Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Attached – January 9, 2013

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 (actually December 29 to January 9) AND have dropped the largest percentage overall from their original asking price.

3 listings from Vancouver West and Vancouver East, 2 from Richmond and 1 from West Vancouver and Burnaby


#10 ) Address:# 3101 1028 BARCLAY ST, West End, Vancouver West

V983966_1

June 08, 2011 V892749 $1,298,000 $0 0%
August 22, 2011 V892749 removed after 75 days
August 28, 2011 V907012 $1,188,000 $-110,000 -8%
September 30, 2011 V907012 removed after 33 days
October 18, 2012 V977068 $998,000 $-300,000 -23%
January 01, 2013 V977068 removed after 75 days
January 09, 2013 V983966 $998,000 $-300,000 -23%

2012 Assessment: $1,080,000
2011 Assessment: $1,077,000

Bathroons? Equipt? Dont’? “QUICK HURRY!”.  They note that this rents for $3200/month.  So, either rent this place for $3200/month or buy it with $100K down payment, about $20K in closing fees, $34K in commission when you sell it and pay $5,136 per month at 3% interest (Add another $1K/month if/when rates go back to 5%) plus pay for the maintenance and special assessments and, most likely, have it depreciate in value…  Which sounds better?

Downtown most prestigious building “The Patina” by Concert Properties. Features unobstructed panoramic view of the city, spacious 1222 sq/ft 2 bedroom, 2 bath home. 5 star quality finishings, features smart geothermal air-con, 9′ ceilings porcelain tile floors, gourmet kitchen with high-end European appliances from Meile and Liebherr, spa inspired bathroons and radiant heating floors. Bonus: New installed hardwood floors! Includes amazing clubhouse, fully equipt fitness centre, rooftop garden, daycare center & 24 hour concierge. Dont’ forget shopping, theaters and restaurants right below and YMCA is next door with newly renovated pool. Currently rents $3200/mth Assess value $1,077,000 QUICK HURRY!


#9 ) Address:# 211 6688 ROYAL AV, Horseshoe Bay, West Vancouver

V960214_1

July 16, 2008 V722535 $753,000 $0 0%
June 26, 2009 V722535 removed after 345 days
April 17, 2010 V823051 $595,000 $-158,000 -21%
November 01, 2010 V823051 removed after 198 days
July 13, 2011 V899328 $618,000 $-135,000 -18%
January 01, 2012 V899328 removed after 172 days
July 06, 2012 V960214 $598,000 $-155,000 -21%
January 01, 2013 V960214 $578,000 $-175,000 -23%

2012 Assessment: $638,000

Gorgeous large very spacious 1 bedroom mountain view apartment in a new rain screened bldg (only 4 years old) Located in the heart of Horseshoe Bay.Gourmet chef’s kitchen with cherry cabinets, silestone countertops, Viking appls incl gas stove. Limestone floor tiles in entrances & baths, natural maple flooring in living & dining. Radiant floor heat & A/C thru-out. Spa-inspired baths, top-choice finishes. Secured parking and pets allowed.


#8 ) Address:# 223 8860 NO 1 RD, Boyd Park, Richmond

V983504_1

February 15, 2008 V688944 $308,000 $0 0%
March 12, 2008 V688944 $328,000 $0 0%
April 16, 2008 V688944 $308,000 $-20,000 -6%
July 01, 2008 V688944 $298,000 $-30,000 -9%
July 31, 2008 V688944 removed after 167 days
January 05, 2013 V983504 $249,000 $-79,000 -24%

2012 Assessment: $220,700
2011 Assessment: $269,500

This place was listed about 8% BELOW assessment… then the assessment dropped almost 20% and now it’s listed 13% ABOVE assessment.  But don’t worry because it’s ” One of the better buys in Richmond today.”

APPLE GREENE. Very clean and nice 3-Bedroom CORNER UNIT with extra windows and extra light looking north & east. Very quiet. Close to shopping, schools and buses. Social Clubhouse & pool. Maintenance is deceiving as it includes hotwater heat and municipal utility bill (about $60 a month). One of the better buys in Richmond today.


#7 ) Address:# 2A 1403 BEACH AV, West End, Vancouver West

V983625_1

April 11, 2009 V760959 $2,488,000 $0 0%
June 17, 2009 V760959 $2,350,000 $-138,000 -6%
September 01, 2009 V760959 removed after 143 days
October 04, 2009 V791281 $2,350,000 $-138,000 -6%
January 29, 2010 V791281 removed after 117 days
February 03, 2010 V807343 $2,350,000 $-138,000 -6%
April 22, 2010 V807343 $2,288,000 $-200,000 -8%
May 30, 2010 V807343 removed after 116 days
June 23, 2010 V838354 $2,195,000 $-293,000 -12%
December 15, 2010 V838354 removed after 175 days
January 09, 2011 V862501 $2,195,000 $-293,000 -12%
April 27, 2011 V862501 $2,090,000 $-398,000 -16%
July 07, 2011 V862501 removed after 179 days
July 23, 2011 V900067 $1,968,000 $-520,000 -21%
January 01, 2012 V900067 removed after 162 days
January 08, 2012 V924087 $1,888,000 $-600,000 -24%
January 01, 2013 V924087 removed after 359 days
January 05, 2013 V983625 $1,868,000 $-620,000 -25%

2012 Assessment: $1,588,000
2011 Assessment: $1,611,000

Sold in September 2005 for $875,000

This place is 25% below the initial 2009 ask price and had $600K in renovations although it isn’t clear when those happened.  It’s also been listed basically non stop for almost 4 years

Rare find WATERFRONT location, directly across from English Bay, Sunset Beach and Vanier Park. Complete renovated (cost $600,000) over the year. Bright SE corner unit offering spectacular water views, open floor plan with dramatic floor-to-ceiling curved windows, beautiful hardwood floors, gorgeous feature fireplace & designer lighting, new stainless steel appliances. Total 1815 sf of living on one spacious level. Wonderful building only has 2 units per floor. 2 security under building parking stalls, one locker. Steps to the restaurants and shops and only minutes to the city centre. Must see!


#6 ) Address:# 703 528 BEATTY ST, Downtown, Vancouver West

V977496_1

July 07, 2012 V960591 $559,000 $0 0%
October 18, 2012 V960591 removed after 103 days
October 21, 2012 V977496 $482,500 $-76,500 -14%
November 09, 2012 V977496 $459,000 $-100,000 -18%
November 21, 2012 V977496 $439,000 $-120,000 -21%
December 10, 2012 V977496 $429,000 $-130,000 -23%
January 05, 2013 V977496 $419,000 $-140,000 -25%

2012 Assessment: $474,000
2011 Assessment: $474,000

Heritage loft conversion. Original Bowman Block was constructed in 1906 and converted to the current use in 2007 by the Salient Group. In 2007, the Bowman Block was honoured with an Award of Excellence for Revitalization, Renovation or Heritage. With original fir floors, exposed brick and massive beams, this is a rare commodity in Western Canada. The modern intervention features interior design by Alda Pereira and architecture by Gair Williamson. New construction atop the original building includes an urban oasis with an outdoor fireplace and built-in barbecue. A very short walk to Chambar, Medina, SkyTrain, and Rogers Arena. Parking available across street (Car2go) or Reserved EasyPark $145/$215mn. OPEN SAT DEC 8TH 1-230PM


#5 ) Address:# 111 2528 E BROADWAY, Renfrew, Vancouver East

V983070_1

April 15, 2011 V882496 $279,000 $0 0%
December 13, 2011 V882496 removed after 242 days
June 27, 2012 V958723 $245,000 $-34,000 -12%
September 25, 2012 V958723 $234,999 $-44,001 -16%
December 20, 2012 V958723 removed after 176 days
January 04, 2013 V983070 $199,900 $-79,100 -28%

2012 Assessment: $209,000
2011 Assessment: $209,700

“This unit is very private and quiet.”  “PLEASE NOTE : THIS UNIT IS A NOT A GROUND FLOOR UNIT AND A VERY QUIET”.  “VERY QUIET !!”.  I have a question, is the apartment quiet?  It’s not clear…  At least the price rent is a little more reasonable than some of the other “investor” examples.

This almost 950 sq. foot spacious and bright 2 bedroom corner condo unit comes complete with 2 baths and a very open floor plan. This unit is very private and quiet and on the backside of the Building facing 10th Avenue not Broadway. The condo SPARKLES and currently IS rented for $1300/mo.+util. Tenant would like to stay. This condominium comes with one parking (#96), one locker (#163 in storage rm#100 and pets are allowed with restrictions (2 pets ok, max 35 lbs each). PLEASE NOTE : THIS UNIT IS A NOT A GROUND FLOOR UNIT AND A VERY QUIET BACK UNIT OVERLOOKING POOL AREA !! VERY QUIET !!Rentals allowed (min 6 months rental). SHOWINGS CAN ONLY BE AT 7:00 PM ON MONDAYS AND THURSDAYS!!


#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%
January 03, 2013 V979685 $214,900 $-85,100 -28%

2012 Assessment: $297,000

It has been “Exceptionally well priced” in the description since November 9th.  That was 12% ago, shouldn’t it be “EXCEPTIONALLY WELL PRICED” by now?  No capitalized words at all, don’t you want to sell this place!  This apartment is now over 25% BELOW assessment.

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:# 209 2336 WALL ST, Hastings, Vancouver East

V983214_1

September 08, 2012 V970352 $312,000 $0 0%
September 28, 2012 V970352 $284,500 $-27,500 -9%
November 10, 2012 V970352 $239,900 $-72,100 -23%
November 28, 2012 V970352 $235,000 $-77,000 -25%
December 21, 2012 V970352 removed after 104 days
January 01, 2013 V983214 $219,900 $-92,100 -30%

2012 Assessment: $305,000
2011 Assessment: $300,900

What a slap in the face – they are having no luck selling this place even for $219K and yet BC Assessment tells them their place has gone up in value to $305K…  30% in price drops in under 4 months

Live on WALL Street, a secret oasis on the East side. Friendly neighbours, amazing harbour views, beautiful sunsets. WALL st is one of the nicest streets in the City. Close to North Shore, D/T, shopping, schools, parks, and an outdoor pool. You are 5-10 mins to the city, yet it feels like you are in the quiet suburbs! This ground level home offers a huge 636 sf sunny, peaceful, private & secure patio area to enjoy the outdoors or a BBQ with friends, plus a great place for a pet as this building is pet friendly. This home has been well cared for by long term owners. Building is in good shape w updated pipes and roof and no upcoming assessments. Includes prkg, locker & bike room. Bldg under rental limit.


#2 ) Address:# 212 14200 RIVERPORT WY, East Richmond, Richmond

V943239_1

October 06, 2006 V506364 $469,900 $0 0%
October 23, 2006 V506364 removed after 17 days
March 03, 2012 V934864 $498,500 $0 0%
April 12, 2012 V934864 removed after 40 days
April 14, 2012 V943239 $459,900 $-38,600 -8%
April 28, 2012 V943239 $449,900 $-48,600 -10%
May 11, 2012 V943239 $435,000 $-63,500 -13%
June 09, 2012 V943239 $424,500 $-74,000 -15%
June 19, 2012 V943239 $415,000 $-83,500 -17%
July 10, 2012 V943239 $399,900 $-98,600 -20%
July 28, 2012 V943239 $389,900 $-108,600 -22%
September 05, 2012 V943239 $372,500 $-126,000 -25%
October 11, 2012 V943239 $362,900 $-135,600 -27%
November 09, 2012 V943239 $352,500 $-146,000 -29%
December 29, 2012 V943239 $339,000 $-159,500 -32%

2012 Assessment: $399,000
2011 Assessment: $432,000

HAVE TO LOVE ALL CAPS!!!  You have to assume that they bought this place in 2006 for around $470K based on the listing history.  They are now trying to sell it for almost 30% below that

SPECTACULAR RIVER VIEWS FROM YOUR SOUTH FACING BALCONY. THIS 2 BED/ 2 BATH WATERFRONT CONDO IS LARGE, OVER 1100 SQ. FT. WITH A BONUS DEN, LOCKER, IN SUITE LAUNDRY AND STORAGE ROOM.


#1 ) Address:# 512 3455 ASCOT PL, Collingwood, Vancouver East

V976737_1

February 23, 2011 V870937 $350,000 $0 0%
March 02, 2011 V870937 $260,000 $-90,000 -26%
January 01, 2012 V870937 removed after 312 days
October 15, 2012 V976737 $239,800 $-110,200 -31%
January 09, 2013 V976737 $235,800 $-114,200 -33%

2012 Assessment: $198,800
2011 Assessment: $200,600

They listed this place initially at 75% over assessment and probably wonder why they haven’t sold the place.  “Meas from strata plan” – what’s a Meas?

East facing, Well kept unit. Bright and clean 1 bdrm & 1 full bath. 2011 Newly changed flooring for living room, dining room & bedroom. Parking stall #131, storage locker #148. Shared laundry. Super convenient location. Steps to bus & Joyce sky-train station. Meas from strata plan, not including, 75 sf balcony. Wheelchair access. Great for investors!

26 responses to “The Weekly Drop Metro Vancouver Attached – January 9, 2013

  1. Many Franks January 10, 2013 at 12:21 am

    #10 — Bathroons? Equipt? Dont’? Yeah, it’s just spelling, but I continue to be amazed by the semi-literacy that seems to go into marketing so many “million-dollar” properties.

  2. gokou3 January 10, 2013 at 12:49 am

    Re #5: This seems to be the only decently-priced unit on the list, yet this building has undergone several major repairs in the last decade. I used to live in this area, and the building was under drapes multiple times. Looks very shitty from the outside, do not reflect the relatively young age of the building.

  3. Ray January 10, 2013 at 12:56 am

    haha #1. I live in that building. Meas is probably measurements. I’ve been renting the best apartment in that building for 13 years. It’s assessed this year at $319k. My rent/buy calculations show that I’m basically at a wash in costs over 13 years based on their assessment appreciation and my $145k in rental payments. It’s been fun not having to care about going to strata meetings, not worrying about the envelope of the building which needs $1 million in repairs (coming). Not worrying about the apparently always increasing strata fees. Not worrying about the costs of the constant flooding accidents with water streaming out of people’s windows on the lower floors. The most annoying part is the water being shut off for a day-at-a-time every other week for the last 2 years as they are constantly patching the pipes.

  4. Angloman January 10, 2013 at 1:50 am

    I walk past this place regularly so it’s nice to hear the views of an insider Ray! I have often wondered if it needs more money ploughed into it, and what the cost would be if so. So that million is divided between how many owners?
    I also rent – a really nice two bed basement up Joyce northerly, and enjoy all the benefits of renting below a lovely old couple that are always bringing me dinner down! It’s lovely too!
    Wish your neighbours well with that Mill. Hopefully the strata has meas their apartments correctly so they contribute their fair share!

  5. Angloman January 10, 2013 at 1:55 am

    495 square feet in a building that needs that much spending on it, and you are trying to get 350 thou for it!!!!

    (In my thickest English accent) “YOU MUST BE BLOODY JOKING!?!?!”

  6. Alexcanuck January 10, 2013 at 6:19 am

    Meas is “respect” in ancient Gallic. Just putting that out there. Perhaps they mean the strata officially respects the fact this condo exists?

    Nice work, and very interesting as usual.
    Suggestion for a future special edition: Collect any previous sales data you can glean or have provided for you, especially that from ’05, ’06, ’07, and put together a biggest loss list based on real selling prices, not delusional asking prices.
    I find a 15% drop from double assessed highly amusing, I find a drop from a five year old real price jaw-dropping when there is such a concerted effort by vested interests and compliant media to convince us otherwise!
    Don’t get me wrong, I love your work and the delusional asking prices are very significant as a testament to bubble thinking among the soon-to-be-deprogammed “true believers”. But a valuable deprogramming tool is actual proof of a property with nothing wrong with selling for less.

    • an observer January 10, 2013 at 9:04 am

      Unfortunately I don’t have previous sales data in most cases. If they sold the property in 2012 (and in some cases for 2011) or if it is a downtown apartment then I probably have the info but otherwise am in the dark. I wish I could see that but apparently previous sales data is the real estate industries version of the Caramilk secret

  7. RFM January 10, 2013 at 9:24 am

    I toured #7 before it sold in 2005 and took a pass. The unit was OK but the building was not being properly maintained. They cannot possibly have spent $600,000 on renovations. I see new flooring, a new kitchen and perhaps an updated bathroom, some new lighting and paint. That simply doesn’t add up to $600,000 unless you had your brother-in-law do the renovation and he charged you twice and you didn’t notice it. I have done a lot of professional high-end renovating over the years and $600,000 ($331 psf) will buy you a lot of brand new house!

    An Observer: this site is my favorite of all the ‘price drop’ sites and blogs. It offers real-world detailed examples of what is going on in the marketplace, even if we are only seeing the price drops and not the list/sell data. Thanks for all your hard work.

  8. Diane I January 10, 2013 at 11:12 am

    Confused, but why is #8 even on the list? It is a brand new listing (the price from a listing 5 years ago shouldnlt count)

    • an observer January 10, 2013 at 4:15 pm

      I find it more interesting and relevant to include previous data – in most cases the peak price wouldn’t be from 5 year ago. The fact that it is says something!

      • Diane I January 11, 2013 at 3:51 pm

        I agree that previous data is relevant, but this is supposed to be list of price drops, and there haven’t been any here yet.

      • an observer January 11, 2013 at 9:00 pm

        Of course there was a drop! The place was listed at a higher price and either it sold or it didn’t sell. Regardless, someone – either the new owner or the original owner – thought it was worth much more in the past than it is now. That’s most definitely a situation that I want to highlight on this site.

  9. bullwhip29 January 10, 2013 at 1:56 pm

    #1) While “non exempted” strata corps scramble to get their depreciation reports completed by year’s end, I tend to think that many condos/townhomes of this vintage will do nothing but sit. I don’t know, maybe I have my head stuck in the clouds? The vast majority of strata corps may simply opt to pass the 75% resolution and sweep everything under the rug instead? In a struggling market, this will not do the trick, however, as buyers will naturally view this as a red flag.

    #2) I could never figure out why some people thought Riverport would become the new “Steveston”. Ideally located near the most congested intersection in all of the lower mainland and only a few minutes drive (downwind) to both the Ecowaste landfill and Harvest Power composting plant. What’s not to like?

    #3) Umm, this parking lot disguised at a patio is far from being “private”. Huge, yes.

    #4) Who are they kidding? This is basically situated at the corner Boundary and Hastings. Well, at least this has been rainscreened and the view of a million cars zooming by can be enjoyed on the “upgraded” deck. Those photos are just a little too perfect for my liking.

    #5) This will be a little less “sparkly” with a massive plastic tarp covering it. (See #1)

    #6) Exposed brick and beams is so Y2K, don’t you think?

    #7) $600k worth of renos? Doubtful. If true, why? Something tells me that no one (in their right mind) will look at this until a detailed depreciation report is made available. Pure speculation on my part, but I bet you this bldg has major “issues”. Caveat emptor… (again, see #1)

    #8) Ok, so for $407/mo heat and util are included (phew…). BTW, if you face NE, you get no light. Rmd is littered with old teardown bldgs like this.

    #9) Seems ridiculously over priced to me for a 1 BR. What’s the point in having all the full size commercial Viking range if you have no counter space? Just sayin’…

    #10) This is over equipped and overpriced for such an address. Hopefully they’ve hired a good reliable property mgmt co. to keep an eye on the kiddies as they party 24/7.

  10. Spiltbongwater January 10, 2013 at 3:16 pm

    Bonus: New installed hardwood floors

    When I sell my place, I am going to leave out the installed, and just write New Hardwood Floors. I will leave the hardwood flooring in boxes that the buyer can trip over when viewing my place.

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