Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Attached – February 13, 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.

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

#10 ) Address:# 114 8580 GENERAL CURRIE RD, Brighouse South, Richmond

July 24, 2008 V724359 $366,000 $0 0%
November 01, 2008 V724359 removed after 100 days
March 12, 2010 V814415 $365,000 $-1,000 0%
July 08, 2010 V814415 removed after 118 days
July 08, 2011 V898614 $388,800 $0 0%
July 22, 2011 V898614 removed after 14 days
August 07, 2011 V903919 $379,800 $-9,000 -2%
September 21, 2011 V903919 $374,800 $-14,000 -4%
September 28, 2011 V903919 $369,800 $-19,000 -5%
October 14, 2011 V903919 $364,800 $-24,000 -6%
December 15, 2011 V903919 $363,000 $-25,800 -7%
January 13, 2012 V903919 $356,000 $-32,800 -8%
January 27, 2012 V903919 removed after 173 days
March 31, 2012 V940353 $342,000 $-46,800 -12%
August 09, 2012 V940353 removed after 131 days
October 07, 2012 V975573 $338,000 $-50,800 -13%
November 06, 2012 V975573 $325,000 $-63,800 -16%
January 09, 2013 V975573 $320,500 $-68,300 -18%
February 13, 2013 V975573 $308,000 $-80,800 -21%


Current Days on Market: 588 (1.61years)
Current ‘Official’ Days on Market: 131
2012 Assessment: $301,000
2011 Assessment: $347,500
Desperation Score: 30.2

This condo is well “maintined”.  Assessment dropped 13% in a single year and this place has been listed for over a year and a half

OPEN HOUSE SAT 12TH & SUN 13TH JAN 2-4 PMCome home to quality and comfort. Bright unit on quiet side of sought after Queens Gate by Polygon. SW facing, entertainment size patio overlooks inner circle with landscaped gardens and 20ft fountain. Suite has 9ft ceilings and crown mouldings. Lg. Master bedroom has ensuite with 2 sinks and large tub. Well maintined. age 55+ complex with entertainment lounge, pub, pool table, indoor pool, exercise room, library, ping pong table. Monthly organized activities. Walk to shops and transportation

#9 ) Address:# 1604 4134 MAYWOOD ST, Metrotown, Burnaby

October 26, 2012 V978149 $324,900 $0 0%
November 10, 2012 V978149 $288,000 $-36,900 -11%
December 19, 2012 V978149 $272,200 $-52,700 -16%
February 07, 2013 V978149 $257,250 $-67,650 -21%


Current Days on Market: 112 (0.31years)
Current ‘Official’ Days on Market: 112
2012 Assessment: $254,000
Desperation Score: 23.8

This place has been listed as “Priced to Sell” since its original listing at $324,900 and is still listed higher than assessment.  They better make this truly priced to sell and soon before the thousands of new units make their way into the area in the next couple of years

Northeastern unobstructed views from a Unit on the 16th floor. Priced to Sell and easy to show. Extra large balcony to enjoy the fantastic views. Extremely well maintained complex with major updates including: new parkade membrane, domestic plumbing, elevator and hallway & lobby. Reasonable maintenance fee includes heat, hot water and all amenities. Short walk to Skytrain, Library & Metrotown. Call today to view. Open House Sun Nov 25th, 12-2pm.

#8 ) Address:202 W 13TH AV, Mount Pleasant, Vancouver West

September 22, 2007 V669795 $649,000 $0 0%
January 16, 2008 V669795 removed after 116 days
January 20, 2008 V684438 $649,000 $0 0%
February 28, 2008 V684438 removed after 39 days
May 09, 2012 V948654 $899,900 $0 0%
May 29, 2012 V948654 $859,000 $-40,900 -5%
July 21, 2012 V948654 $825,000 $-74,900 -8%
August 07, 2012 V948654 removed after 90 days
August 22, 2012 V967552 $825,000 $-74,900 -8%
September 05, 2012 V967552 removed after 14 days
January 13, 2013 V984922 $749,800 $-150,100 -17%
February 13, 2013 V984922 $709,000 $-190,900 -21%


Current Days on Market: 282 (0.77years)
Current ‘Official’ Days on Market: 33
2012 Assessment: $736,000
2011 Assessment: $715,000
Desperation Score: 24.4

Fabulous 2 bedroom, 1 ? bath garden level townhome in terrific Mt Pleasant neighbourhood. The spacious open layout w/ radiant in-floor heat, beautiful hand scraped h/w floors, accommodates the comfortable living room w/ cozy gas fireplace & French doors opening to the private patio, lovely dining area & gourmet kitchen w/ stainless appliances & breakfast bar. Both bedrooms are generously sized & bright. Master suite w/ walk in closet. Den or family room w/ wet bar & powder room. Attached drive-in single car garage has in floor heat. Plus open parking off street. BBQ on the patio on summer evenings, cuddle up by the fireplace on wintry nights. Located on a tree lined street, easy walk to Canada Line, VGH and a myriad of shops.

#7 ) Address:# 119 8880 NO 1 RD, Boyd Park, Richmond

November 23, 2011 V920503 $315,000 $0 0%
August 23, 2012 V920503 $295,000 $-20,000 -6%
October 01, 2012 V920503 removed after 313 days
October 05, 2012 V975120 $275,000 $-40,000 -13%
December 04, 2012 V975120 removed after 60 days
February 13, 2013 V989938 $245,800 $-69,200 -22%


Current Days on Market: 450 (1.23years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $212,900
2011 Assessment: $259,700
Desperation Score: 14.5

Listed for well over a year at ridiculous prices and now the assessment has dropped almost 20%.  This could easily be a potential 50% dropper before it is sold

Great centrally located complex, 2 bedroom + den (which could be made into 3rd bedroom) with a nice layout. Comes with a fantastic recreation centre incl outdoor & indoor swimming pools, hot tub, sauna & guest suites. 2 pool tables. Maint includes HEAT & HOT WATER. Storage locker and washer/dryers on the same floor. 1 covered parking. Pets not allowed, rentals restricted.

#6 ) Address:# 308 7428 19TH AV, Edmonds, Burnaby

March 20, 2011 V876853 $239,000 $0 0%
April 29, 2011 V876853 $236,500 $-2,500 -1%
May 11, 2011 V876853 removed after 52 days
May 15, 2011 V888408 $231,000 $-8,000 -3%
May 27, 2011 V888408 $225,000 $-14,000 -6%
June 14, 2011 V888408 $220,000 $-19,000 -8%
June 30, 2011 V888408 $210,000 $-29,000 -12%
August 03, 2011 V888408 removed after 80 days
September 23, 2011 V911689 $269,000 $0 0%
October 21, 2011 V911689 $249,000 $-20,000 -7%
January 16, 2012 V911689 removed after 115 days
February 19, 2012 V932499 $245,000 $-24,000 -9%
March 20, 2012 V932499 $229,000 $-40,000 -15%
May 28, 2012 V932499 removed after 99 days
June 04, 2012 V954387 $225,000 $-44,000 -16%
July 05, 2012 V954387 $219,000 $-50,000 -19%
August 31, 2012 V954387 removed after 88 days
September 16, 2012 V971922 $209,999 $-59,001 -22%
December 12, 2012 V971922 removed after 87 days
January 09, 2013 V984004 $219,000 $-50,000 -19%
February 07, 2013 V984004 $208,000 $-61,000 -23%


Current Days on Market: 698 (1.91years)
Current ‘Official’ Days on Market: 37
2012 Assessment: $198,500
2011 Assessment: $207,700
2011 Last Sale: $195,000 on 13/Jul/2011
Total Loss IF sold for list price: 18,324 transaction costs and 13,000 profit on sale = LOSS of 5,324
Desperation Score: 31.1

“Chateau Lyon” – wow, talk about a misleading name!  “Why waste money on rent? With 5% down payment, you can own your own home.” – maybe because any equity in the place would disappear faster than you can blink and you could rent the same unit for a fraction of the cost?  Are those good reasons?  Owner bought this place for $195K, installed laminate floor, painted and bought a new stove – say $10K in upgrades.  They then relist a few months later for $74K more.  Fast forward a year and a half and they are already listed lower than what they paid for the place not including all the upgrade costs and realistically not even close to a price point that would attract any buyers.  Maybe they should contact MAC Marketing and have the Lee “sisters” show up with some news camera’s and a strong desire to buy hip home for parents.  Flip Fail.

Chateau Lyon, affordable condo living in Burnaby HighGate Mall/Edmods area. Short walking distance to bus transit and shopping. Owner occupied building with no pets and no rentals. This home is a top floor east facing spacious unit with large balcony. Owner installed new laminate floor, paint inside the unit and bought new stove in 2011. Functional floor plan with large living room and good sized bedrooms. Monthly strata fee includes heat and hot water. One parking and one storage locker. Fob access to building entrance provide you with extra security and convenience. Why waste money on rent? With 5% down payment, you can own your own home. Call today to book your private showing.

#5 ) Address:# 406 888 ARTHUR ERICKSON PL, Sentinel Hill, West Vancouver

December 02, 2009 V799639 $959,000 $0 0%
June 30, 2010 V799639 removed after 210 days
February 03, 2012 V929179 $759,900 $-199,100 -21%
February 01, 2013 V929179 removed after 364 days
February 13, 2013 V989921 $739,900 $-219,100 -23%


Current Days on Market: 378 (1.04years)
Current ‘Official’ Days on Market: 2
2012 Assessment: No Assessment
Desperation Score: 6.5

This place isn’t even built yet however has remained unsold for almost 3 years and gone through 23% in price drops

Evelyn is a new West Vancouver master-planned community featuring large concrete homes. Ideal location has Park Royal within walking distance & close to transit access, Lions Gate Bridge, Highways 1 & 99. This very spacious 940 sf 1 bedroom + den home features a 110 sf landscaped terrace off main living and den. Interiors feature a large ensuite, powder room, and walk-in closet. Enjoy the automated lighting & sound system with built-in speakers. Flooring is engineered oak hardwood, wool berber carpet, porcelain & travertine tile. Kitchen has high-end appliances: SubZero fridge, Miele gas cooktop & convection wall oven, Asko dishwasher. High-efficiency washer and dryer. Built by award-winning Onni Group. Call for details.

#4 ) Address:# 3007 1011 W CORDOVA ST, Coal Harbour, Vancouver West

February 07, 2010 V808473 $3,250,000 $0 0%
February 16, 2010 V808473 $3,590,000 $0 0%
April 06, 2010 V808473 removed after 58 days
April 21, 2010 V823541 $3,490,000 $-100,000 -3%
July 16, 2010 V823541 removed after 86 days
September 22, 2010 V851293 $2,888,000 $-702,000 -20%
January 01, 2011 V851293 removed after 101 days
April 16, 2011 V882585 $2,688,000 $-902,000 -25%
July 13, 2011 V882585 removed after 88 days
September 18, 2011 V910977 $2,688,000 $-902,000 -25%
September 21, 2011 V910977 removed after 3 days
January 20, 2012 V926637 $2,680,000 $-910,000 -25%
June 30, 2012 V926637 removed after 162 days
February 08, 2013 V989571 $2,668,000 $-922,000 -26%


Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $2,418,000
2011 Assessment: $2,432,000
Desperation Score: 7.8

Views of the “Mounains”.  They have been pretty firm on their pricing for the last 2 years.  It is people like this that stand to lose a lot of money.  You have to know when to fold ’em

Welcome to the luxury residences of the Fairmont Pacific Rim Estates designed by renowned architect, James Cheng. Just completed and Brand new 2 BDRM & 2 1/2 BATH North, West and South-FACING ESTATE. Breath taking views of City & WATER & North Shore Mounains & 1 generous size Balcony. Air-conditioned home features immaculate finishings, chef’s gourmet kitchen w/ European S/S Appliances and spa bathrooms. Quality details expressed in entry ways, wood flooring and overheight ceilings. Enjoy living at its best with the 5-star Fairmont Hotel Services. Concierge services, valet, rm service, housekeeping and the amenities.

#3 ) Address:# 201 6093 IONA DR, University, Vancouver West

April 13, 2012 V942945 $1,688,000 $0 0%
April 25, 2012 V942945 $1,518,800 $-169,200 -10%
July 05, 2012 V942945 $1,368,000 $-320,000 -19%
August 11, 2012 V942945 removed after 120 days
August 29, 2012 V968398 $1,350,000 $-338,000 -20%
September 22, 2012 V968398 $1,335,000 $-353,000 -21%
February 13, 2013 V968398 $1,200,000 $-488,000 -29%


Current Days on Market: 308 (0.84years)
Current ‘Official’ Days on Market: 170
2012 Assessment: $1,201,000
2011 Assessment: $1,335,000
Desperation Score: 29.1

For a million+ dollar listing I’d expect the realtor to fix “ALso”

Amazingly luxurious open layout 2 bedroom and 2 bathroom unit in “Coast”, offering diverse a community boasting lush greenery, mountainous views, and is in walking distance from the beach. Large deck facing NW to ensure the bright evenings.Located in the Northwest part of the campus means minutes away from Nitobe Garden, Museum of Anthropology and Buchanan Buildings. ALso close to bus loops allowing easy public transportation to Downtown, Richmond and Vancouver. In suite laundry, gourmet kitchen equipped with Miele & Subzero appliances, elegant finishings with imported lime stone floorings. Nearby are the best public schools, U-hill elementary/secondary


#2 ) Address:# 106 8 SMITHE MEWS, Yaletown, Vancouver West

May 08, 2011 V887254 $1,988,000 $0 0%
July 12, 2011 V887254 removed after 65 days
August 04, 2011 V903171 $1,838,000 $-150,000 -8%
September 14, 2011 V903171 removed after 41 days
September 17, 2011 V910504 $1,838,000 $-150,000 -8%
October 13, 2011 V910504 removed after 26 days
October 16, 2011 V916009 $1,780,000 $-208,000 -10%
November 09, 2011 V916009 $1,749,000 $-239,000 -12%
November 18, 2011 V916009 removed after 33 days
November 20, 2011 V920403 $1,648,000 $-340,000 -17%
February 23, 2012 V920403 removed after 95 days
April 12, 2012 V942621 $1,598,000 $-390,000 -20%
May 10, 2012 V942621 removed after 28 days
May 12, 2012 V949863 $1,499,000 $-489,000 -25%
May 31, 2012 V949863 removed after 19 days
June 02, 2012 V954121 $1,375,000 $-613,000 -31%
June 13, 2012 V954121 removed after 11 days
February 08, 2013 V989701 $1,348,000 $-640,000 -32%


Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $1,475,000

Last Sale: $1,375,000 on 6/Jun/2012 
Total Loss IF sold for list price: 73,844 transaction costs and 27,000 loss on sale = LOSS of 100,844

2011 Assessment: $1,361,000
Desperation Score: 19.1

Purchased for $1,328,000 in February 2010 netting previous owner a $27K loss after all fees

Almost 10% below assessment now and under $700/sqft which seems pretty reasonable at current market conditions for this type of home.  When a unit like this isn’t selling for that price it has to be a wakeup call for all the other sellers in the area

Live along the cool water’s edge in this contemporary 2 level, 2 bedrm + den townhome with views of False Creek! Main level boasts spacious open concept living, h/w floors, cozy gas f/p, sleek gourmet kitchen w/quality appliances, entertaining sized dining area & living room w/floor to ceiling windows opening to the SW facing patio, perfect for bbqs. Up features concrete floors, a relaxing media/family rm, 2 large bedrms, master boasting spa-like 5 piece ensuite plus a covered, view balcony. Home offers insuite laundry, air con, 2 insuite storage rms, 2 parking & private entrance. Fabulous amenities: bowling alley, theatre room, indoor pool, kayak rentals + more! Amazing location, steps to the seawall & to all Yaletown amenities!

#1 ) Address:# 1717 5911 MINORU BV, Brighouse, Richmond

July 11, 2012 V961202 $128,000 $0 0%
January 01, 2013 V961202 removed after 174 days
February 07, 2013 V989319 $79,900 $-48,100 -38%


Current Days on Market: 219 (0.60years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $76,700
2011 Assessment: $69,000
Desperation Score: 7.3

5911 Minoru continues to top the weekly lists very often but almost always from different units.  Apparently at some point last year the owners all decided to list their units for close to double assessment – I’d say it was price fixing except that it definitely didn’t work

Airport Hilton Hotel, fully management and operated. A great investment in downtown Richmond, near Richmond Centre, skytrain station, Minoru community centre, library and everything. Upper level and western & northern corner with excellent water and mountain view. Good return. The owner has benefit to use the hotel’s facilities and enjoy the discount of hotel room and restaurant.



32 responses to “Weekly Drop Metro Vancouver Attached – February 13, 2013

  1. Landbaron February 15, 2013 at 8:14 am

    The picture in #4 is not the Fairmont Pacific Rim

  2. RFM February 15, 2013 at 9:29 am

    I noticed that right away too. Maybe this is one reason #4 hasn’t sold: the listing does not have any pictures other than the building and IT’S NOT THE RIGHT BUILDING!

    Here’s what 1011 West Cordova Street looks like:

    Good going Winnie Lam! What competence! What marketing skills! Maybe MAC Marketing could use you!

    • Landbaron February 15, 2013 at 4:45 pm

      The commission Winnie would get on this 1 sale is close to what a well paid hourly worker would earn in a year, and she can’t even get pic of the right building.

      What a joke

      Also why isn’t the seller checking up on his/her listing? $2.6mill is no joke for anyone.

  3. Tyler February 15, 2013 at 11:45 pm

    #2 Smyth mews….come on that’s not a deal at all who in the right mind would pay almost $900 a month for maintenance on a two bedroom condo? Crazy!

    • an observer February 16, 2013 at 9:32 am

      Don’t think I’d call it a deal but the amenities are pretty great – not like paying $500/month for basically nothing like you see a lot of times.

      So don’t get me wrong, I’m not saying this is great and someone should buy this place right away – I’m saying that this does not bode well for all of the other 1500+ sqft condo’s in the area

  4. advoc8 February 16, 2013 at 1:03 am

    For #3, let’s see if the nouveau sales tactic of pricing at assessment actually works.

  5. Spiltbongwater February 16, 2013 at 1:42 pm

    I like the picture of the bathroom in #3. The photographer is either hanging out of the attic, or standing on the bathtub. They have one roll of toilet paper on the holder, and one on the ledge just in case the bomb really drops while in there they are well prepared.

  6. Kara Oke February 17, 2013 at 9:40 am

    There are so many of these kind of listings. An eye opener. Would you mind looking up V981910 for us?

  7. Silver February 18, 2013 at 2:37 pm

    Vancouver price Drop…
    Thank you very much for bringing our new home to our attention…
    you can close the book on this one…
    We walked out of foreclosure court with 8624 Gaglardi st. in Mission .
    Given to us by the “Master” for $270,000. The closest bid was $1,500. lower.
    This is not the property for everyone but for us it was a perfect gem. the Salt Box house has really great bones. The creek is killer.
    Bank admitted loosing about $90,000 on the property.
    We just sold in Vanvouver for $939,000.
    So the price was fine. We only owe about $165,000 and bought for $315,000 in 2003.
    So who cares if we over paid.
    It will grow a killer Garden… and lawn chairs.

    Assessment value from 2013 tax record….$391,700.00…. need i say more…


    • an observer February 18, 2013 at 2:46 pm

      Congrats! Looks like you did well

    • Sheesh February 18, 2013 at 3:13 pm

      I’m confused. The listing still seems to be active and the current price is $259K. In any case, congrats! That place could be super cute if someone fixed it up.

      • Silver February 18, 2013 at 5:31 pm

        It was a court ordered sale.
        So there were other offers presented in court.
        Court Master gave it to us legally this morning. I offered the bank $255 which they accepted but the court had other offers presented this morning. As I had the Originating Offer I had the chance to change my offer.
        … so I gambled that the other offers would not go over $270, and increased my offer…
        basically I figured 10 grand over the $255, and a split between the $259 and the previous $272 listing… rounded it out… and I bid right.
        Court gave it to us.
        I mean really…1.1 acres any ware in the lower mainland with a steam and usable land????? …. for 270… ????
        Nine people looked at this place in 9 months… only 3 went inside…????

        It takes 2 weeks to close the court paperwork…
        … and the house is actually a gem… under the neglect. Built 90 years ago.
        About a month and a half of work if I stay away from Granite counter tops…HEE hEE Hee…
        The TV show Green Acres comes to mind now…

        …Mind you I can buy a leaky condo… and an assessment for repairs in Vancouver for a lot more than that
        … 2, 3 ,4 times that if I want…. but then I haven’t missed pointing out any of those future Investment gems either.

        Thanks for all the comments and advise here… as well as the listing!!!
        Now I can sit and safely watch Vancouver eat itself……
        Did I mention the poach looks over vancouver…
        … images of little cartoon detonations rising over vancouver and its real estate market comes to mind…
        Dumb Commie do very well…fleeing socialist vancouver


  8. Spiltbongwater February 18, 2013 at 3:58 pm

    Congrats Silver!! When is the house warming party? We are all invited aren’t we?

  9. Moving eastward February 18, 2013 at 10:07 pm

    Just discovered your blog, fantastic information! How do you obtain this kind of historical data on list and sales prices? And how would one go about to find this data for Montreal?? (my wife and i will be moving there and have been unable to find useful information at all …:-(

  10. Natalie February 19, 2013 at 10:10 am

    Hi Observer…was reading your previous blogs and thought I would mention just a couple of things. “Meas taken from plan” you mention that this annoys you, and this isn’t twitter…go ahead and spell out “measurements” lol. Just so you know, we have a limited amount of characters we can use in our write ups. It may be the case that either the realtor shortened it in respect of this, or the real estate board who “reserve the right” to abbreviate to accomadate for the allotment of characters….or the realtor just couldn’t spell the whole word 🙂

    Also, when you question “why” we (the Realtors) price something as we do, keep in mind that the sellers are calling the shots. Often they will listen to us, but more often, they want to “try” at a certain price. It can also be that they can’t sell for less than a certain number and still be able to clear title. Quite often, you will see they lose the home to foreclsoure and that’s when you see the home properly priced. There are factors that stop a seller from taking less than what they need to clear title but sometimes we can negotiate with the bank, prior to the bank getting conduct of sale, to make it work for everyone. If the home is CMHC insured, this is not usually an option.

    As for assessed value over listing/sales price. I am in the valley and I can tell you that here, assessed value really means very little. People get hung up on assessments, yet assessments are way behind current market values in any market. They don’t reassess every quarter. BC Assessment also doesn’t walk through every house before assessment. Some are so far off I am surprised people don’t challenge them, though some will.

    As for disclosing sold prices, and why they aren’t readily available…that is fairly simple. Lets say you have your home on the market and accept an offer. All the conditions are met and the sale becomes firm. You get to have a shiney new SOLD sticker on your property. Yay! Lets say a month later, something happens to your buyer and they can no longer go through with the sale. Your home has to be put back on the market. Do you want everyone to know what price you accepted before? Likely not. We are actually obliged to still present any offer that comes in on your home until the day your home’s title is transfered(completion day). An offer can be put in “back up” position with a condition that specifies it is put into play if the original offer collapses. This is the main reason that data is not available readily to the public…protecting the seller.

    • Real Estate Tsunami February 19, 2013 at 12:43 pm

      Thanks for your comments, Natalie.
      While I can see half your point about the sale price disclosure, I’m still not sure why you can’t disclose after completion.

      • Natalie February 19, 2013 at 1:28 pm

        Hi 🙂 We can disclose after completion, there is no public site to offer this is the problem. I can see things moving toward a more transparent industry, and I am all for it. Somewhere on this site was a link posted to previous sale prices. I didn’t check it out, though. I agree, I think it should be public info. You can get that information from Land Titles I believe, but you likely have to pay for it. It will also be on BC Assessment once its registered. I have access to these things but I am not sure if you can access BC Assessment publicly.

      • an observer February 19, 2013 at 1:44 pm

        BC Assessment (at least the publicly available version) shows previous years sales if they occurred between January and October – better than nothing but it sounds like you agree we need more sales history transparency.

    • an observer February 19, 2013 at 1:15 pm

      Hi Natalie, thanks for the feedback and info. Regarding pricing of homes, I don’t blame realtors at all for the crazy prices you see – I think most people realize that it is the owners that are pricing their homes like this and realtors generally want to make a sale and working 3 or 4 times harder / longer to get an extra $50K in sales price doesn’t benefit them much.

      The sale history withholding does nothing to protect anyone. I agree that withholding it until completion is reasonable.

      Assessment are just an estimate so for individual properties some times it doesn’t paint a true picture but more often than not it is fairly reasonable. When it becomes more useful is when you look at a larger sample of assessments vs sale or list prices – when you do this you can see broader trends with outliers being naturally discounted. For example, in south surrey last spring / summer most sales were 20-25% above assessment but by the fall/winter most sales were at or below assessment.

      Again though, thanks for following up on some of those sales questions and providing your feedback here

  11. Natalie February 19, 2013 at 10:25 am

    Silver..congrats on the purchase. Did you have any insurance issues being that the home is non conforming?

    • Silver February 19, 2013 at 6:05 pm

      You Don’t need CMHC insurance if you put more than 20% down or can back with cash your financing. And if the purchase cost is in line with tax assessments from the BC AssAssment Real Estate Authority Lacky’s.

      The house was nonconforming because of its position on the lot, not because it was a hazard.

      The more I think about it, borrowing home loan money at 3.1%. then putting it back in the market at 7-10% (safe numbers) means you pocket the difference instead of the bank, keeping up with inflation.

      … this sale has been good to me so far… sales agent gave me the full well breakdown report done a week ago shallow and deep well… nothing i can’t deal with.
      One fellow who I beat out gave me the whole history of the house, and how its built and septic field layout and history. It was built 90 years ago from old growth ceder the original owner milled. Cedar shakes in great shape. Roof is 3/4″ – 1 “split shake. Septic field one is still very good he say’s, knows the family that put it in. the shallow well is drinking quality from a deep creek weep. Pored concrete foundation standing room.

      Scratches head???? again…

      …. Still don’t get why it didn’t sell before… the cheapest dam nice acre in the lower mainland???

      I love this site… best poaching sale site in the lower mainland… if you got the balls for it.

      The sales history gave me the information I needed to make an informed bid that was only $1500 higher than the next bid. less than a .5% difference to the sale price.


      • an observer February 19, 2013 at 6:23 pm

        I’m glad I helped you find your dream property so please tell the bank to send me the $33K in realtor commissions that they owe me!

      • Natalie February 20, 2013 at 12:12 am

        Hi Silver, I was actually asking about fire insurance…I am curious if there was an issue arranging for insurance because of it being non conforming. If I understood your earlier post, you have bought mortgage free.

      • Silver February 20, 2013 at 1:30 pm

        33k… I only paid $0k to mine… and the bank paid it. I think the bank owes you the commission actually… as they were the seller…
        You should work in real estate now????
        … As apparently several other people also owe you for several of the other listings you provided that are now also off the market…

        Aside… Thank you personally from the wife and I for the lead…

        Your work here matches what I’ve been finding out about the assessment process for years.
        … every property tax document given me over a period of four years has as its original source a real estate board document.

        … a very fair question… especially for a property like this.once you pay more than 20% down you gain all kinds of rights. You have skin in the game.
        As I can back all the funds with cash, fire insurance is not a requirement for purchase.
        So non conforming does not matter to me.
        The house was not hazardous… just to close to the road for the muni authorities… I can’t increase the house size without breaking the grandfather clause… but really… I like the house as it is so… not an issue. Everything I want is Grandfathered.
        Insurance is up to me personally…and I consider myself a fully liable individual. Responsible for all my actions. That allows me to look at a property like this without fear.
        It is a personal position.
        So I make sure I don’t have or cause fires…

        My property is always bought as Private Property(Fee Simple Absolute).
        Never Commercial/Public, nor Strata/Co-Joinder/Tenent in Common etc..

        You only need Insurance if you want some other party to be responsible for your actions. Or to cover for ones own errors.
        It is only legally required if you have commercial or public access/dept.
        Again I prefer to operate from a Lawful not Legal position.

        I don’t trust insurance companies that that allow people to put some 30 gallons of oil on the side of houses as siding and then ask me to help cover the cost of said stupidity in a fire.(plastic siding burns really really good.)
        Over the last thirty years I have saved 2-3+ hundred thousand dollars in fees.
        It has It’s risks but I accept that…


  12. Natalie February 20, 2013 at 2:28 pm

    Gotchya 🙂 I am a chicken myself when it comes to taking chances, but respect the idea that you are responsible for your own actions. Silverdale is a beautiful area….I hope you enjoy Mission. Lots of plans on the horizon to hopefully revamp downtown and develop the waterfront. Fabulous out door play paradise…hiking, fishing, camping, lakes….enjoy your new home! I hope you have a dog 🙂

  13. farm820 March 5, 2013 at 1:26 pm

    natalie, Where can I find your listing sites. Really like your common sense approach.

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