Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Detached – January 8, 2013

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 (Actually December 27 to January 8) AND have dropped the largest percentage overall from their original asking price.

Three listings from West Vancouver and Vancouver West, two from Vancouver East and one from Burnaby and North Vancouver


#10 ) Address:817 TAYLORWOOD PL, Cedardale, West Vancouver

V983147_1

July 22, 2012 V963441 $1,200,000 $0 0%
October 24, 2012 V963441 $1,049,000 $-151,000 -13%
December 21, 2012 V963441 removed after 152 days
December 29, 2012 V983147 $945,000 $-255,000 -21%

2012 Assessment: $901,000

July 22, 2012 at $1.2 million: “This home has a lot of potential with a price to sell quickly”

December 29, 2012 at $945K: “This home has a lot of potential with a price to sell quickly”

Some future date at $700K: “THIS HOME HAS A LOT OF POTENTIAL WITH A PRICE TO SELL QUICKLY. PLEASE CALL”

Excellent location and Exceptional value for this 6 bedroom, 4 bathroom 3,487 square foot home. Elegant kitchen with a taste of Tuscany located within walking distance to Park Royal Shopping Mall, 3 Elementary Schools Swimming Pool & Tennis Court….The lower level could be easily converted into a nanny suite with already a separate entrance and plumbing. This home has a lot of potential with a price to sell quickly. Call Dora today to schedule your viewing today.


#9 ) Address:215 NORMANBY CR, British Properties, West Vancouver

V981526_1

December 11, 2006 V623362 $3,188,000 $0 0%
March 13, 2007 V623362 $2,988,000 $-200,000 -6%
June 01, 2007 V623362 removed after 172 days
September 13, 2007 V668034 $3,288,000 $0 0%
March 19, 2008 V668034 removed after 188 days
September 04, 2010 V848598 $4,280,000 $0 0%
October 27, 2010 V848598 $3,980,000 $-300,000 -7%
March 02, 2011 V848598 removed after 179 days
March 09, 2011 V874240 $3,980,000 $-300,000 -7%
April 27, 2011 V874240 removed after 49 days
April 30, 2011 V885301 $3,980,000 $-300,000 -7%
May 25, 2011 V885301 removed after 25 days
May 11, 2012 V949483 $4,680,000 $0 0%
September 19, 2012 V949483 $4,280,000 $-400,000 -9%
October 12, 2012 V949483 $3,998,000 $-682,000 -15%
November 08, 2012 V949483 removed after 181 days
November 30, 2012 V981526 $3,998,000 $-682,000 -15%
January 08, 2013 V981526 $3,680,000 $-1,000,000 -21%

2012 Assessment: $3,134,000

Well monitored luxury house in prime British Property! Custom built over 8000 sqft mansion on this 21,780sqft lot 3 levels w/ 6 ensuited bedrooms. Some update in 2010. Enjoy this formal living/dining rm. Magnificent gourmet island kitchen with sunny side eating area & adjoining family rm. A cooking wok kitchen was updated. 2 offices, large foyer, game & media rooms. Indoor pool w/ jacuzzi, hot tub. Property close to Capilano Club, Hollyburn Country Club. Close to Westcott School.


#8 ) Address:4920 COMMERCIAL ST, Victoria, Vancouver East

V983437_1

July 21, 2010 V842770 $1,398,000 $0 0%
September 17, 2010 V842770 $1,348,000 $-50,000 -4%
November 23, 2010 V842770 removed after 125 days
January 28, 2011 V865809 $1,389,000 $-9,000 -1%
April 18, 2011 V865809 removed after 80 days
April 29, 2011 V884832 $1,100,000 $-298,000 -21%
June 07, 2011 V884832 removed after 39 days
September 16, 2011 V910334 $1,188,000 $-210,000 -15%
November 09, 2011 V910334 removed after 54 days
February 16, 2012 V931650 $1,169,000 $-229,000 -16%
April 08, 2012 V931650 removed after 52 days
April 21, 2012 V944711 $1,168,000 $-230,000 -16%
July 11, 2012 V944711 removed after 81 days
August 22, 2012 V967333 $1,188,000 $-210,000 -15%
November 21, 2012 V967333 removed after 91 days
January 05, 2013 V983437 $1,098,000 $-300,000 -21%

2012 Assessment: $948,000
2011 Assessment: $924,000

Uncomparable, 3600 sq.luxurious 9 bedroom home, corner lot, greatly located in East Vancouver with a legalized suite. Renovated recently with over $300,000 in upgrades, gorgeous landscaping and waterfalls. Beautiful view, walking distance to transit, shopping, schools, parks & recreation. Great investment opportunity. OPEN HOUSE SUN JAN 6, 1:30-3:30 PM.


#7 ) Address:1518 LAURIER AV, Shaughnessy, Vancouver West

V983339_1

October 06, 2006 V597021 $1,569,000 $0 0%
January 26, 2007 V597021 removed after 112 days
March 19, 2008 V695559 $2,798,000 $0 0%
April 16, 2008 V695559 $2,988,000 $0 0%
April 24, 2008 V695559 removed after 36 days
May 17, 2008 V709362 $2,798,000 $-190,000 -6%
June 04, 2008 V709362 $2,725,000 $-263,000 -9%
June 10, 2008 V709362 $2,699,000 $-289,000 -10%
June 19, 2008 V709362 $2,599,000 $-389,000 -13%
August 02, 2008 V709362 $2,798,000 $-190,000 -6%
September 12, 2008 V709362 removed after 118 days
October 05, 2008 V737736 $3,800,000 $0 0%
February 15, 2009 V737736 $3,400,800 $-399,200 -11%
March 10, 2009 V737736 removed after 156 days
March 25, 2009 V758271 $3,388,000 $-412,000 -11%
April 15, 2009 V758271 $3,199,000 $-601,000 -16%
April 21, 2009 V758271 removed after 27 days
April 29, 2009 V763612 $3,199,000 $-601,000 -16%
June 02, 2009 V763612 removed after 34 days
June 04, 2009 V769847 $2,698,000 $-1,102,000 -29%
June 19, 2009 V769847 $2,498,000 $-1,302,000 -34%
September 01, 2009 V769847 $2,100,000 $-1,700,000 -45%
September 03, 2009 V769847 $2,200,000 $-1,600,000 -42%
October 01, 2009 V769847 removed after 119 days
October 08, 2009 V791744 $2,599,900 $-1,200,100 -32%
November 13, 2009 V791744 $2,380,000 $-1,420,000 -37%
March 16, 2010 V791744 removed after 159 days
March 18, 2010 V815825 $1,788,000 $-2,012,000 -53%
July 01, 2010 V815825 removed after 105 days
August 11, 2010 V845450 $1,659,000 $-2,141,000 -56%
September 18, 2010 V845450 $1,388,999 $-2,411,001 -63%
November 07, 2010 V845450 removed after 88 days
December 18, 2010 V861291 $1,888,000 $-1,912,000 -50%
December 21, 2010 V861291 removed after 3 days
May 15, 2011 V888551 $2,388,000 $-1,412,000 -37%
May 19, 2011 V888551 $2,988,000 $-812,000 -21%
August 06, 2011 V888551 $3,098,888 $-701,112 -18%
August 31, 2011 V888551 removed after 108 days
October 07, 2011 V914524 $3,198,888 $-601,112 -16%
November 02, 2011 V914524 $3,098,800 $-701,200 -18%
January 16, 2012 V914524 removed after 101 days
January 20, 2012 V926710 $3,388,000 $-412,000 -11%
March 27, 2012 V926710 $3,168,000 $-632,000 -17%
May 01, 2012 V926710 removed after 102 days
May 24, 2012 V951913 $3,388,000 $-412,000 -11%
June 09, 2012 V951913 $3,238,000 $-562,000 -15%
September 22, 2012 V951913 $2,999,999 $-800,001 -21%
November 19, 2012 V951913 removed after 179 days
January 04, 2013 V983339 $2,980,000 $-820,000 -22%

2012 Assessment: $2,754,600
2011 Assessment: $2,641,100

“Prince of Whales Secondary catchment.”! 32 price changes in under 5 years…  Digging through google I found that there was a “suspicious fire” that gutted the place in December of 2009.  This 13K square foot lot in Shaughnessy was priced as low as $1.39 million in September of 2010 and as high as $3.4 million less than 18 months later.  Currently under $3 million although this may include a new home?  The description seems to indicate this but then the assessment is completely off if essentially a tear down is assessed at $2.8 million with a 5900 sqft house plus the lot coming in at $2.98 million and generally with new home builds the description would say 0 years old and this one says 101 years…  I was considering filtering this one out but with 30+ price changes I found it amusing enough to keep and document here on this site

HUGE 13,200 sq ft lot in FIRST SHAUGHNESSY. Build your dream home today with city approved plans & building permit. Lot size is 120′ x 110′ (13,200 sq ft) & 5,900 sq ft new house. Features will include: 5 rooms with ensuites, one bedroom with ensuite on the main floor, workout facility, sauna, wine cellar & home theatre room, elevator, spiral staircase, porte cochere, semi-circle front driveway, outdoor fireplace & kitchen, water feature, beautiful landscaped garden & pond. Close to York House & Shaughnessy Elementary. Prince of Whales Secondary catchment. Easy access to downtown, UBC & Richmond.


#6 ) Address:5185 SPENCER ST, Collingwood, Vancouver East

V977344_1

February 09, 2008 V687883 $888,000 $0 0%
March 07, 2008 V687883 removed after 27 days
January 14, 2010 V803482 $939,500 $0 0%
March 15, 2010 V803482 removed after 60 days
April 16, 2012 V943426 $1,388,000 $0 0%
May 26, 2012 V943426 $1,298,000 $-90,000 -6%
August 21, 2012 V943426 $1,248,000 $-140,000 -10%
September 20, 2012 V943426 $1,198,000 $-190,000 -14%
October 16, 2012 V943426 removed after 183 days
October 20, 2012 V977344 $1,158,000 $-230,000 -17%
November 09, 2012 V977344 $1,148,800 $-239,200 -17%
January 08, 2013 V977344 $1,088,000 $-300,000 -22%

2012 Assessment: $1,011,000
2011 Assessment: $991,000

“Location. Prime Collingwood area.” – I think you need to trade the period for a few words…  “Open house Oct 27”  Glad you’re paying attention but I guess million dollar homes aren’t worth the trouble

Location. Prime Collingwood area. This fabulous 3 level custom built house features: 7 bedrooms + den (10’6 x 10′), 4.5 bathrooms, 2 fireplaces, tastefully upgraded throughout and pleasure to show. New granite counter tops, new floors, new paint, new stainless stove, new beautiful master en-suite bath, high ceiling, crown molding and much more. Covered entertainment size deck with lawn and garden to enjoy during the summer. Quiet and convenient location, walk to skytrain, buses and shops. 24 hours notice required. Must see. Open house Oct 27 Sat 2-4pm.


#5 ) Address:1575 ACADIA RD, University, Vancouver West

V983575_1

May 05, 2012 V947974 $10,380,000 $0 0%
May 16, 2012 V947974 $9,980,000 $-400,000 -4%
June 28, 2012 V947974 $8,980,000 $-1,400,000 -13%
October 11, 2012 V947974 $7,990,000 $-2,390,000 -23%
December 28, 2012 V947974 removed after 237 days
January 05, 2013 V983575 $7,980,000 $-2,400,000 -23%

2012 Assessment: $7,383,000
2011 Assessment: $6,465,000

Yeah that $10K price drop ought to do the trick.  Assessment up 15% this year…

What a Master piece! Gorgeous custom built concrete& steel mansion located at the prestigious UBC area. Breathtaking mountain and water view & beautiful garden view. Full attention to details. Great workmanship throughout & open floor plan offering cozy & modern life style. Over 10 foot high ceiling , HRV, built in central sound system, radiant floor heating, A/C, water filter central. Well equipped & sound proof in the media room. Pro. Sprinkler system. Temp controlled wine celler w/cigar room. Top of the line kitchen appliances: stainless steel fridge, gas stove. Spacious kitchen w/possibility to add Wok kitchen. Huge sundeck, Outdoor hot tub. Minutes to Universiy Hill Elem & Sec. Best location to move in! Don’t miss out!


#4 ) Address:8190 GREENLAKE PL, Government Road, Burnaby

V982629_1

October 05, 2006 V614563 $749,000 $0 0%
February 19, 2007 V614563 removed after 137 days
August 25, 2012 V967996 $2,458,000 $0 0%
September 12, 2012 V967996 removed after 18 days
September 14, 2012 V971107 $2,596,000 $0 0%
October 25, 2012 V971107 $2,450,000 $-146,000 -6%
December 11, 2012 V971107 removed after 88 days
December 15, 2012 V982629 $2,168,000 $-428,000 -16%
January 05, 2013 V982629 $1,988,000 $-608,000 -23%

2012 Assessment: $1,899,000

“Stamped concrete driveway, 180 pot lights + illuminated staircases make this a dream home”  Really? Pot lights, a drive way and glowing stairs are the definition of a dream house?  

Government Road cul-de-sac location! Quiet & private! Custom built with amazing open layout high ceiling, wood floors, Schonbeck crystal chandeliers, wok kitchen with pantry, outdoor fireplace, sound system in & out. 8 bedrooms, 5 ensuites, 7 full baths + 2 half baths. Stamped concrete driveway, 180 pot lights + illuminated staircases make this a dream home. Absolute must see!


#3 ) Address:1388 21ST ST, Ambleside, West Vancouver

V983742_1

April 25, 2012 V945353 $2,480,000 $0 0%
June 12, 2012 V945353 $2,090,000 $-390,000 -16%
July 11, 2012 V945353 removed after 77 days
July 14, 2012 V961936 $2,090,000 $-390,000 -16%
July 31, 2012 V961936 $1,990,000 $-490,000 -20%
September 12, 2012 V961936 removed after 60 days
September 15, 2012 V971460 $1,990,000 $-490,000 -20%
September 24, 2012 V971460 removed after 9 days
September 30, 2012 V974315 $1,799,000 $-681,000 -27%
January 01, 2013 V974315 removed after 93 days
January 06, 2013 V983742 $1,880,000 $-600,000 -24%

2012 Assessment: $1,740,000
2011 Assessment: $1,602,000

Failed to sell it at $1.799 million so they relist $81K higher…

Absolutely amazing fully & newly renovated family home w/spectacular unobstructed ocean views from Vancouver’s Inner Harbour to UBC & Vancouver Island, centrally located “walking” distance to schools, shopping & West Van Rec Center! This amazing home has been exquisitely renovated top to bottom. The main floor features spacious living room & family room, each w/fireplace & overlooking the stunning view. Gourmet kitchen with new cabinets, s/s appliances & counter tops, and formal dining room & den. The top floor features a huge master bedroom with vaulted ceilings, en-suite & dressing area, plus 3 additional bedrooms, while the lower floor features a large rec room, 2 bedrooms, and spa area with dry & steam sauna plus hot tub.


#2 ) Address:6576 ADERA ST, South Granville, Vancouver West

V958898_1

July 27, 2011 V902009 $9,680,000 $0 0%
September 09, 2011 V902009 removed after 44 days
June 28, 2012 V958898 $12,800,000 $0 0%
January 03, 2013 V958898 $9,280,000 $-3,520,000 -28%

2011 Assessment: $6,254,000
2012 Assessment: $6,622,000
Last Sale: $8,000,000 on 05/Sep/2011

Total Profit IF sold for list price: 428,440 transaction costs and 1,280,000 profit on sale = Profit of 851,560

HPI adjusted price  (September HPI for van west detached was 229.5 and current HPI is 205.9 for a drop of 10.3%) is $7,176,000 which if sold for this price would net the owners a LOSS of $1.2 million

The owners paid $8 million for this home a year ago and 9 months later relist it for 60% and $4.8 million more…  With this $3.5 million drop they would still make a nice profit but this is most likely a case where excessive greed is going to put a multi million dollar dent into their net worth by the time this is sold and that puts a smile on my face.

A magnificent residence sits on a 16,449 sf. manicured waterfall garden lot w/ high end craftsmanship finishing of 7,935 sf. living area. Beautifully designed w/ the finest finishes & quality imaginable creates a comfortable living environment w/ tasteful lifestyle. The grand art glass foyer w/ chandelier leads to spacious L/R,D/R, Family room, study, chefs kitchen, & a guest room on main. Upstairs showcases 4 suites including a huge master suite that elaborates a sophisticated walk-in closet & a cozy sitting area w/ fireplace. Entertainment sized basement features a home theatre, tatami room, recreation room w/ wet bar & 2 more suites. 4 car garage, A/C, sprinkler systems & sauna. Best schools & close to everything.


#1 ) Address:4507 CEDARCREST AV, Canyon Heights, North Vancouver

V959011_1

June 28, 2012 V959011 $1,325,000 $0 0%
August 04, 2012 V959011 $1,250,000 $-75,000 -6%
August 25, 2012 V959011 $1,175,000 $-150,000 -11%
September 19, 2012 V959011 $1,125,000 $-200,000 -15%
October 06, 2012 V959011 $1,075,000 $-250,000 -19%
October 27, 2012 V959011 $1,025,000 $-300,000 -23%
November 17, 2012 V959011 $975,000 $-350,000 -26%
December 10, 2012 V959011 $925,000 $-400,000 -30%
January 03, 2013 V959011 $899,000 $-426,000 -32%

2012 Assessment: $1,149,500

So you look at the front picture and you think to yourself, why would they put this picture up.  How is this a $1.3 million dollar house in June?  Then you look at the rest of the pictures and you realize that this was the best one…  Down 32% and well over 20% BELOW assessment

Canyon Heights 2 level, 4 bedroom, 2 bathroom 2,100 sq/ft family home on a large, private lot located on a quiet, low traffic street. Offering an L-shaped dining room and living room with wood burning fireplace, vaulted ceilings, and French doors to a covered deck. Completing the main is a kitchen, 4 piece bathroom, and 2 bedrooms. The suite potential, walk-out lower level offers a recreation room, two bedrooms, 4 piece bathroom, large utility room, and plenty of storage. Featuring a partially treed, private lot, with peek-a-boo view potential. Ideal to renovate, rent and hold, or redevelop. Ideal location minutes to Edgemont Village, and just a short walk to Canyon Heights Elem. and Handsworth Sec. Schools. Sold As Is, Where Is.

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15 responses to “The Weekly Drop Metro Vancouver Detached – January 8, 2013

  1. raincoast January 8, 2013 at 10:50 pm

    Happy new year observer and everyone else. Thanks for continuing the great work. How I read #5 is that there are city-approved house plans so you can buy the place, tear down the home and build according to plans, which include the spiral staircase, elevator, wine cellar etc.

    The price increases/decreases are insane. I hereby dub this the “roller coaster house.”

    • an observer January 8, 2013 at 11:50 pm

      Well I considered that but the listing also shows 6 bedrooms, 5 baths and 5900 sqft which is how the new house would be built. Lots that only include plans never include that in the actual listing as far as I have seen. Weird stuff

  2. Ray January 9, 2013 at 12:14 am

    #1’s pictures are unbelievable. It’s like they just don’t give a damn. “I’ll take $1.15 million (my assessment) or not, maybe $899k. If it sells, it sells, *shrug*”

    • RFM January 9, 2013 at 9:37 am

      The ad should read: ‘Hoarder Special! No need to bring your junk; sale includes all the junk you’ll need to prompt your family to organize an INTERVENTION! Please call.’

    • elgreco January 10, 2013 at 1:54 am

      It looks like this house has tenants that are trying to sabotage the sale so they don’t get kicked out.I guess the owner can’t force them to tidy up their crap.

      • Exurban January 11, 2013 at 2:12 am

        It actually reads (in the blog post) “Sold as is, where is.” Whaaat? I get “as is”, meaning the place is a dump and needs repair or more. But “where is”? What the hell does that mean?

        While we’re at it, a good laugher on #7 – “Prince of Whales Secondary catchment.”

      • an observer January 11, 2013 at 8:53 am

        hah, thanks I missed that

  3. RFM January 9, 2013 at 10:11 am

    For #s 7 & 9 the ‘realtor’ used the newly-developed Ping Pong Pricing Principal (PPPP), explained here: http://vancouverpeak.com/Thread-PPPP

  4. youtoldus.so January 9, 2013 at 11:06 am

    #7- Judging by the number of times this one has been offered, it’s hard to tell if it’s a house or a sex trade worker. It appears that in “FIRST SHAUGHNESSY” we can now enjoy “whale” watching. Easy access to Richmond is still an asset for a house in Shaugnessy? We’ll see.
    Thanks for transparency in real estate.

  5. Long-time Kitsie January 9, 2013 at 11:13 am

    #7 -house on Laurier has a very strange and convoluted story attached to its price history. The details are somewhat sketchy but the owner died in suspicious circumstances, the will was disputed and the courts were involved for years. There was something about drugs and drug dealing and a body found in the basement after the fire – all in all, very bad feng shui.

  6. Sherri January 9, 2013 at 11:48 am

    #1 – I live in West Van (rent) and you wouldn’t believe how many million dollar “dumps” there are!
    I don’t think a lot of people can afford the maintenance after they’ve paid the mortgage and property taxes. It’s quite depressing… Thanks for the great work – love it!

  7. Ranjit January 9, 2013 at 4:39 pm

    Thanks for putting this blog together, its much appreciated!!!

  8. Corydon January 9, 2013 at 5:37 pm

    Loved your comment on number ten! Or should I say, I LOVED YOUR COMMENT!

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