Vancouver Price Drop

Documenting Vancouver real estate price movements

Burnaby Spotlight – June 18, 2013

Here are the top 10 most desperate properties in Burnaby

The formula attempts to determine the level of desperation for a particular home by looking at price drops and relistings and weighting them based on the size of the drop and how recently it happened.


#10 ) Address:4863 EMPIRE DR, Capitol Hill, Burnaby

February 22, 2013 V992045 $1,188,888 $0 0%
March 10, 2013 V992045 $1,088,000 $-100,888 -8%
April 30, 2013 V992045 $1,049,900 $-138,988 -12%
May 10, 2013 V992045 $999,000 $-189,888 -16%
June 15, 2013 V992045 $960,000 $-228,888 -19%

v992045_1

Current Days on Market: 117 (0.32years)
Current ‘Official’ Days on Market: 117
2012 Assessment: $950,100
Desperation Score: 31.0

4 price drops in 4 months but still over assessment

Beautiful Capitol Hill home with a view! This investor/developer’s dream is perched on a hill with 180 degree westerly views of Burnaby, downtown Vancouver, Gulf Islands, Northshore Mountains, and the Burrard Inlet. The inside boasts vaulted, ceilings, 3 bedrooms + den, wood burning fireplace, sauna, workshop, and wine cellar! Call to view now and this prestigious North Burnaby lifestyle can be yours!


#9 ) Address:8263 GOVERNMENT RD, Government Road, Burnaby

May 12, 2011 V887808 $2,700,000 $0 0%
July 10, 2011 V887808 removed after 59 days
July 15, 2011 V900055 $2,700,000 $0 0%
September 13, 2011 V900055 removed after 60 days
April 14, 2012 V943305 $2,599,000 $-101,000 -4%
June 25, 2012 V943305 removed after 72 days
March 31, 2013 V998392 $2,599,000 $-101,000 -4%
May 02, 2013 V998392 $2,399,000 $-301,000 -11%
May 21, 2013 V998392 $2,088,000 $-612,000 -23%
May 25, 2013 V998392 $2,188,000 $-512,000 -19%

v998392_1

Current Days on Market: 80 (0.22years)
Current ‘Official’ Days on Market: 80
2012 Assessment: $2,076,000
Desperation Score: 31.2

Sold for $2,250,000 in June 2012 so even after their recent price increase they would lose over $175K (including transactional costs) if they received asking price.  “Feng Shui is #1 here” yet it appears money is exiting the home very quickly.

Prime Location in the prestigious Government Rd Area. Steps to shopping, bus & SkyTrain & best schools nearby. Beautiful Italian home with huge lot: 70×140, Interior 5,778 sq ft, 4 bedrooms UP, 1 bdrm Down, 6 Baths. Featuring luxurious kitche n + wok, home theatre with Karaoke system, floor to ceiling projection display, gym, sauna, exercise area, lounge with wet-bar all inclusive. Serene private backyard with natural granite landscaping & fruit trees producing best of golden plums. Feng Shui is #1 here, bring your whole family to experience the great Italian design & built home, home. Call Now!


#8 ) Address:# PH1 2355 MADISON AV, Brentwood Park, Burnaby

April 23, 2007 V642887 $962,900 $0 0%
May 03, 2007 V642887 $972,900 $0 0%
December 13, 2007 V642887 removed after 234 days
February 01, 2008 V686196 $972,900 $0 0%
January 01, 2009 V686196 removed after 335 days
January 22, 2009 V749416 $799,900 $-173,000 -18%
May 22, 2009 V749416 removed after 120 days
November 10, 2010 V857902 $980,000 $0 0%
May 08, 2011 V857902 removed after 179 days
May 11, 2011 V887456 $1,080,000 $0 0%
August 12, 2011 V887456 removed after 93 days
August 23, 2012 V967745 $1,058,800 $-21,200 -2%
December 05, 2012 V967745 $998,000 $-82,000 -8%
January 19, 2013 V967745 $969,000 $-111,000 -10%
February 20, 2013 V967745 removed after 181 days
February 28, 2013 V993089 $988,000 $-92,000 -9%
May 12, 2013 V993089 removed after 73 days
May 28, 2013 V1009198 $988,000 $-92,000 -9%
May 30, 2013 V1009198 $969,000 $-111,000 -10%
June 07, 2013 V1009198 $939,000 $-141,000 -13%

v1009198_1

Current Days on Market: 300 (0.82years)
Current ‘Official’ Days on Market: 22
2012 Assessment: $937,000
Desperation Score: 31.3

A little ping pong pricing action before hitting a new low recently.  It’s hard for a 6 year old apartment to compete with all of the new inventory coming on board

“Live like a queen”????????  Thanks for pointing that out ManyFranks.  Horribly alienating statement

Live like a queen w/spectacular views of city, mountain & water! Oma built by millennium. This beautiful penthouse unit boast open floor plan w/living & dining rm, gourmet kitchen w/s/s appliances, granite counter & island for breakfast. Mbdrm w/5 piece ensuite & large closet, plus 2 more bedrooms & 2 baths. Wood flooring throughput, 12″ height ceilings, extra large entrance door, wrapped up balconies for your evening getaway & much more. Top class amenities are indoor pool, sauna, hot tub & exercise centre. You’ll love this unit.


#7 ) Address:6735 WALTHAM AV, Upper Deer Lake, Burnaby

March 17, 2012 V937742 $868,000 $0 0%
March 19, 2012 V937742 removed after 2 days
February 01, 2013 V988244 $2,288,000 $0 0%
April 07, 2013 V988244 $2,138,000 $-150,000 -7%
May 01, 2013 V988244 removed after 89 days
May 10, 2013 V1006203 $1,980,000 $-308,000 -13%
May 30, 2013 V1006203 $1,880,000 $-408,000 -18%

v1006203_1

Current Days on Market: 138 (0.38years)
Current ‘Official’ Days on Market: 40
2012 Assessment: Building unfinished
Desperation Score: 32.0

This new build is down $400K and 18% in 2 months

Built to impress! Great opportunity to own a home of exemplary distinction construction in the Upper Deer Lake neighbourhoods. This custom built 3 level home features 7 bedrooms & 6 baths with open concept living.Highlights include 12′ high ceiling on family room and soaring entrance foyer, high end crystal lighting and plumbing fixtures, Granite countertops, full smart security system, central a/c R/I, high efficiency radiant heating, spacious open kitchen and separate wok kitchen, potential separated 2 bedroom suites, private garden and yard. 2/5/10 year warranty. OPEN House June 15 & 16 Sat/Sun 2-4pm


#6 ) Address:6035 LAKEVIEW AV, Upper Deer Lake, Burnaby

April 09, 2012 V941955 $1,608,000 $0 0%
June 06, 2012 V941955 $1,445,000 $-163,000 -10%
July 04, 2012 V941955 $1,400,000 $-208,000 -13%
August 01, 2012 V941955 removed after 114 days
August 19, 2012 V967205 $1,330,000 $-278,000 -17%
December 13, 2012 V967205 removed after 116 days
January 20, 2013 V986295 $1,295,000 $-313,000 -19%
March 12, 2013 V986295 $1,199,900 $-408,100 -25%
March 25, 2013 V986295 removed after 64 days
April 07, 2013 V999745 $1,199,000 $-409,000 -25%

v999745_1

Current Days on Market: 436 (1.19years)
Current ‘Official’ Days on Market: 73
2012 Assessment: $987,000
Desperation Score: 32.5

Initial price was 60% over assessment and now, after 25% in price drops they are still 20% over assessment

Prestigious location custom built one owner home. Features 8 bedrooms, 2 family rooms, 4 bathrooms, 3 fireplaces, full security cameras monitoring system, 2 car garage plus more parking, jacuzzi in master ensuite, original extremely well kept and cared for home with newer appliances, solid oak hardwood floors, hot water tank, newer roof & more. A must see home.


#5 ) Address:7740 GRAHAM AV, East Burnaby, Burnaby

May 23, 2010 V832533 $539,900 $0 0%
May 30, 2010 V832533 removed after 7 days
December 14, 2011 V922337 $1,168,000 $0 0%
June 30, 2012 V922337 removed after 199 days
July 29, 2012 V964408 $1,151,000 $-17,000 -1%
September 18, 2012 V964408 $1,110,000 $-58,000 -5%
February 21, 2013 V964408 $1,079,000 $-89,000 -8%
February 26, 2013 V964408 removed after 212 days
April 15, 2013 V1001282 $1,089,000 $-79,000 -7%
April 20, 2013 V1001282 $1,039,800 $-128,200 -11%
May 12, 2013 V1001282 removed after 27 days
May 25, 2013 V1009060 $1,065,900 $-102,100 -9%
June 02, 2013 V1009060 $1,029,000 $-139,000 -12%

v1009060_1

Current Days on Market: 553 (1.52years)
Current ‘Official’ Days on Market: 25
2012 Assessment: $1,060,000
Desperation Score: 33.5

“spky kitchen” – spooky kitchen? spiky kitchen?  spanky kitchen?  Confused…  2 price increases and 5 price drops over the last year and a half but now below assessment

Better than new, nicely kept custom built home with back lane in 55×110 lot, 2775 Sf huge 2 level home. Very modern home. HOme owner built for himself, with air con, 5 security cameras, intercom system with 6 CD player, highend maple kitchen cabinets, spky kitchen, legal one bedroom suite, remote control back gate, top end stainless steel appliances, granite countertops, 4 bedroom upstairs, heritage style house & many more things to see.


#4 ) Address:3293 BAINBRIDGE AV, Government Road, Burnaby

June 13, 2012 V956010 $1,258,000 $0 0%
July 19, 2012 V956010 $1,090,000 $-168,000 -13%
October 01, 2012 V956010 removed after 110 days
October 06, 2012 V975355 $995,000 $-263,000 -21%
December 05, 2012 V975355 removed after 60 days
March 06, 2013 V994040 $900,000 $-358,000 -28%
April 12, 2013 V994040 $875,000 $-383,000 -30%
April 30, 2013 V994040 removed after 55 days
May 02, 2013 V1004522 $868,000 $-390,000 -31%

v1004522_1

Current Days on Market: 371 (1.02years)
Current ‘Official’ Days on Market: 48
2012 Assessment: $817,400
2011 Assessment: $817,500
Desperation Score: 35.0

31% in price drops yet still over assessment

This is a 2,700+ sqft, 2 level home situated on a quiet street in desirable Government Road area! Ideal home to rent for a potential ($3,200 up & $1,250 down) per month, move in & decorate to your style with a mortgage helper down, or build. Upstairs has 3 beds, 2 baths, living, dining, kitchen & a large family room. Down has a large 2 or 1 bed suite & 2 bathrooms. New Roof replaced in 2007, basement renovations done in 2010, New Furnace in 2010. Walk to Sperling Skytrain, easy access to SFU, Bentwood Mall & Lougheed Mall, Express Bus direct to Vancouver! Approved sketch of building plans by the City for 6,200 SF luxurious home with a 3 car garage. This is a large 10,700 SQFT lot.


#3 ) Address:3120 PHILLIPS AV, Government Road, Burnaby

September 12, 2009 V786548 $718,800 $0 0%
November 04, 2009 V786548 removed after 53 days
January 15, 2012 V925581 $1,430,000 $0 0%
March 21, 2012 V925581 $1,398,000 $-32,000 -2%
May 15, 2012 V925581 removed after 121 days
June 01, 2012 V953659 $1,298,000 $-132,000 -9%
July 17, 2012 V953659 $1,198,000 $-232,000 -16%
September 13, 2012 V953659 removed after 104 days
November 18, 2012 V980558 $1,098,000 $-332,000 -23%
February 18, 2013 V980558 removed after 92 days
February 21, 2013 V991852 $1,123,000 $-307,000 -21%
March 16, 2013 V991852 $1,088,000 $-342,000 -24%
April 22, 2013 V991852 removed after 60 days
May 02, 2013 V1004512 $1,049,000 $-381,000 -27%

v1004512_1

Current Days on Market: 521 (1.43years)
Current ‘Official’ Days on Market: 48
2012 Assessment: $1,139,000
Desperation Score: 37.7

6 price drops, 1 price increase and 27% in overall price drops and now listed below assessment

A quality, modern home on a 19,000 sq ft lot. Renewed, remodelled and improved! Daylight shines thru new vinyl windows with designer blinds. Hi-tec lighting and security system. Main floor has a bar area, fireplace, 20′ vaulted ceiling in the living room and a 425 sqft deck. Main beds have 13′ vaulted ceilings, bath w/ frameless shower and designer vanity. New gourmet kitchen, wall mount oven/microwave, Bosch fridge, tiled backsplash leading to a 150 sqft deck via French doors. Master bed is a large open loft style, dressing area, private deck. Master bath is a spacious spa like fantasy with jetted soaker tub and frameless shower. Hot water heat with a new high efficiency boiler. Fully landscaped/fenced on 3 sides. Potential suite, separate entrance, laundry room. Near SFU, Sky train, schools are Seaforth and Burnaby Mountain. Open House: Sat 2-4, Sun 2-4 PM.


#2 ) Address:5320 SUSSEX AV, Forglen, Burnaby

May 11, 2012 V949426 $1,388,000 $0 0%
June 09, 2012 V949426 $1,288,000 $-100,000 -7%
September 12, 2012 V949426 $1,198,000 $-190,000 -14%
November 02, 2012 V949426 removed after 175 days
January 30, 2013 V987699 $1,128,000 $-260,000 -19%
February 16, 2013 V987699 $1,080,000 $-308,000 -22%
April 03, 2013 V987699 $1,038,000 $-350,000 -25%
May 09, 2013 V987699 $973,800 $-414,200 -30%

v987699_1

Current Days on Market: 404 (1.11years)
Current ‘Official’ Days on Market: 140
2012 Assessment: $1,043,800
Desperation Score: 38.7

Another one with 30% in price drops and now listed below assessment but still not moving

Top location in Forest Glen! Immaculate family home with 2 bdrm suite down & 2x glaze windows. Hardwoods throughout! New metal roof ($14,000). New H2O tank. Super lot, landscaped & views. Hurry!


#1 ) Address:8190 GREENLAKE PL, Government Road, Burnaby

October 05, 2006 V614563 $749,000 $0 0%
February 19, 2007 V614563 removed after 137 days
August 25, 2012 V967996 $2,458,000 $0 0%
September 12, 2012 V967996 removed after 18 days
September 14, 2012 V971107 $2,596,000 $0 0%
October 25, 2012 V971107 $2,450,000 $-146,000 -6%
December 11, 2012 V971107 removed after 88 days
December 15, 2012 V982629 $2,168,000 $-428,000 -16%
January 05, 2013 V982629 $1,988,000 $-608,000 -23%
April 17, 2013 V982629 removed after 123 days
April 20, 2013 V1002413 $1,988,000 $-608,000 -23%
June 11, 2013 V1002413 $1,890,000 $-706,000 -27%

v1002413_1

Current Days on Market: 298 (0.82years)
Current ‘Official’ Days on Market: 60
2012 Assessment: $1,899,000
Desperation Score: 39.8

It’s actually a very nice looking home – initial pricing was stupid but now listed below assessment.  I wouldn’t expect this one to sit too much longer but surely if they priced it reasonable to begin with it would have sold for $2 million last fall

Beautiful custom-built home in a cul-de-sac in the prestigious Government Road area. Functional layout, high ceiling in the living and family room, stylish fireplace, engineered hardwood throughout, Schonbeck crystal chandeliers, sound system, LED lighted stairs. Gourmet kitchen with quartz countertop, S/S appliances, porcelain floor tiles, wok kitchen and pantry. Total of 8 bedrooms and 8 bathrooms. Outdoor fireplace, TV and gas-hookup great for BBQ-ing, beautiful landscaped backyard, stamped concrete driveway and much more.

38 responses to “Burnaby Spotlight – June 18, 2013

  1. Real Estate Tsunami June 18, 2013 at 10:54 am

    #9.
    Feng Shui meets Italian design.

  2. Many Franks June 18, 2013 at 11:37 am

    #8: “Live like a queen” is an opening line that might alienate a significant demographic.

  3. Skook June 18, 2013 at 3:34 pm

    #5 – If it’s hooked up to natural gas it could be a “sparky” kitchen…yep, going with that.
    It’s a tough one and we might need Natalie to interpret for us…LOL.

  4. punnoval June 18, 2013 at 3:55 pm

    No. 3 seems a lot more interesting than the super boring No. 1. It’s problem is a crappy location – almost under the sky-train. At least it isn’t surrounded by 70’s specials like No. 1

  5. outrigger June 18, 2013 at 4:45 pm

    Anyone who buy a place in Burnaby for over $500K is a total retard…. It’s F##king Burnaby!!!

    • Iggy June 19, 2013 at 9:12 am

      Hey, dont trash Burnaby! Also, Is there a way we can see the selling price of apartments in Burnaby and other areas? Would be good to know since I am looking to buy my first place.

      Awesome stuff above observer and there are quite alot of 1 and 2 bedroom especially in North Burnaby that have been sitting for a long time and that PH being one of them.

      • an observer June 19, 2013 at 9:25 am

        I agree, Burnaby is alright… It is very central, has some nice neighborhoods and amenities and used to be affordable. The problem now is that crappy homes in lousy areas are listing for a million dollars.

        Your best bet is finding a realtor and just ask them for a list of all apartment sales in the area you are looking for with the # bedrooms or whatever you are looking for. They should be able to provide you a report through email that shows all of this as long as you are being reasonable (ie don’t ask for every apartment sale in burnaby for the last 2 years – maybe every 1 and 2 bedroom between $x and $y in the last 6 months or something like that) – if not then find a different realtor.

      • Seeking knowledge... June 19, 2013 at 12:30 pm

        I would not buy RE right now, but that’s just me. However, maybe Natalie can help you out.
        Full disclosure: I don’t know who Natalie is, but I like her comments in this blog.

      • Wooz June 19, 2013 at 1:16 pm

        BC Assessment isn’t bad for getting previous sale prices (http://evaluebc.bcassessment.ca/AdvancedSearch.aspx). It only shows the sales from the previous year (2012), but it’s not bad if you don’t want to go to a realtor and you’re ok with not having the latest data.

      • Natalie June 20, 2013 at 8:11 am

        Seeking Knowledge: Thanks for that 🙂 I kind of like being able to contribute here anonymously without the notion that I am looking for anything to gain. I enjoy “listening” and seeing where people’s minds are at concerning my profession. It gives me a better insight. As for buying in this market? That would depend on where and what kind of real estate you want to buy. Its too broad of a statement for me to say it is or isn’t a good time. 🙂

    • outrigger June 19, 2013 at 9:38 am

      I am not trashing Burnaby, I am just saying nothing there is worth over $500K. It’s like buying a $2000 sofa from Ikea, nothing in Ikea is worth more than $150.

      • an observer June 19, 2013 at 9:47 am

        Don’t let the guy who bought a place on Burris for $10 million last June know that! Seriously though, bear to bear, what you are saying doesn’t make any sense. Plenty of homes in Burnaby (and any other city) would be easily sold for over a million even after a 50% catastrophic drop in prices.

      • outrigger June 19, 2013 at 10:45 am

        Well, I guess there are plenty of people buy expensive cardboard furniture from Ikea or EQ3…

      • Wooz June 19, 2013 at 1:23 pm

        Who buys expensive cardboard furniture from Ikea? The whole point of buying from Ikea is that it’s cheap.

  6. Real Estate Tsunami June 19, 2013 at 4:59 pm

    Anyone knows why so many RE agents are incorporating?
    Many have now a PREC designation.
    Personal Real Estate Corporation.
    Why would they want to limit their liabilities?

    • Natalie June 20, 2013 at 7:52 am

      RET: I have not heard of anyone incorporating for the purposes of limiting liability, but I won’t rule it out. Mostly, I hear talk if the tax benefits. See this link:
      http://www.remonline.com/b-c-allows-personal-real-estate-corporations/

      • bullwhip29 June 21, 2013 at 1:25 pm

        I think RET could be barking up the right tree. Sure, corp tax rates are lower as you said, but this is nothing new though. So, why else would there be such a spike in the creation of PREC’s? And why now? Just sayin…

      • Natalie June 21, 2013 at 9:35 pm

        Bullwhip, do you think its really for liability purposes? What would we be liable “especially now” that we aren’t already liable for? We carry Errors and Omissions Insurance already. I would pick “ego” over liability…it just sounds so much more prestigious calling yourself a “personal real estate corporation”, don’t you think? Honestly, I see nothing in today’s market that would make anyone run out and incorporate other than taxes and egos. Of course, I could be wrong…if I hear different, I will be sure to post.

      • Real Estate Tsunami June 22, 2013 at 8:00 am

        Natalie,
        You’re the expert. So you are probably right.
        But John Smith, PREC just does not very sexy.

      • Natalie June 22, 2013 at 8:36 am

        RET, what’s your take? You haven’t explained what the benefit of incorporating is from your point of view. Why are so many realtors doing it, “especially now”? I am curious, what is it about this market that makes you feel we should all be scrambling to cover our arses over? Do you feel price drops are because of realtors? Do you feel if people “paid too much” that would be because of a realtor as well? Then we would have to include the lenders and the appraisers. Help me understand your view point.

      • Real Estate Tsunami June 22, 2013 at 5:16 pm

        Natalie,
        Nothing sinister here. I’m just a curious person.
        Growing up in Germany, we had the following poem:
        Wer,wie, was.
        Wir fragen dies und das.
        Wir fragen auch warum.
        Denn wer nicht fragt bleibt dumm.
        Thanks for you insights and patience with us bears.

      • Natalie June 22, 2013 at 11:23 pm

        I agree…I also ask so that I do not remain stupid 🙂 Although I work in the industry, I do not know everything. When I ask “why”, I honestly seek to understand…how else do we grow? 🙂

      • Devore June 24, 2013 at 2:17 am

        It’s probably the hot new trend someone started that’s spreading through the RE agent community. You know how it is, someone does something that marginally benefits their specific situation, someone else hears how awesome it is, and before you know it everyone is a PREC.

  7. ernie June 20, 2013 at 2:25 am

    Banks are still offering Mgt rates @2.15% and @3.15% with 3% cash back, depending on the loan amounts. How long will they hold those rates? Or are they expecting further QE…6-7-8-9-10 ……….
    http://ca.reuters.com/article/businessNews/idCABRE88901C20130620

    • bullwhip29 June 20, 2013 at 12:37 pm

      How much longer? Not very much imho. Things are changing by the hour now.

      I’d say the temp in the room dropped significantly in recent days. The window of opportunity to get out of this market is razor thin (if not completely shut) now. Looking back, the previous six months or so were just the calm before the storm. Many didn’t even see this coming. an observer, i am happy to report that you’ll be able to resume your chart creation shortly. It is perfectly understandable why you (and other bears) might have been dragging your feet for the last few months.

      Anyway, get your drinks and popcorn ready, the show is about to begin.

  8. Real Estate Tsunami June 21, 2013 at 9:21 am

    Just wondering why RE in Westwind in Richmond is not moving?
    The area is very nice. The prices don’t seem too outrageous.
    But nothing is selling.
    Anyone have any idea why?

    • an observer June 21, 2013 at 9:55 am

      Do you have any numbers? Maybe it’s just the fact that the average West Wind home is guite a bit more expensive than the average Richmond home putting into a high MOI category?

      West Wind is a nice spot – lots of nice homes that aren’t horrible looking cookie cutter mcmansions

      • Real Estate Tsunami June 21, 2013 at 11:31 am

        It’s mostly from my own observation.
        I walk through the neigbourhood often, because it’s so nice.
        Just a year ago, properties sold quickly. Now listings are just sitting.
        Maybe, the one at Lapwing (the ugly red stucco box) is scaring buyers off.
        Or maybe, it’s a sign that HAM has truly disappeared.

      • bullwhip29 June 24, 2013 at 8:19 am

        @ RET

        Speaking of HAM…plenty of rumblings out of China over the weekend. It remains to be seen if this morphs into a full blown banking crisis there or not at this stage, but it’s getting more difficult to ignore all the smoke. Financial markets have obviously taken notice. IMHO, if this is the real deal, it will make the EU and 2008 banking crises look like child’s play. Had it not been for the continued rip roaring growth (either real or engineered) in china not to mention unprecedented levels of central bank stimulus, I doubt we would have stabilized and recovered in the manner we did over the last few years. It now appears the gig is finally up and a perfect storm is upon us now. it will be interesting watching the weasels try to wiggle out of this one.

        an observer, it is a good thing you returned when you did. It would have been awfully frustrating for you (and other bear bloggers) to miss the main event after being ridiculed, mocked, tortured while you’ve been patiently waiting for the inevitable to unfold after all these years.

    • bullwhip29 June 21, 2013 at 12:41 pm

      Very little in Rmd is moving other than the odd property here and there (which seems to take 3-6 month at a min to sell). Homes in areas like Terra Nova are offered for sale at 2009/10 prices and are still not moving in the sorts of volumes req’d to clear the market up. Lots of listings have simply been pulled in recent months. I’m sure these sellers wouldn’t hesitate for a moment if things started to pick up again (a big IF imho). Right now I’m seeing builders lots (and vacant homes) all over Rmd westside sitting dormant and overgrowing with weeds now. Many of my friends and associates who previously had big plans to renovate, upgrade and what not put those plans on hold quite some time ago. I think the market tremors we have witnessed in recent days/weeks are just the tip of the iceberg. The EU banking/sovereign debt crisis, which was supposedly fixed (LOL) has spread to Japan and likely China now. IMHO, that so called monied Asian buyer isn’t in nearly the same shape (and mindset) as he/she was a few years ago when rolling the dice and losing (some of your prev winnings) was a form of entertainment.

  9. Real Estate Tsunami June 21, 2013 at 11:58 am

    For those interested in RE in Richmond, read Realtor’s Arnold Shuchat honest blog.
    It kind of confirms my observation about Westwind.
    http://www.shuchatgroup.com/blog.mobi

  10. father June 22, 2013 at 5:04 pm

    hi observer been reading your blog for 1 year and 1st time posting 2 grosevenor from a post awhile back and #10 empire got offers soon as they came on your blog so you are very popular

  11. FATHER June 22, 2013 at 6:49 pm

    OH & I LOVE YOUR BLOG & I DO BELIEVE IT’S BEAR TIME

  12. overthepond June 23, 2013 at 1:32 pm

    Looking forward to seeing the Tri-Cities and Pitt/Maple/Mission neighbourhood drops – just from watching listings there seems to be a lot downward pressure on asking prices, and some very low asking court ordered sale properties on the market.

  13. James June 27, 2013 at 12:06 am

    # 8 just dropped another $40,000.

    • Avril June 28, 2013 at 9:17 pm

      overthepond – Just wondered by your comment if Vanpricedrop is going to do a posting on the Tri-Cities area? I’m interested in the Quay area but at the same time concerned re all the leakers in that area though supposedly fixed. I don’t see any listings in that area for under $250. I do see some priced drops from last yr’s asking price in the uptown area.

  14. Morris July 15, 2013 at 9:15 pm

    #3 is much better and Burnaby is a not such a bad place to live. I would love to buy If there is any Burnaby apartments for sale.

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