 -7%
April 19, 2012 V929236 removed after 76 days
August 18, 2012 V967125 $839,900 $-125,100 -13%
October 02, 2012 V967125 $829,900 $-135,100 -14%
December 18, 2012 V967125 $765,000 $-200,000 -21%

Assessment: $688,000

Sold for $825,000 in September, 2006.  According to the HPI, Vancouver West condo’s have gone up by 17% since then…  I’m very skeptical of the HPI because this is just not matching up to what I am seeing in the real world.  This unit is listed for 7% BELOW what it sold for 6 years ago…  If they sell for list price they will have lost over $100K when factoring in transactional fees not to mention condo fees and property tax for the 6 years plus a little think called inflation.

2 bdrm, 2 bath professionally measured at 1173 SF. Welcome home to the premier Seawalk South located on the water at the foot of Hornby Street. This amazing home boasts a covered balcony with a SE view of Granville Island. Brand new natural walnut engineered H/W throughout, smooth ceilings, freshly painted. Features include an updated kitchen with stone counters & newer appliances, Shoji screens in the den/2nd bdrm. This waterfront home comes with 2 secured parking spots & 1 storage locker. One pet & rentals permitted. Rooms are large, perfect for entertaining, the must see terrace is a generous 462 SF. The building is extremely well managed with a very proactive council.


#6 ) Address:# 215 1961 COLLINGWOOD ST, Kitsilano, Vancouver West

V978901_1

July 13, 2012 V961742 $2,688,000 $0 0%
August 31, 2012 V961742 removed after 49 days
September 06, 2012 V969402 $2,499,000 $-189,000 -7%
October 31, 2012 V969402 removed after 55 days
November 02, 2012 V978901 $2,295,000 $-393,000 -15%
December 15, 2012 V978901 $2,095,000 $-593,000 -22%

Assessment: $1,129,000

Don’t understand the assessment value on this one – this is a 3500 square foot 3 level town home in the heart of kits. I wonder what would happen if people’s assessments were adjusted based on their asking price!

PRICE TO GO! REDUCED FROM $2,295,000! Designed by award-winning BBA Design this one-a kind City Home feat. sophisticated luxury finishes of custom oak cabinetry & millwork, Subzero & Miele appl, natural stone & premium fixtures. This 4 BR, den & spacious family rm feat. generous master w/ plenty of clothes strg & grand ensuite. 2 entrances to home allow for multiple uses like a live/work situation (separate entry, private patio & up to 3 office spaces) or for those living w/ in-laws or adult children. Private 316 sf on 2 front patios, 40′ x 12’10” entertaining deck off dining & kitch. & 39’9 x 13’8″ master terrace. Concrete, steel & brick construction add to the uniqueness of this Premier property.


#5 ) Address:# 501 1650 BAYSHORE DR, Coal Harbour, Vancouver West

V982693_1

November 03, 2007 V676655 $989,000 $0 0%
January 16, 2008 V676655 removed after 74 days
March 28, 2010 V818178 $1,188,000 $0 0%
June 13, 2010 V818178 $1,088,000 $-100,000 -8%
October 20, 2010 V818178 removed after 206 days
May 19, 2011 V889199 $1,088,000 $-100,000 -8%
January 01, 2012 V889199 removed after 227 days
May 07, 2012 V948144 $999,000 $-189,000 -16%
August 03, 2012 V948144 $948,000 $-240,000 -20%
October 18, 2012 V948144 removed after 164 days
December 15, 2012 V982693 $919,000 $-269,000 -23%

Assessment: $938,000

Sold for $950,000 March 2008.  Another apartment listing for less than it sold for 4 and a half years ago.  The HPI says this should be worth $1.1 million but the market is saying something completely different

“Bayshore Gardens” this well kept 2 bedroom unit faces north having Marina view and partial Stanley Park view. Conveniently located near Bayshore Inn Hotel, Marina, Stanley Park, shopping at Robson and Denman Street to enjoy both waterfront living & downtown living. Comes with 24 hour Concierge, fitness room, 2 parkings etc.


#4 ) Address:# 204 3709 PENDER ST, Willingdon Heights, Burnaby

V979685_1

June 07, 2007 V651291 $249,900 $0 0%
July 18, 2007 V651291 removed after 41 days
April 15, 2011 V882386 $300,000 $0 0%
June 28, 2011 V882386 $298,000 $-2,000 -1%
August 31, 2011 V882386 removed after 138 days
January 06, 2012 V923629 $298,000 $-2,000 -1%
January 27, 2012 V923629 $297,500 $-2,500 -1%
February 28, 2012 V923629 $297,000 $-3,000 -1%
March 06, 2012 V923629 $295,000 $-5,000 -2%
March 20, 2012 V923629 $289,000 $-11,000 -4%
April 26, 2012 V923629 removed after 111 days
April 30, 2012 V946500 $275,800 $-24,200 -8%
May 09, 2012 V946500 removed after 9 days
June 29, 2012 V959304 $275,800 $-24,200 -8%
November 08, 2012 V959304 removed after 132 days
November 09, 2012 V979685 $242,900 $-57,100 -19%
November 22, 2012 V979685 $234,900 $-65,100 -22%
December 13, 2012 V979685 $224,900 $-75,100 -25%

Assessment: $255,000

They were knocking off $500 at a time from the price earlier this year before the reality check came

Exceptionally well priced 1 bedroom townhouse. Recently rainscreened building. Upgraded windows and decks as well. Underground secured parking….1 parking space and 1 storage locker. Gas fireplace. Insuite laundry. Lots of natural light inside this townhouse. Walk to Hastings bus service. Great location for certain. Easy to view. Pet friendly building: 2 cats or 2 dogs permitted.


#3 ) Address:# 303 1030 QUEBEC ST, Mount Pleasant, Vancouver East

V982752_1

June 21, 2008 V717851 $1,100,000 $0 0%
August 07, 2008 V717851 $1,049,000 $-51,000 -5%
August 29, 2008 V717851 removed after 69 days
August 31, 2008 V730808 $999,000 $-101,000 -9%
September 29, 2008 V730808 removed after 29 days
December 24, 2009 V801558 $1,199,000 $0 0%
March 17, 2010 V801558 $1,085,000 $-114,000 -10%
April 21, 2010 V801558 removed after 118 days
May 09, 2012 V948741 $1,098,000 $-101,000 -8%
May 26, 2012 V948741 $1,048,000 $-151,000 -13%
June 09, 2012 V948741 $999,000 $-200,000 -17%
June 27, 2012 V948741 removed after 49 days
June 30, 2012 V959386 $989,000 $-210,000 -18%
August 01, 2012 V959386 $949,000 $-250,000 -21%
October 12, 2012 V959386 $899,000 $-300,000 -25%
December 01, 2012 V959386 removed after 154 days
December 16, 2012 V982752 $898,000 $-301,000 -25%

Assessment: $912,000

“in the heart of downtown Vancouver!” such a blatant lie – this townhome isn’t even considered to be in Vancouver West!  Thanks Max for pointing this out

Private 3 level townhome in the heart of downtown Vancouver! Views of False Creek and downtown from all 3 levels. This bright, spacious unit has a house-like feel with oversized rooms and lots of storage. There are only 6 townhouse residences sharing their own private elevator and secure lobby. High-end features include hand-scraped hardwood floors, granite counters, custom lighting and blinds, and walk-in closet with custom organizer. The top level is perfect for a third bedroom, family room or office. Great location close to all the hot spots: False Creek, sea wall, BC Place, Athlete’s Village, Chinatown. Only steps to the skytrain and close to the hwy make this location a commuter’s dream!


#2 ) Address:# 506 8871 LANSDOWNE RD, Brighouse, Richmond

V973842_1

November 08, 2008 V743083 $389,900 $0 0%
August 01, 2009 V743083 removed after 266 days
September 16, 2009 V787192 $359,900 $-30,000 -8%
September 23, 2009 V787192 removed after 7 days
September 28, 2012 V973842 $319,000 $-70,900 -18%
October 12, 2012 V973842 $299,900 $-90,000 -23%
December 15, 2012 V973842 $279,900 $-110,000 -28%

Assessment: $274,000

Well maintained East facing unit. Excellent location. Close to transportation, shopping mall & etc. Good to own or to invest, act quick, won’t last.


#1 ) Address:# 102 8460 GRANVILLE AV, Brighouse South, Richmond

V982452_1

October 06, 2006 V609652 $315,000 $0 0%
October 29, 2006 V609652 $325,000 $0 0%
February 16, 2007 V609652 removed after 133 days
February 21, 2007 V631503 $325,000 $0 0%
March 13, 2007 V631503 $315,000 $-10,000 -3%
March 19, 2007 V631503 removed after 26 days
April 25, 2009 V763169 $328,000 $0 0%
May 21, 2009 V763169 removed after 26 days
May 20, 2011 V889386 $466,000 $0 0%
June 29, 2011 V889386 $446,000 $-20,000 -4%
September 01, 2011 V889386 removed after 104 days
August 24, 2012 V967816 $368,000 $-98,000 -21%
September 21, 2012 V967816 $355,000 $-111,000 -24%
October 26, 2012 V967816 $349,000 $-117,000 -25%
November 17, 2012 V967816 $335,000 $-131,000 -28%
November 26, 2012 V967816 removed after 94 days
December 13, 2012 V982452 $319,800 $-146,200 -31%

Assessment: $362,000

LOWEST PRICED 900FT2 2 Bdrm apt in Richmond CITY CTR. Priced $42’200 BELOW ASSESSMENT to sell quickly. Rock solid CONCRETE BOSA building. Beautiful kitchen with granite countertops, upgraded stainless steel appliances, spa-like bathrooms, , Open concept living and dining with gas fireplace & access to x-large private patio (great for pets, entertaining etc), in-suite laundry plus 2 PARKING STALLS & 1 locker. Excellent location in City Center close to Central library, Richmond Center Mall, Skytrain, buses, banks, restaurants, shops, Garden City Park, Schools & Kwantlen College, and YVR Airport. DON’T MISS THIS ONE!! WON’T LAST!!! Open House Dec 16th 2:00am-4:00pm

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15 responses to “The Weekly Drop – December 19, 2012

  1. Groundhog December 19, 2012 at 9:22 pm

    Great comparison on #7 and #5 to their previous sales prices in 2006 and 2008. Pointing out examples like these are what will hit home with the vast majority of people who don’t pay attention to whats going on. When I occasionally venture into a RE talk these days, most people still would never think it possible to return to prices of 6 years ago, or even 4 years ago. Because of everything that’s been told to them about ownership it’s simply beyond their comprehension.

    I still get reply’s of absolute disbelief and 0% chance of happening when I say it is possible we return to 2003 inflation adjusted prices, nevermind the possibility of overshooting on the downside to lower.

  2. Alexcanuck December 19, 2012 at 9:25 pm

    “I wonder what would happen if people’s assessments were adjusted based on their asking price!”

    Apropos not to the house at #6, but to your comment… I came across an intriguing tax assessment idea in a book. The owner sets their own assessment. There is a catch though. Your self-set assessed value is also a firm for sale price! If anyone comes along and offers to buy it for your assessed value you must accept it and hand over the keys.
    That would keep people honest!

    Back to reality: That old data on previous listing price, and especially the few firm sales prices are astonishing. I was always skeptical of the heavily manipulated HPI, but without hard data it was just a conspiracy theory. With the info you have dug up it should be apparent to the most ardent bull that there is something fishy going on. Some of those listing have absolutely nothing wrong with them! The ex-grow ops, the hell holes in nasty areas of Maple Ridge, the lease-land properties with a huge lease increase, they can all be discarded as atypical, but we now have perfectly good, supposedly in-demand properties selling at a discount to 5-6 years back.
    Thank you, and keep it up.

    Any readers with sales data, please add it.

  3. gokou3 December 19, 2012 at 11:07 pm

    Thanks for the article again. So as others have said you have shown 2 sold prices. Are the other ones sold in recent years at all or do you just not have records for them?

  4. James December 19, 2012 at 11:14 pm

    I like this new format. Thank you observer.

  5. Exurban December 20, 2012 at 2:42 am

    (from #3)

    “There are only 6 townhouse residences sharing their own private elevator …”

    I’m unclear on the concept here. If six townhouses are sharing an elevator, how is it “private”?

  6. Someguy December 20, 2012 at 8:12 am

    #3 Nice a private, with a view of a stadium and a skytrain track right by your balcony.

    As prices decline, less desirable locations will get punished more.

    Thank you for this increased level of detail. This is one of my favourite sites and these additional submarket snapshots really add to it.

  7. RFM December 20, 2012 at 9:32 am

    Overall, the information you are providing just gets better and better. I like the new categories a lot.

    Regarding # 6, a development completed in 2009, the property taxes are shown as $4,740 for 2012, so the assessment may be based on the original price and not updated since then. Obviously professionally staged, the seller was very ‘optimistic’ in the original listing. In watching the market for this kind of unit very closely, the units in such developments have been chasing the market to the bottom. In other similar new developments, including those marketed by the same realtor, developers have been unwilling to reduce prices and so the unsold units just sit. It doesn’t bode well.

  8. Ford Prefect December 20, 2012 at 10:01 am

    I have been poring over this report for the past 20 minutes. The best yet. You can see the price of housing in Vancouver paralleling the Harper government policies on CMHC and later Genworth and Canada Guaranty. And watch the precipitous drop over the past 8 months as “normal” market forces take over – ie. the government no longer has its thumb on the scale of housing prices.

    In line with the above comments, I appreciate having the last five year of asking prices (and sales figures when they are available). I think you get a much deeper sense of where housing is going in the near future.

    One final minor point. Your comment at #5 ” …it sold for 4 and one half years ago” does not scan.

  9. Seeking knowledge... December 20, 2012 at 6:32 pm

    At the risk of sounding repetitive, thanks again Observer for doing this. I don’t really know why I enjoy looking at the drops so much.
    I hope this is a labour of love and it doesn’t become a chore for you with the weekly drops. I think you have a growing fan base out there. I suspect at some point in the near future, you may have to lower your $1M under/over to $500K if the bubble burst : )

  10. Max December 20, 2012 at 6:32 pm

    LOL #3 – Since when is Quebec Street in the “heart of downtown Vancouver”? Maybe if you live in Beijing and have no clue, this would actually work. Personally, I would never buy any place with such an obviously false statement, as I would wonder what else the REALTOR (R) is lying about.

  11. raincoast December 20, 2012 at 7:19 pm

    In case anyone is interested, #7 is a leasehold, which interestingly, isn’t mentioned in the ad on the site the MLS number links to. A couple of condos in this building have listed and re-listed, and re-listed.

  12. Real Estate Tsunami December 21, 2012 at 11:03 pm

    Great for focussing on the Condos and Townhomes, because that’s where the bleeding has already started.
    SFH are next.

  13. Pingback: Calgary Luxury Home Sales Are Booming, But Are Prices Keeping Pace? | Calgary Real Estate Review

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