Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Suburbs – April 29, 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 3 weeks AND have dropped the largest percentage overall from their original asking price.


#10 ) Address:828 COTTONWOOD AV, Coquitlam West, Coquitlam

March 07, 2012 V935396 $1,250,000 $0 0%
May 16, 2012 V935396 removed after 70 days
March 27, 2013 V997690 $759,900 $-490,100 -39%
April 13, 2013 V997690 $738,000 $-512,000 -41%

v997690_1

Current Days on Market: 34 (0.09years)
Current ‘Official’ Days on Market: 34
2012 Assessment: $1,268,100
Desperation Score: 31.6

This place pulled their listing then relisted for 39% less only to find that there still wasn’t any interest.  Seems a likely candidate for a foreclosure sale.  Currently over 40% BELOW assessment

UPDATE: This price drop could be due to the owners splitting the property area in two

Cute home in a fantastic location… build your dream home near the Vancouver Golf Club, lane access to this level lot…lot size is approximate, or great home for the young family, close to all amenities. Contract L/S for further details.


#9 ) Address:5520 MCCOURT RD, Sechelt, Sunshine Coast

July 12, 2012 V961527 $1,700,000 $0 0%
August 04, 2012 V961527 $1,600,000 $-100,000 -6%
August 24, 2012 V961527 $1,500,000 $-200,000 -12%
September 27, 2012 V961527 $1,400,000 $-300,000 -18%
October 26, 2012 V961527 $1,300,000 $-400,000 -24%
February 13, 2013 V961527 $1,200,000 $-500,000 -29%
March 20, 2013 V961527 $1,100,000 $-600,000 -35%
April 25, 2013 V961527 $998,000 $-702,000 -41%

v961527_1

Current Days on Market: 292 (0.80years)
Current ‘Official’ Days on Market: 292
2012 Assessment: $820,000
Desperation Score: 53.9

8 completed units and the remaining 40 haven’t been built and the developer is trying to dump the lot.  41% in drops in just 9 months

Beautiful view property in West Sechelt. The remaining 2.1 acres of ocean view, looking south to the Trail Islands, could accommodate 40 more condo/apartment homes. Zoning approved for 48 units of which 8 have been built and sold in Phase One. (90% of the underground services are in place).


#8 ) Address:# 636 4591 BLACKCOMB WY, Whistler, Whistler/Pemberton

May 14, 2012 V950139 $218,000 $0 0%
July 18, 2012 V950139 $207,000 $-11,000 -5%
August 18, 2012 V950139 $208,900 $-9,100 -4%
August 21, 2012 V950139 $198,900 $-19,100 -9%
September 22, 2012 V950139 $194,900 $-23,100 -11%
November 05, 2012 V950139 removed after 175 days
November 12, 2012 V980028 $159,900 $-58,100 -27%
February 26, 2013 V980028 $139,900 $-78,100 -36%
April 26, 2013 V980028 $127,900 $-90,100 -41%

v980028_1

Current Days on Market: 351 (0.96years)
Current ‘Official’ Days on Market: 169
2012 Assessment: $161,000
Desperation Score: 24.1

Were hoping for 35% ABOVE assessment last May and now just praying for 20% BELOW assessment as the price drops over 40% in under a year

Enjoy ownership in the finest 5-star hotel resort, facing courtyard on 6th floor of the main building at the Four Seasons Resort in Whistler. This superior king suite sleeps two; has full entertainment features; gas fireplace; high quality finishes and furnishings. Lovely sunsets from your own balcony. Minutes from everything Whistler and steps to Blackcomb Mtn. An easy walk or take the shuttle bus. Luxurious amenities incl. a world class spa and fitness centre, outdoor heated pool, hot tubs, 24-hour front desk/concierge, room service, ski concierge and more. Enjoy world-renowned, Four Seasons Resort on your luxury vacation and generate revenue when you are away.


#7 ) Address:20457 LORNE AV, Southwest Maple Ridge, Maple Ridge

June 09, 2007 V652400 $309,900 $0 0%
July 04, 2007 V652400 removed after 25 days
July 08, 2007 V657792 $359,900 $0 0%
December 01, 2007 V657792 removed after 146 days
May 17, 2008 V709816 $339,000 $-20,900 -6%
July 21, 2008 V709816 removed after 65 days
October 29, 2011 V917749 $409,800 $0 0%
December 31, 2011 V917749 $389,800 $-20,000 -5%
May 01, 2012 V917749 removed after 185 days
June 30, 2012 V959603 $319,500 $-90,300 -22%
August 08, 2012 V959603 $299,000 $-110,800 -27%
September 21, 2012 V959603 $279,000 $-130,800 -32%
November 08, 2012 V959603 removed after 131 days
February 13, 2013 V989916 $253,900 $-155,900 -38%
March 14, 2013 V989916 $242,900 $-166,900 -41%
April 24, 2013 V989916 $232,900 $-176,900 -43%

v989916_1

Current Days on Market: 549 (1.50years)
Current ‘Official’ Days on Market: 76
2012 Assessment: $257,100
Desperation Score: 27.0

This beautifully renovated rancher is move in ready! Nicely updated throughout to make this cozy home a must see! Corner lot with a covered front porch and a great entertainment sized deck out back for bbqs in the private yard. Exposed wood beam accents and cherry wood windows add interest and warmth to this home. Great package for a great price. Commuters can walk to the West Coast Express. Call Anil today to view!


#6 ) Address:# 402 15164 PROSPECT AV, White Rock, White Rock

June 21, 2008 F2818600 $1,590,000 $0 0%
December 20, 2008 F2818600 removed after 182 days
February 27, 2009 F2903896 $1,275,000 $-315,000 -20%
August 18, 2009 F2903896 $1,175,000 $-415,000 -26%
January 03, 2010 F2903896 removed after 310 days
January 08, 2010 F1000373 $1,175,000 $-415,000 -26%
May 30, 2010 F1000373 removed after 142 days
April 14, 2011 F1109675 $1,249,000 $-341,000 -21%
June 03, 2011 F1109675 $1,179,000 $-411,000 -26%
September 29, 2011 F1109675 removed after 168 days
October 01, 2011 F1124483 $1,129,000 $-461,000 -29%
March 31, 2012 F1124483 removed after 182 days
August 21, 2012 F1221152 $927,900 $-662,100 -42%
September 21, 2012 F1221152 $911,900 $-678,100 -43%
October 24, 2012 F1221152 $889,900 $-700,100 -44%
November 15, 2012 F1221152 removed after 86 days
November 22, 2012 F1227769 $879,900 $-710,100 -45%
December 13, 2012 F1227769 $867,900 $-722,100 -45%
January 18, 2013 F1227769 $842,900 $-747,100 -47%
February 15, 2013 F1227769 $832,900 $-757,100 -48%
March 19, 2013 F1227769 $815,900 $-774,100 -49%
April 19, 2013 F1227769 $799,900 $-790,100 -50%

f1227769_1

Current Days on Market: 747 (2.05years)
Current ‘Official’ Days on Market: 159
2012 Assessment: $1,029,000
2011 Assessment: $1,052,000
Desperation Score: 43.1

This property is closing in on a spot in the hall of fame with 13 price drops, 2 years listed, now down 50% and over 20% BELOW assessment

Waterford Penthouse! An opportunity to enjoy south facing ocean view from this one of a kind 2000 + sqft, 3 bedroom/3 bath + den unit in concrete & steel framed condo. Bright & spacious open design featuring hardwood floors, kitchen custom stained cabinets, center work island, stainless steel appliances, granite counters, 2 fireplaces, 3 balconies affords views of Mt.Baker and ocean. Economical heating + A/C with individual heat pump, 2 parking + locker. Conveniently located, close to shops and transit. A perfect place to call home. THERE IS 2 PARKING FOR THIS UNIT. #33 AND #11


#5 ) Address:# LOT 36 BONNIEBROOK HEIGHTS RD, Gibsons, Sunshine Coast

March 09, 2012 V718261 $299,500 $0 0%
May 01, 2012 V718261 removed after 53 days
November 28, 2012 V981325 $179,500 $-120,000 -40%
April 24, 2013 V981325 $149,500 $-150,000 -50%

v981325_1

Current Days on Market: 153 (0.42years)
Current ‘Official’ Days on Market: 153
2012 Assessment: Unknown
Desperation Score: 17.0

“SUBSTANTIAL PRICE REDUCTION”

Gorgeous panoramic ocean view lot. Driveway & culvert in place, septic approved, cleared & ready to build on. Close to great beach. Come view the view & picture the lifestyle possibilities for a home on this unique & rare lot offering. SUBSTANTIAL PRICE REDUCTION


#4 ) Address:4575 UDY RD, Sumas Mountain, Abbotsford

February 06, 2010 F1003388 $1,800,000 $0 0%
April 22, 2010 F1003388 removed after 75 days
March 29, 2011 F1108035 $1,295,000 $-505,000 -28%
July 01, 2011 F1108035 $1,150,000 $-650,000 -36%
September 07, 2011 F1108035 $1,095,000 $-705,000 -39%
December 29, 2011 F1108035 removed after 275 days
February 25, 2012 F1204808 $999,900 $-800,100 -44%
May 19, 2012 F1204808 $949,900 $-850,100 -47%
August 09, 2012 F1204808 removed after 166 days
November 16, 2012 F1227424 $938,000 $-862,000 -48%
February 09, 2013 F1227424 $928,000 $-872,000 -48%
April 10, 2013 F1227424 $875,000 $-925,000 -51%

f1227424_1

Current Days on Market: 763 (2.09years)
Current ‘Official’ Days on Market: 165
2012 Assessment: $933,000
Desperation Score: 25.8

Another 50%+ dropper yet just recently finally listed for below assessment after 2 years on the market

Long secluded driveway takes you up to this ‘Stunning’ Custom Crafted ‘Log Home’ on 5 private treed acres. ‘International’ attention on this beauty due to attention to detail + state of the art, Custom built vaulted rooms from this one of a kind ‘Log Home’ with 2 storeys + walkout basement home. 6140 total sqft with gorgeous Hickory Kitchen with solid S/S appliances Fridge + Stove ($14,000). Huge island. Massive vaults. Massive windows. Rock fireplaces. Fir floors. Energy efficient infloor heating. Beautifully landscaped with ponds + gardens. Attached 20×39 tandem garage. Detached 25×45 workshop. 15×24 hip roof barn. ‘Wow’ factor home on peaceful cul-de-sac, yet 5 mins to Ledgeview Golf Course, 7 mins to New Whatcom Mall/Connector.


#3 ) Address:11070 LOCKWOOD ST, Thornhill, Maple Ridge

July 21, 2010 V842772 $1,200,000 $0 0%
August 19, 2010 V842772 removed after 29 days
June 03, 2011 V892049 $2,490,000 $0 0%
November 08, 2011 V892049 removed after 158 days
May 05, 2012 V947809 $1,580,000 $-910,000 -37%
October 01, 2012 V947809 removed after 149 days
April 25, 2013 V1003241 $1,200,000 $-1,290,000 -52%

v1003241_1

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $908,000
Desperation Score: 30.5

“Was there a grow-op on this property? Is the house habitable at this time? No.” – I think they forgot to answer the first question…  Previous listing last year said “The property has a solid basement entry home on it that is easily rented while development progresses.” – guess they should have been a little more picky with the renters?

A gently sloping 4.64 acres in the designated urban area of Maple Ridge’s Official Community Plan. This is a panhandle-shaped lot with frontage running all the way from 112th to 110th. Was there a grow-op on this property? Is the house habitable at this time? No. Is it a great holding property? Yes. Priced to sell. *Inquire with LR about surrounding land assembly.*


#2 ) Address:# LT.8 HAWKINS PICKLE RD, Dewdney/ Deroche, Mission

July 10, 2010 F1019142 $2,880,000 $0 0%
November 10, 2010 F1019142 removed after 123 days
June 16, 2011 F1115374 $1,900,000 $-980,000 -34%
June 30, 2011 F1115374 $1,499,000 $-1,381,000 -48%
August 25, 2011 F1115374 $1,900,000 $-980,000 -34%
October 25, 2011 F1115374 $2,200,000 $-680,000 -24%
June 30, 2012 F1115374 removed after 380 days
April 17, 2013 F1308778 $1,340,000 $-1,540,000 -53%

No Picture

Current Days on Market: 13 (0.04years)
Current ‘Official’ Days on Market: 13
2012 Assessment: Unknown
Desperation Score: 24.8

Pricing history is interesting / absurd

47.51 Acres of Prime, fertile Farm land. Great organic soil, Peaceful, Private, Scenic setting. Good for crops, Berries, Dairy, Beef. Only 10 min. E of Mission. Located within Dyking. Includes water rights.


#1 ) Address:4478 STALASHEN DR, Sechelt, Sunshine Coast

May 21, 2012 V951633 $69,000 $0 0%
June 21, 2012 V951633 $59,000 $-10,000 -14%
July 18, 2012 V951633 $39,000 $-30,000 -43%
October 23, 2012 V951633 $37,500 $-31,500 -46%
April 12, 2013 V951633 $29,500 $-39,500 -57%

v951633_1

Current Days on Market: 344 (0.94years)
Current ‘Official’ Days on Market: 344
2012 Assessment: $147,400
Desperation Score: 21.3

And our winner is listed at 80% BELOW assessment!!!  It is a leased land property and the lease runs out next year.  

Lowest priced home in Tsawcome properties – 2 bedroom rancher-style home shows pride of ownership throughout and boasts a recently replaced roof and pressurized septic field. The open floor plan with vaulted ceilings and skylights in the living room, master bedroom and bathroom areas provide a spacious feeling and the abundance of over-sized windows further enhance the bright and welcoming interior. A gas fireplace for romantic evenings, private treed yard with privacy fence in front, covered parking and just a few steps to the beach make this home an ideal situation for full time AND weekend living in an “ALMOST WATERFRONT” setting! A prepaid lease to 2014 with option to extend lease to 2037!

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17 responses to “Weekly Drop Suburbs – April 29, 2013

  1. Skook April 29, 2013 at 11:50 pm

    Whoa…three from the Sunshine Coast and taking the stop spot, too! There will likely be more to come in the weeks and months ahead.

    #1) on Stalashen Dr. That lease is with the Sechelt Indian Band. I wonder if they have made a substantial increase to their lease terms which has made this so unattractive. Doesn’t seem likely though given how poor the RE situation is…but, you never know.

    #5) Lot 36 Bonniebrook Hts. There are currently 32 vacant lots up for sale in the Town of Gibsons and many are dropping in price. There are also 70 condos/townhouses for sale and about 70 detached homes listed.

    #9) 5520 McCourt in Sechelt. I was just doing some research on this development today with the thought of featuring it on Vancouver Peak. The original developer actually read the writing on the wall and bailed in 2010 selling possibly for somewhere between 2.5 to 2.9 million but maybe less. It is that 2010 buyer that is is deep doo-doo. It is a court-ordered sale according to Loopnet …maybe put up for sale due to a divorce settlement? bankruptcy? New buyer couldn’t have had it for more than a year before being forced to sell it.

  2. mike April 30, 2013 at 12:04 am

    who says van isnt affordable 29000 for a house.

  3. overthepond April 30, 2013 at 8:40 am

    Good to have another drop-date – looks like a few owners have been busy getting some perspective on the market over the past 2 weeks.

    #4 is a beautiful house, and I’m sure won’t have to drop a ton more before finding buyer interest – but just looking at the listing online, and annual taxes are listed as $7,292. Crazy!

    • an observer April 30, 2013 at 9:06 am

      The problem with #4 is that it is so unique that only a small % of people looking for close to million dollar homes in that area (which is already tiny) would be interested.

      I do agree that it is probably reasonable value right now – I doubt you would have much trouble renting this for $5K/month which would be a good CAP rate even with the $7K property tax

  4. MaxPower April 30, 2013 at 9:45 am

    #7 – Nothing says relaxing like sitting on your one chair in the yard and watching the gravel be eroded by the forces of wind and rain..

    • Real Estate Tsunami April 30, 2013 at 9:55 am

      Very funny observation. that white wooden lawn chair is so cute.

      • overthepond April 30, 2013 at 1:32 pm

        You jest, but that front of the house is actually the premium view. The back yard of that house literally has train tracks at the end of the workshop you can see beside the house (Google Map it, it’s a little bit scary how close you are!). I did enquire about this property last year, and at that point it was a foreclosure and it was also pending a City inspection with regards to the workshop at the back of the house, which was apparently done without permits.

  5. Gromit April 30, 2013 at 12:50 pm

    #3 is only worth cash sale price as you can’t get a mortgage on an ex grow op property.

  6. Steven May 1, 2013 at 7:47 am

    Update on #10. The lot has been split into two (roughly 9200sqft) and the assessed value hasn’t been updated to reflect that. 738k for a tear down house on that size lot is standard for the area.

  7. gordon May 13, 2013 at 10:59 am

    Re #6 in White Rock
    I live in White Rock and have been wondering why this one hasn’t sold. I talked to a local real
    estate agent I’ve know for a long-time and he says this one is a foreclosure, has a poor layout and is on the southeast corner overlooking the parking area of a some commercial buildings including a break shop.
    I presume the reason a lot these properties on here are not selling because they have “issues” and thus are not indicative of the general real estate market condition.

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