Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Suburbs – March 4, 2013

Here are the 10 properties outside of Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous week AND have dropped the largest percentage overall from their original asking price.


#10 ) Address:12548 62A AV, Panorama Ridge, Surrey

December 10, 2008 F2833211 $78,000 $0 0%
August 01, 2009 F2833211 removed after 234 days
March 03, 2013 F1304933 $49,900 $-28,100 -36%

No Picture

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $11,700
2011 Assessment: $11,700
Desperation Score: 4.5

Must be sold with 12556 62A Avenue (MLS F1304934) and other lot 12540 62A Avenue (MLS F1304935). Great for Nursery or Hobby Farm. Contact City of Surrey to verify your options on this property.


#9 ) Address:# 208 11671 FRASER ST, East Central, Maple Ridge

February 02, 2007 V627791 $134,900 $0 0%
February 08, 2007 V627791 $131,900 $-3,000 -2%
April 02, 2007 V627791 removed after 59 days
March 19, 2008 V695568 $154,900 $0 0%
April 05, 2008 V695568 $149,900 $-5,000 -3%
May 27, 2008 V695568 $139,900 $-15,000 -10%
July 01, 2008 V695568 removed after 104 days
July 11, 2008 V721590 $134,900 $-20,000 -13%
August 19, 2008 V721590 $129,900 $-25,000 -16%
October 07, 2008 V721590 $119,900 $-35,000 -23%
December 31, 2008 V721590 removed after 173 days
March 02, 2013 V993352 $98,700 $-56,200 -36%

v993352_11

Current Days on Market: 4 (0.01years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $96,100
Desperation Score: 4.5

Another portable washing machine makes the weekly drop.  “Call about our zero down payment option” – I sure hope they aren’t trying to get around CMHC’s rules regarding no down payment…

BELMAR TERRACE: Walk to Haney Place Mall or shopping center, 3 Grocery stores, banks, restaurants, West Coast Express and transit. You really don’t need a car, walk up Fraser and it connects with Lougheed where you have access to everything. This exceptional large 1 bdrm and 1 bath has a huge 24′ x 16′ patio that is private with tall trees. This is a solid building with a newer roof under 5 years old. Owner has portable washing machine included and laundry is shared in basement. Small dogs 1 ft high allowed and cats allowed, only 10 rentals allowed at one time. Call about our zero down payment option and own this condo yourself today!


#8 ) Address:18026 68TH AV, Cloverdale BC, Cloverdale

July 04, 2007 F2717233 $2,999,999 $0 0%
September 20, 2007 F2717233 $2,785,000 $-214,999 -7%
December 27, 2007 F2717233 removed after 176 days
May 17, 2008 F2814382 $2,389,000 $-610,999 -20%
October 21, 2008 F2814382 removed after 157 days
May 05, 2009 F2906921 $2,199,000 $-800,999 -27%
October 01, 2009 F2906921 removed after 149 days
October 07, 2009 F2922916 $2,199,000 $-800,999 -27%
August 01, 2010 F2922916 removed after 298 days
March 16, 2011 F1106766 $2,199,000 $-800,999 -27%
June 24, 2011 F1106766 removed after 100 days
August 25, 2012 F1221187 $2,199,000 $-800,999 -27%
October 04, 2012 F1221187 $1,998,000 $-1,001,999 -33%
March 02, 2013 F1221187 $1,898,000 $-1,101,999 -37%

f1221187_11

Current Days on Market: 193 (0.53years)
Current ‘Official’ Days on Market: 193
2012 Assessment: $1,460,000
Desperation Score: 16.0

This cloverdale estate home is now down over $1.1 million and 37% however still way above assessment

Spectacular gated, 6789 sq. ft. estate home, custom built by Promaster Builders. Open the double front doors and enter into a grand foyer with sweeping curved staircase and soaring ceilings. The living room is elegant with warm hardwood floors, 21′ ceilings and French doors out to the gazebo. Entertaining is a delight in this spacious kitchen which flows easily into the combined games/family room with full bar. The master suite is luxurious with tray ceiling, gas F/P and pillared entry to the spacious ensuite with sunken garden tub and walk-in shower. The magnificently landscaped south facing backyard features a huge patio, gazebo with BBQ and room for horses. Close to everything with possible future redevelopment potential. To view pictures and floor plan click on the realtors view to the right. * PREC – Personal Real Estate Corporation


#7 ) Address:59895 HUNTER CREEK RD, Hope Silver Creek, Hope and Region

March 09, 2012 H1200827 $424,900 $0 0%
August 29, 2012 H1200827 $289,000 $-135,900 -32%
September 28, 2012 H1200827 removed after 203 days
March 01, 2013 H1300788 $268,800 $-156,100 -37%

No Picture

Current Days on Market: 362 (0.99years)
Current ‘Official’ Days on Market: 5
2012 Assessment: No Assessment
Desperation Score: 17.8

This beautiful park like property is ideal for your primary residence or recreational retreat in the mountains. Situated on Hunter Creek and the Fraser River it would be a fishermans paradise. Salmon and trout can be caught off your property when they are running. Whether you like to fish, run a small business from home, have a garden and do some farming, or have this property as your getaway you should check this one out. Maybe you might want to run a few horses or other animals on the property. The property is located east on Chilliwack about 10 mins. from Hope. Don’t hesitate to call for a 4 page flyer and I will have it mailed to you or your favorite realtor.


#6 ) Address:10272 262ND ST, Thornhill, Maple Ridge

May 30, 2007 V650043 $1,275,000 $0 0%
July 26, 2007 V650043 removed after 57 days
April 12, 2008 V700703 $1,175,000 $-100,000 -8%
June 14, 2008 V700703 $1,125,000 $-150,000 -12%
January 01, 2009 V700703 removed after 264 days
July 16, 2009 V777070 $1,190,000 $-85,000 -7%
August 21, 2009 V777070 $990,000 $-285,000 -22%
December 15, 2009 V777070 $949,000 $-326,000 -26%
January 05, 2010 V777070 removed after 173 days
January 07, 2010 V802362 $925,000 $-350,000 -27%
May 01, 2010 V802362 removed after 114 days
July 21, 2010 V842756 $850,000 $-425,000 -33%
January 16, 2011 V842756 removed after 179 days
January 23, 2011 V864987 $925,000 $-350,000 -27%
July 01, 2011 V864987 removed after 159 days
February 28, 2013 V992775 $750,000 $-525,000 -41%

No Picture

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $741,000
Desperation Score: 4.5

“Seller is motivated. Try all offers!”

Level partly cleared 5 acres in Thornhill Urban Reserve. Future single family development with no creeks, no easements, no R/Ws. Build your dream home and hold for development. Located in picturesque neighbourhood of high-end executive homes but also offers farming/business opportunities. Endless opportunity with development potential. Excellent value and investment opportunity. Seller is motivated. Try all offers!


#5 ) Address:# 60 2002 ST JOHNS ST, Port Moody Centre, Port Moody

September 19, 2008 V734424 $184,900 $0 0%
February 05, 2009 V734424 removed after 139 days
August 13, 2009 V781565 $162,900 $-22,000 -12%
October 08, 2009 V781565 $157,800 $-27,100 -15%
December 06, 2009 V781565 removed after 115 days
December 09, 2009 V800349 $149,900 $-35,000 -19%
March 31, 2010 V800349 removed after 112 days
January 16, 2013 V985110 $113,900 $-71,000 -38%
January 29, 2013 V985110 $109,900 $-75,000 -41%
February 26, 2013 V985110 $107,900 $-77,000 -42%

v985110_11

Current Days on Market: 49 (0.13years)
Current ‘Official’ Days on Market: 49
2012 Assessment: $128,300
Desperation Score: 13.9

Total reno in 2010 and it has still come down 25% more since then

Total reno 3 years ago with maple kitchen cabinets, rich black granite counter tops & phone desk. Gorgeous slate floor in kitchen, foyer & hall. Solid hardwood under carpet. Newer paint, light fixtures. Updated bathroom fixtures, doors & handles. Located close to schools, transit & future LRT station within walking distance. Say goodbye to your car! Easy access to SFU. Best buy in town-cheaper than rent.


#4 ) Address:# 302 3071 GLEN DR, North Coquitlam, Coquitlam

October 05, 2006 V600233 $438,000 $0 0%
October 11, 2006 V600233 removed after 6 days
April 20, 2008 V702371 $499,000 $0 0%
June 18, 2008 V702371 removed after 59 days
July 11, 2008 V721721 $519,900 $0 0%
August 05, 2008 V721721 removed after 25 days
October 20, 2012 V977345 $344,900 $-175,000 -34%
December 01, 2012 V977345 $324,900 $-195,000 -38%
January 19, 2013 V977345 $309,900 $-210,000 -40%
March 01, 2013 V977345 $299,900 $-220,000 -42%

v977345_11

Current Days on Market: 137 (0.38years)
Current ‘Official’ Days on Market: 137
2012 Assessment: $346,500
Desperation Score: 19.9

Court ordered sale in coquitlam

Large 3 bedroom + den unit at the heart of Coquitlam Center. Court ordered sale. Subject to court approval. Sold as is.


#3 ) Address:# 74 17712 60TH AV, Cloverdale BC, Cloverdale

December 04, 2008 F2833037 $119,900 $0 0%
January 15, 2009 F2833037 $129,900 $0 0%
January 22, 2009 F2833037 removed after 49 days
January 23, 2009 F2901227 $119,000 $-10,900 -8%
February 17, 2009 F2901227 removed after 25 days
June 19, 2010 F1017462 $129,900 $0 0%
December 01, 2010 F1017462 removed after 165 days
May 17, 2011 F1112771 $129,900 $0 0%
June 25, 2011 F1112771 $119,999 $-9,901 -8%
February 01, 2012 F1112771 removed after 260 days
February 22, 2012 F1204508 $105,900 $-24,000 -18%
October 03, 2012 F1204508 removed after 224 days
December 10, 2012 F1228559 $89,000 $-40,900 -31%
January 05, 2013 F1228559 $85,900 $-44,000 -34%
January 25, 2013 F1228559 $79,990 $-49,910 -38%
February 15, 2013 F1228559 $77,000 $-52,900 -41%
March 02, 2013 F1228559 $74,900 $-55,000 -42%

f1228559_11

Current Days on Market: 991 (2.72years)
Current ‘Official’ Days on Market: 86
2012 Assessment: $89,100
2011 Assessment: $91,300
Desperation Score: 28.2

This property has been listed for close to 3 years now and has had its price dropped 4 times already in 2013

CALIFORNIA-STYLE 2 LEVEL TOWNHOME! On the 2nd and 3rd levels of the building. Up the stairs to your hallway, then enter your foyer. Up a few stairs to the huge living and dining room area with sliding glass doors that lead to the sundeck. Your viewpoint is the spacious complex grassed yard area. The kitchen has been updated, very comfy. Up some more stairs to the full bathroom, storage area, and large master bedroom. Strata fees 280ish, no rental restrictions, pets allowed. Close to bus routes, shopping, freeway, and various recreational opportunities. Nice condition unit. * PREC – Personal Real Estate Corporation


#2 ) Address:12540 62A AV, Panorama Ridge, Surrey

December 10, 2008 F2833210 $88,000 $0 0%
August 01, 2009 F2833210 removed after 234 days
March 03, 2013 F1304935 $49,900 $-38,100 -43%

No Picture

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $11,800
2011 Assessment: $11,800
Desperation Score: 4.5

Must be sold with 12556 62A Avenue (MLS F1304934) and other lot 12548 62A Avenue (MLS F1304933). Great for Nursery or Hobby Farm. Contact City of Surrey to verify your options for this property.


#1 ) Address:# 801 11980 222ND ST, West Central, Maple Ridge

July 23, 2008 V724132 $299,900 $0 0%
January 15, 2009 V724132 removed after 176 days
July 12, 2009 V776515 $209,000 $-90,900 -30%
December 09, 2010 V776515 $229,000 $-70,900 -24%
May 01, 2012 V776515 $199,000 $-100,900 -34%
May 31, 2012 V776515 removed after 1054 days
July 22, 2012 V963291 $199,900 $-100,000 -33%
September 11, 2012 V963291 $189,900 $-110,000 -37%
November 06, 2012 V963291 $174,900 $-125,000 -42%
February 28, 2013 V963291 $169,900 $-130,000 -43%

v963291_11

Current Days on Market: 1687 (4.62years)
Current ‘Official’ Days on Market: 227
2012 Assessment: $186,000
Desperation Score: 24.2

Listed since 2008 – over 4 and a half years!

“Gordon Towers” concrete highrise. Gorgeous mtn. view, 2 bedrooms, 2 baths, sundeck. Walk to town, shopping & transit.

 

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11 responses to “Weekly Drop Suburbs – March 4, 2013

  1. -C March 5, 2013 at 12:11 pm

    Any chance a Langley spotlight could be done in the near future?

  2. J levine March 5, 2013 at 4:43 pm

    You are no longer putting down meaningful properties. Everybody knows low dollar properties will sell. Properties in the $750,000 to $2,000,000 range , would show a more meaningful representation as to whether Vancouver prices are dropping, or not, and how much the new CHMC million dollar insurance guarantee caps are affecting the market.

    • an observer March 5, 2013 at 5:50 pm

      I’m putting down the top 10 properties that dropped in the suburbs – I’m not hand selecting properties, just posting the information. Over the next couple of days I’ll post detached and attached metro vancouver homes. Also, not everyone cares about million+ dollar properties so what isn’t meaningful to you might be meaningful to others

      Also, one last point, the dropping of listing prices is not what someone or really anyone should be using to determine if sale prices are dropping or if CHMC changes are having an effect on the market – we have much better ways to measure this like the HPI (Teranet and MLS) and MOI for a leading indicator.

      • J levine March 5, 2013 at 9:00 pm

        Hi Observer. I understand your point about million dollar properties. My argument is, that as long as banks get Canadian government insurance coverage on lending up to a million dollars they’ll give a mortgage for a shoebox. Why should they care? Meanwhile most Vancouver detached properties are ALL valued at over a million and it here that the greatest pain might just be playing out as you need lots of hard cash to get a house at over a million, instead of last year where you could borrow 80% and even get another given another 10% or more through insurance.

    • Deanne March 6, 2013 at 11:34 am

      I couldn’t disagree with you more. The houses not affected by the million dollar limit are of more interest bc it shows the decline is not JUST in those affected homes. This way, we see how widespread throughout the entire market. And your premise that “low dollar properties will sell” seems to be disproven by examples #3 & #1 above.

  3. JR March 5, 2013 at 6:04 pm

    I track condo prices in the FV and they are dropping precipitously. I would say they are down over 5% in the last 4 months, if not more for the newer properties. The older ones I do not track closely but seem to be falling faster. Every complex out here has signs to the ground.

  4. McLovin March 5, 2013 at 8:39 pm

    I would love to see Tsawassan if time permits. Keep up the good work. Your blog must be gaining traction, I was emailed a link today by someone.

  5. CJM March 5, 2013 at 8:56 pm

    This is one of my favorite blogs. I forward it on to friends in White Rock (I’m from Calgary).

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