Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Attached – January 23, 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 AND have dropped the largest percentage overall from their original asking price.

8 listings from Vancouver West and 2 from Burnaby

The number of people who are currently under water with their condo’s is staggering and I’d bet 90% of these people don’t even realize it yet – how many can even afford to write the cheque to the bank to close the sale?  Hey Global, that’s a news story

#10 ) Address:# 3602 1211 MELVILLE ST, Coal Harbour, Vancouver West


February 24, 2008 V690786 $2,650,000 $0 0%
April 03, 2008 V690786 removed after 39 days
December 13, 2009 V800879 $3,180,000 $0 0%
December 17, 2009 V800879 removed after 4 days
January 04, 2010 V801877 $3,180,000 $0 0%
January 05, 2010 V801877 removed after 1 days
November 02, 2011 V918070 $2,680,000 $-500,000 -16%
June 30, 2012 V918070 removed after 241 days
August 25, 2012 V967923 $2,630,000 $-550,000 -17%
December 31, 2012 V967923 removed after 128 days
January 23, 2013 V986463 $2,500,000 $-680,000 -21%

Current Days on Market: 449 (1.23years)
Current ‘Official’ Days on Market: 1
2012 Assessment: $2,521,000
2011 Assessment: $2,385,000

Perched high in the Coal Harbour area. The Ritz collection, rare three bedroom unit features northeast view of mountains, Stanley Park, Lions Gate Bridge and Burrard Inlet. Extra height ceiling, air conditioning and a gourmet kitchen. This three bedroom unit has a family room which can be the fourth. Great “resort” style amenities such as indoor heated pool, sauna and steam room and fully equipped gym. Call now for a private viewing.

#9 ) Address:# 3605 833 SEYMOUR ST, Downtown, Vancouver West


June 02, 2011 V879660 $1,728,000 $0 0%
September 24, 2011 V879660 $1,480,000 $-248,000 -14%
January 01, 2012 V879660 removed after 213 days
February 25, 2012 V933545 $1,480,000 $-248,000 -14%
April 23, 2012 V933545 removed after 58 days
April 28, 2012 V946385 $1,388,000 $-340,000 -20%
November 01, 2012 V946385 removed after 187 days
January 19, 2013 V986108 $1,349,000 $-379,000 -22%

Current Days on Market: 602 (1.65years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $988,000
2011 Assessment: $989,000

I can’t understand the pricing on this one with 22% in price drops and still about 35% OVER assessment

CAPITAL RESIDENCES. Welcome to the Vancouver’s most vibrant Downtown living w/sweeping VIEWS of Water and City Skyline from every rooms. This LUXURIOUS STYLISH AIR CONDITIONED 3 bedrooms + Storage/Office (can be used as a Den) & 2 baths, 1,174 sq ft home has many recent CUSTOM HIGH QUALITY UPGRADE included: H/W floors, Exquisite Window Shades, Wall Cabinets, shelves, etc. Open concept living, dining rooms & Chef’s kitchen w/top of the line appliances, gas cook top & over height ceiling. Luxurious master en-suite has double sinks & walk-in closet. Building feature concierge, fitness centre, lounge, meeting rm, high speed elevators & remaining Building Warranty. Truly a First Class Location, close to entertainment/financial district, shops, transit.

#8 ) Address:# 2003 1020 HARWOOD ST, West End, Vancouver West


May 20, 2007 V648548 $819,000 $0 0%
June 20, 2007 V648548 $788,000 $-31,000 -4%
July 10, 2007 V648548 removed after 51 days
November 24, 2012 V981130 $699,900 $-119,100 -15%
December 19, 2012 V981130 $659,900 $-159,100 -19%
January 23, 2013 V981130 $629,900 $-189,100 -23%

Current Days on Market: 61 (0.17years)
Current ‘Official’ Days on Market: 61
2012 Assessment: $720,000
2011 Assessment: $719,000

Sold: $780,000 August 2007
Total Loss IF sold for list price: 41,837 transaction costs and 150,100 loss on sale = LOSS of $191,937 over 5 and a half years

Sold: $600,000 October 2005 – profit of $137,560 in 2 years when this owner sold in 2007

The person who bought this in 2005 and sold 2 years later for a $138K presumably tax free gain is laughing.  The current owner who is down almost $200K in 5 and a half years if he gets asking probably isn’t laughing a whole lot

The CRYSTALLIS! City living at it’s finest within minutes to Downtown, False Creek, and English Bay. Bright two bedroom, two bath NW corner suite with sweeping view from False Creek to Stanley Park. Windows on two sides, circular corner balcony, insuite laundry, gourmet kitchen, maple floors & quality decor throughout. Building envelope in progress, all new next year. Amenities include pool, hot tub, exercise area & decks. Pets OK. Easy walk to shops, CBD, False Creek, beaches, restaurants & entertainment. Call your realtor & view today!

#7 ) Address:6629 SPERLING AV, Upper Deer Lake, Burnaby


March 23, 2011 V877264 $1,100,000 $0 0%
April 08, 2011 V877264 removed after 16 days
November 04, 2011 V918347 $888,000 $-212,000 -19%
November 17, 2011 V918347 removed after 13 days
November 19, 2011 V920302 $888,000 $-212,000 -19%
January 04, 2012 V920302 removed after 46 days
January 07, 2012 V923885 $888,000 $-212,000 -19%
April 18, 2012 V923885 removed after 102 days
April 20, 2012 V944417 $880,000 $-220,000 -20%
August 31, 2012 V944417 removed after 133 days
September 02, 2012 V968935 $929,000 $-171,000 -16%
October 25, 2012 V968935 $910,000 $-190,000 -17%
January 17, 2013 V968935 removed after 137 days
January 20, 2013 V986219 $840,000 $-260,000 -24%

Current Days on Market: 447 (1.22years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $829,000

I can’t quote get my head around a close to million dollar 1/2 duplex in Burnaby.  If this doesn’t scream HOUSING BUBBLE then I don’t know what to say.

Brand new quality built 1/2 duplex in one of Burnaby’s most exclusive areas. This spacious 5 bedroom 4 bath home, situated on a generous 60x138ft lot, features an open layout with no wasted space. Thoughtfully designed with high ceilings, gourmet kitchen w/ granite counter tops, maple cabinets and crown mldgs throughout, this home will satisfy the fussiest buyer! Upper floor hosts 3 large rooms w/ den and jetted tub in the master. Other features include radiant heat, HW floors and detached garage w additional parking. Second living space w/ separate entry to finish off this absolute gem!

#6 ) Address:# 103 1252 HORNBY ST, Downtown, Vancouver West


November 01, 2007 V676174 $524,900 $0 0%
May 07, 2008 V676174 removed after 188 days
May 17, 2008 V709584 $524,900 $0 0%
April 23, 2009 V709584 $419,900 $-105,000 -20%
May 06, 2009 V709584 removed after 354 days
October 08, 2009 V791861 $449,900 $-75,000 -14%
October 27, 2009 V791861 removed after 19 days
October 31, 2012 V978576 $458,000 $-66,900 -13%
January 19, 2013 V978576 removed after 80 days
January 23, 2013 V986578 $399,000 $-125,900 -24%

Current Days on Market: 85 (0.23years)
Current ‘Official’ Days on Market: 1
2012 Assessment: $420,000
2011 Assessment: $446,000

Sold: $430,000 December 2009
Total Loss IF sold for list price: 28,372 transaction costs and 31,000 loss on sale = LOSS of $59,372 over 3 years

A $60K loss in 3 years if sold for asking… “***Urgent Sale!!!”  “$47,000 under BC Tax assessment.” – they’ll need to update this since assessment dropped about 6% this past year.  “an intelligent purchase”

***Urgent Sale!!! $47,000 under BC Tax assessment. Only $522/ SF for this spacious loft with 14 ft ceilings makes this an intelligent purchase*** PURE, a boutique 15-storey bldg in the heart of downtown. Enjoy this modern 764 SF one bedroom + flex space which boasts 14 ft ceiling, floor to ceiling windows & a 250 SF patio for all your entertaining & relaxation needs. Kitchen features S/S appliances, granite countertops & a gas cooktop. Conveniently located in downtown, this exceptional unit will be make a great home for years to come! First showings Jan 25th, 10-12PM. Open House, Jan 26/27, Sat & Sun, 2-4PM.

#5 ) Address:807 SAWCUT, False Creek, Vancouver West


December 06, 2012 V982060 $660,000 $0 0%
January 11, 2013 V982060 removed after 36 days
January 19, 2013 V986044 $499,900 $-160,100 -24%

Current Days on Market: 49 (0.13years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $651,000
2011 Assessment: $625,000

This is a 36 year old condo that dropped 24% in a little over a month and is now listed at almost 25% BELOW assessment.  As a kick in the face to the owners, somehow the assessment increased this year by 4%

This spacious 3 -bed townhome boasts value in a highly desired location. Just a 3-minute walk to the seawall, rapid transport (Canada Line and main bus routes), Whole Foods and London Drugs, all your amenities are just steps away. A bright, corner unit with sun from the South and views of the North, this home offers plenty of outdoor space with 3 large decks & private yard. You may also build your own private rooftop patio offering exceptional city views. Immediate proximity to world-class schools. Pets are allowed, which makes the 1-minute walk to the dog park ideal. Rentals ok. This is a rare opportunity to live in a highly desired location, do not miss out!

#4 ) Address:# 407 9298 UNIVERSITY CR, Simon Fraser Univ., Burnaby


June 09, 2007 V652367 $478,000 $0 0%
August 11, 2007 V652367 $465,000 $-13,000 -3%
August 24, 2007 V652367 $455,000 $-23,000 -5%
September 05, 2007 V652367 removed after 88 days
January 14, 2008 V683231 $439,000 $-39,000 -8%
August 01, 2008 V683231 removed after 200 days
July 21, 2011 V900778 $649,900 $0 0%
December 16, 2011 V900778 removed after 148 days
April 04, 2012 V940809 $499,500 $-150,400 -23%
June 22, 2012 V940809 removed after 79 days
July 27, 2012 V964046 $499,500 $-150,400 -23%
January 17, 2013 V964046 $474,000 $-175,900 -27%

Current Days on Market: 553 (1.52years)
Current ‘Official’ Days on Market: 150
2012 Assessment: $421,000

Listed for 1.5 years and isn’t going anywhere unless the owners knock down their price quickly

Gorgeous views of the North Shore mountains, Burrard Inlet and city lights from a 2 bedroom, 2 bathroom 1073 sqft NE corner suite with an open floor plan including a family/den area. The home features hardwood flooring in the living, dining and family areas, granite counters in the bathrms and kitchen, SS appliances and an 8′ long breakfast bar. Enjoy the views and stunning sunrises from the large corner windows in the master, spacious living area complete with a fireplace or from your over-sized sundeck, 15’1×7’6, ideal for relaxing or barbecuing. A great loc only steps to a shopping area, the SFU campus, transit, a school and numerous hiking trails. All this and a very private, quiet suite in a greenbelt setting at “UniverCity”.

#3 ) Address:# 601 499 DRAKE ST, Yaletown, Vancouver West


September 27, 2007 V670617 $5,599,000 $0 0%
March 13, 2008 V670617 $4,900,000 $-699,000 -12%
April 11, 2008 V670617 removed after 197 days
June 18, 2011 V889173 $6,900,000 $0 0%
August 31, 2011 V889173 removed after 74 days
May 09, 2012 V948740 $6,199,000 $-701,000 -10%
July 31, 2012 V948740 $5,890,000 $-1,010,000 -15%
October 24, 2012 V948740 $5,480,000 $-1,420,000 -21%
January 01, 2013 V948740 removed after 237 days
January 23, 2013 V986624 $4,999,900 $-1,900,100 -28%

Current Days on Market: 260 (0.71years)
Current ‘Official’ Days on Market: 1
2012 Assessment: $4,371,000
2011 Assessment: $4,528,000

Sold: $3,900,000 November 2006
Total Loss IF sold for list price: 226,597 transaction costs and 1,099,900 profit on sale = hopeful PROFIT of $873,303 in 5 years

Sold: $3,540,000 November 2005
Profit of $171,400 in 1 year when this owner sold in 2006

The person who bought this in 2005 made a nice profit of $171,400 in a year.  The current owner, after 28% and $1.9 million in price drops over the course of 5+ years, is still hoping for a close to million dollar profit.  It is a special kind of person (ie obscenely rich) that would purchase this place so a million here or there doesn’t mean a whole lot but hard to imagine many people looking for $5 million apartments in a crashing market

The famous PENTHOUSE at the multiple award-winning “Grace”, located in the heart of Yaletown. A statement in quality & design. Offering 4741 sqft of living space, spread over 2 lvls, accessed by private elevator with biometric fingerprint security, 7 O/D terraces, 39′ private infinity lap pool, sweeping wrought-iron staircase, vauited ceils, 3 grand bedrooms with exceptional master ensuite/spa w/ steam shower & French doors to private terrace. Prodigious use of limestone & mosaic tiling, cherry wood flrs, custom millwork. Immense commercial grade kitchen, 8 brn gas stove, pantry. Artfully designed for sophisticated living & entertaining. Absolutely world class residence. Join the famous & elite few who have called this home. A “House in the Sky”!

#2 ) Address:8785 OAK ST, Marpole, Vancouver West


October 02, 2008 V737009 $584,060 $0 0%
November 05, 2008 V737009 $473,860 $-110,200 -19%
March 05, 2009 V737009 $449,800 $-134,260 -23%
July 01, 2009 V737009 removed after 272 days
August 01, 2009 V779827 $448,000 $-136,060 -23%
October 01, 2009 V779827 removed after 61 days
November 06, 2009 V796456 $498,000 $-86,060 -15%
December 11, 2009 V796456 removed after 35 days
October 11, 2012 V975846 $440,900 $-143,160 -25%
November 09, 2012 V975846 $429,900 $-154,160 -26%
December 01, 2012 V975846 $424,900 $-159,160 -27%
December 21, 2012 V975846 $419,900 $-164,160 -28%
January 23, 2013 V975846 $412,900 $-171,160 -29%

Current Days on Market: 105 (0.29years)
Current ‘Official’ Days on Market: 105
2012 Assessment: $479,000
2011 Assessment: $479,000

“Move into this lovely home for Christmas.”

Superb location. No need for a car in this location. Generous sized bedrooms. Bright corner unit. Easy to view. Move into this lovely home for Christmas.

#1 ) Address:# 604 1280 RICHARDS ST, Yaletown, Vancouver West


January 02, 2009 V734800 $1,849,000 $0 0%
March 06, 2009 V734800 removed after 63 days
January 11, 2012 V924318 $1,429,000 $-420,000 -23%
April 30, 2012 V924318 removed after 110 days
May 12, 2012 V949664 $1,399,000 $-450,000 -24%
August 27, 2012 V949664 removed after 107 days
September 14, 2012 V971288 $1,390,000 $-459,000 -25%
January 10, 2013 V971288 removed after 118 days
January 19, 2013 V985901 $1,299,000 $-550,000 -30%

Current Days on Market: 379 (1.04years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $1,250,000
2011 Assessment: $1,347,000
2011 Last Sale: $1,320,000 on 13/Sep/2011
Total Loss IF sold for list price: 71,372 transaction costs and 21,000 loss on sale = LOSS of 92,372

And yet another listing where the owner is facing a huge loss if they can manage to sell for asking.  They purchased the place for $1.32 million in what looks like a private sale and a few months later tried to flip for a profit.  They very slowly lowered the price over 2012 then received their assessment showing a $100K and 7% drop in assessment.  They’ve gone into crisis mode but likely too little too late

This beautiful home n the highly desired Grace Residences is in immaculate “move in” condition. Features include a luxurious master bedroom and ensuite with claw foot soaker tub and Indonesian washboard vanity, 10′ ceilings throughout with vault in living room, extra large picture windows, limestone porcelain tile floors, 8″ baseboards, crown mouldings plus a gourmet kitchen boasting granite counters, Subzero & Bosch stainless appliances; just perfect for entertaining. The gallery entrance creates a lovely sense of arrival to this exceptional space. Building amenities include Geothermal heating/cooling, Biometric Security system, an indoor/outdoor pool, hot tub, gym, concierge and even access to a Rolls Royce. Priced to sell!


24 responses to “The Weekly Drop Metro Vancouver Attached – January 23, 2013

  1. idunnowhy January 24, 2013 at 11:07 am

    Number 8 is a leaky condo. Scaffolding is up around the building. There has to be more lost money for the current owner.

  2. Roy January 24, 2013 at 12:27 pm

    Very impressive work.

    Regarding #8, #6, and #1, if this is considered a representive sample of downtown condos could this imply that a substantial cross-section of owners there are now sitting on thousands of dollars in unrealized property losses (if they were to try and sell in today’s market)? It seems you are showing people who bought after 2007 are now having trouble getting out without a loss (minus any down payment and equity). Even #3, who bought in 2006 is now trying to get out before they take a loss.

    • an observer January 24, 2013 at 12:30 pm

      Yeah, I mentioned this in the intro paragraph, quite scary really:

      “The number of people who are currently under water with their condo’s is staggering and I’d bet 90% of these people don’t even realize it yet – how many can even afford to write the cheque to the bank to close the sale? Hey Global, that’s a news story”

      • Roy January 24, 2013 at 2:01 pm

        Thanks Observer- I missed that part… but it looks like I roughly drew the same conclusion as you did.

        I always found it strange, that in a city that is supposedly one of the best in the world, it has been so quiet the last few years I swear you can hear a pin drop sometimes. Maybe some of those 90% are steadfastly refusing to believe this is going on.

  3. Danielle January 24, 2013 at 1:04 pm

    #5 just removed the costs of the lease payments to the city since the owner will no longer be paying them monthly, thats the reason for the massive drop this month. I had a look at the property just a short while ago.

  4. A.H. January 24, 2013 at 1:17 pm

    #3 – Interesting listing pics :
    They include a black Rolls Royce. What do you think? Are they sweetening the pot? Sure…LOL.

  5. Chad in Burnaby January 24, 2013 at 1:51 pm

    #8: “The person who bought this in 2005 and sold 2 years later for a $138k presumably tax free gain is laughing.” only if he or she wasn’t stupid enough to ‘reinvest’ that gain back into a more expensive place, which brings me onto #7…

    …I know the developers who built #7 and by any measure they’ve done very, very well in the last 5 or so years that i know of. However, did they take their cash out in time and retire to a wonderful life of luxury? No, of course not.

    They now have several new builds in the Deer Lake area that have been sitting on the market for almost a year, including the other half of the duplex in #7.

    Interestingly, the other half is listed for $978,800. Lots of 8s. And, the other half is presumably higher because it’s location, location, location – I guess 😉

    I totally agree with you that the prices in Burnaby scream HOUSING BUBBLE.

    Good job Observer. You’re doing an excellent public service. Can I recommend you, Whisperer, VREAA, VCI and all the other regular commentators for a knighthood, or the Nobel Peace Prize or something? Lol

  6. mac January 24, 2013 at 4:53 pm

    Please check if I am hallucinating but No.8, the lucky crystallis one, well someone has knocked down the wall between the in suite bathroom and the bedroom. Furthermore, they strung up what looks like high-intensity lighting over the bog, so you are well-light when crouching down behind the cheap Ikea dresser to take your daily cr*p. If this is correct, can you please add this to the red description on why this unit might possibly not sell.

  7. anonymous January 24, 2013 at 4:59 pm

    not sure how No.2 is lovely, it’s right beside the oak street bridge.. and there’s not much in the way of convenience in that area at the moment.. and canada line marine drive is a good 10 min walk away..

  8. Aleksey January 24, 2013 at 5:57 pm

    What’s wrong with #5? It looks like a good deal.

    • Alexcanuck January 24, 2013 at 6:48 pm

      Lease land, you own nothing but a share of a 36 year old building, pay $300 a month strata and an unknown amount for the lease. Likely $800 a month? Just a guess based on some other False Creek lease rates that were talked about here.
      That is what is wrong with #5.

  9. Advoc8 January 25, 2013 at 1:53 am

    #1 doesn’t look like it has much of a view. Is that Yaletown location really worth it, compared to other locations downtown relative to current assessed values, without a False Creek, mountain, or rooftop vista view?

  10. Spiltbongwater January 25, 2013 at 9:42 am

    Move in for Christmas? Is it really difficult for a realtor to change the description of a listing? The seller only pays about 20K in commish on this price, but an entire month since Christmas and that is still in the description. The seller does not check their own listing sheet often enough, and their realtor is a complete waste of time. I would sack the realtor just for that imo.

    • Real Estate Tsunami January 25, 2013 at 11:04 am

      Remember the commission is only due upon sale.
      Many listings are so hopelessly overpriced on the insistence of the sellers that the Realtors don’t wanna waste their time and effort any longer.

      • gokou3 January 25, 2013 at 1:27 pm

        Yes, from personal experience that’s the case. Back in still-hot 2010, we have hired a realtor who has many listings (>100). I think she paid attention to ours for maybe 2 weeks. After that remains unsold, she asked us if we wanted to lower price. We said no. We didn’t hear much from her since.

    • Exurban January 27, 2013 at 12:46 am

      Aw come on Bongster, he’s just not specifying WHICH Christmas because this thing might not sell for a few more years.

  11. Chris January 25, 2013 at 2:09 pm

    Where do you get this kind of valuable historical information? Is it publicly available?

  12. S.Mathew January 26, 2013 at 9:14 am

    Is it possible to get details of specific properties

  13. Wesley January 26, 2013 at 2:01 pm

    According to (iPad app lets you see property pictures without signing up) #3 is a bank foreclosure. So that special kind of person is actually a bank trying to get the heck out.

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