Vancouver Price Drop

Documenting Vancouver real estate price movements

Richmond Spotlight – June 25, 2013

Here are the top 10 most desperate properties in Richmond

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:9291 DIAMOND RD, Seafair, Richmond

October 06, 2006 V603614 $499,000 $0 0%
October 29, 2006 V603614 $476,000 $-23,000 -5%
January 16, 2007 V603614 $448,000 $-51,000 -10%
February 05, 2007 V603614 removed after 122 days
November 30, 2007 V679614 $1,198,000 $0 0%
May 02, 2008 V679614 removed after 154 days
May 17, 2008 V707101 $1,178,000 $-20,000 -2%
June 10, 2008 V707101 removed after 24 days
June 13, 2008 V715841 $1,178,000 $-20,000 -2%
August 06, 2008 V715841 removed after 54 days
August 08, 2008 V726956 $1,099,000 $-99,000 -8%
September 18, 2008 V726956 $1,078,000 $-120,000 -10%
September 19, 2008 V726956 $1,048,000 $-150,000 -13%
October 10, 2008 V726956 removed after 63 days
January 20, 2012 V926455 $1,790,000 $0 0%
April 17, 2012 V926455 $1,690,000 $-100,000 -6%
May 31, 2012 V926455 removed after 132 days
June 04, 2012 V954271 $1,650,000 $-140,000 -8%
November 01, 2012 V954271 removed after 150 days
November 16, 2012 V980239 $1,597,000 $-193,000 -11%
December 15, 2012 V980239 $1,587,000 $-203,000 -11%
February 26, 2013 V980239 $1,545,000 $-245,000 -14%
April 10, 2013 V980239 $1,519,000 $-271,000 -15%
May 12, 2013 V980239 removed after 177 days
May 25, 2013 V1008954 $1,550,000 $-240,000 -13%
June 15, 2013 V1008954 $1,498,000 $-292,000 -16%

v1008954_1

Current Days on Market: 523 (1.43years)
Current ‘Official’ Days on Market: 32
2012 Assessment: $1,545,000
2011 Assessment: $1,450,000
Desperation Score: 35.4

A recent price increase did not seem to work so now listed below assessment

Like new 3300 sq ft home, very well maintained in popular West Richmond Seafair. Bright and very practical floor plan with an extremely big wok kitchen. This home contains 5 bedrooms plus den with 4 full bathrooms. Good quality built house with granite counters in kitchen, maple cabinets throughout the bathrooms, living room and family room contains high ceilings and much more. South West exposed backyard, steps to Hugh Boyd School, Dixon Elementary, Seafair Mall and public transportation.


#9 ) Address:9751 PIGOTT RD, Saunders, Richmond

October 06, 2006 V611405 $539,000 $0 0%
December 11, 2006 V611405 removed after 66 days
May 19, 2007 V648001 $559,000 $0 0%
May 28, 2007 V648001 removed after 9 days
July 19, 2007 V659779 $589,000 $0 0%
November 06, 2007 V659779 removed after 110 days
June 01, 2008 V712916 $1,368,000 $0 0%
July 15, 2008 V712916 removed after 44 days
July 17, 2008 V722667 $1,299,000 $-69,000 -5%
October 18, 2008 V722667 $1,238,000 $-130,000 -10%
November 25, 2008 V722667 $1,198,000 $-170,000 -12%
December 09, 2008 V722667 removed after 145 days
December 11, 2008 V746154 $1,188,000 $-180,000 -13%
January 14, 2009 V746154 $1,099,000 $-269,000 -20%
February 07, 2009 V746154 removed after 58 days
January 13, 2012 V925091 $1,980,000 $0 0%
March 01, 2012 V925091 removed after 48 days
March 04, 2012 V935278 $1,930,000 $-50,000 -3%
March 17, 2012 V935278 $1,880,000 $-100,000 -5%
May 01, 2012 V935278 $1,799,800 $-180,200 -9%
June 21, 2012 V935278 removed after 109 days
July 22, 2012 V963363 $1,730,000 $-250,000 -13%
October 09, 2012 V963363 removed after 79 days
October 13, 2012 V976440 $1,798,000 $-182,000 -9%
January 10, 2013 V976440 $1,698,000 $-282,000 -14%
April 01, 2013 V976440 removed after 170 days
April 12, 2013 V1000708 $1,680,000 $-300,000 -15%
June 19, 2013 V1000708 $1,580,000 $-400,000 -20%

v1000708_1

Current Days on Market: 530 (1.45years)
Current ‘Official’ Days on Market: 75
2012 Assessment: $1,827,000
2011 Assessment: $1,787,000
Desperation Score: 35.4

“must be sold.” – 13% below assessment and still no takers.  Now listed only $200K more than the lot had been originally listed for back in 2008

Bright and spacious custom built deluxe home in the most desirable “Broadmoor” neighborhood area. High ceilings, gorgeous spiral stairs and crystal chandeliers in the living room, open concept floor plans. High-end cabinetry &top of the line stainless steel appliances of the gourmet kitchen, granite counter tops, central air-conditioning, radiant heat and hot water heat, spacious wok kitchen, luxurious master ensuite with steam shower and jacuzzi hot tub. Secured fenced park-like garden back yard, minutes walk to McRoberts senior secondary school, South Arm Community Centre, Broadmoor shopping centre, close to transit and Canada line station. Huge lot with beautiful street appeal, must be sold.


#8 ) Address:# 310 4111 BAYVIEW ST, Steveston South, Richmond

May 04, 2012 V947557 $879,000 $0 0%
May 11, 2012 V947557 $849,000 $-30,000 -3%
May 23, 2012 V947557 $819,000 $-60,000 -7%
June 04, 2012 V947557 removed after 31 days
June 09, 2012 V955561 $789,000 $-90,000 -10%
June 22, 2012 V955561 $749,000 $-130,000 -15%
July 24, 2012 V955561 $689,000 $-190,000 -22%
September 01, 2012 V955561 removed after 84 days
September 08, 2012 V970245 $689,000 $-190,000 -22%
January 01, 2013 V970245 removed after 115 days
March 14, 2013 V995580 $689,000 $-190,000 -22%
March 29, 2013 V995580 $669,000 $-210,000 -24%
May 22, 2013 V995580 removed after 69 days
June 02, 2013 V1009977 $669,000 $-210,000 -24%
June 20, 2013 V1009977 $649,000 $-230,000 -26%

v1009977_1

Current Days on Market: 418 (1.15years)
Current ‘Official’ Days on Market: 24
2012 Assessment: $714,000
2011 Assessment: $731,000
Desperation Score: 36.0

“Priced 45k below assessed value for quick sale” – now priced $65K below assessment for quick sale

Welcome to this great corner home with a spacious floor plan that offers plenty of natural light, 9″ ceiling, 3 large sun drenched decks with endless views of the water and beyond and breath taking sunsets. Rarely available functional floorplan, lovingly cared-for, you’ll love the thoughtful design of this three bedroom, two bathroom plus den living space, not to mention being less than a minute on foot away from all the wonders of the Village including the boardwalk, shops, restaurants, park library & community center. Exceptional facilities including a gym, guest suite, bike storage & entertaining room. Priced 45k below assessed value for quick sale! Best deal in the village. Open House Sunday June 9, 12-2pm.


#7 ) Address:10091 DEAGLE RD, Broadmoor, Richmond

July 07, 2010 V840570 $1,180,000 $0 0%
July 27, 2010 V840570 removed after 20 days
January 01, 2011 V861739 $1,498,000 $0 0%
January 11, 2011 V861739 removed after 10 days
April 09, 2012 V941570 $3,788,800 $0 0%
June 30, 2012 V941570 removed after 82 days
July 18, 2012 V962493 $3,788,800 $0 0%
July 31, 2012 V962493 $3,580,000 $-208,800 -6%
August 01, 2012 V962493 $3,490,000 $-298,800 -8%
October 16, 2012 V962493 removed after 90 days
November 22, 2012 V980912 $2,880,000 $-908,800 -24%
December 14, 2012 V980912 $3,168,000 $-620,800 -16%
March 01, 2013 V980912 removed after 99 days
March 07, 2013 V994101 $2,998,000 $-790,800 -21%
May 30, 2013 V994101 removed after 84 days
June 06, 2013 V1010974 $2,980,000 $-808,800 -21%

v1010974_1

Current Days on Market: 443 (1.21years)
Current ‘Official’ Days on Market: 20
2012 Assessment: $2,058,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 36.5

This home was on the weekly drop back in November where they claimed this home was walking distance to Richmond Center and the sky train stations – a complete lie.  They removed that part of the description 3 months ago but are still $100K above their price from November.  They paid roughly $1.1 million for the lot in 2010 and I’ll be generous and say they put $1 million into the build.  That makes $2.1 million which is close to their assessment – they initially list the place at $3.8 million!!!  I hope I see this one in foreclosure

Prestigious & Popular Broadmoor area in Central Richmond! Rarely find architectural &designer’s mansion w/ 9240Sqft huge lot & 4018Sqft finishing area! A spectacular deluxe custom home featuring quality materials & workmanship, 5 bedroom+1 den+5.5bath+2 kitchen. Grand open foyer w. magnificent crystal chandelier, 16′ high ceiling living RM &nook, tons of drop ceiling & luxury crown moulding, marble entrance hallway, granite counter tops, hardwood flooring upstairs,HRV,Air-con, radiant heating, 3 car garage, lawn sprinkler system, steam bath, home theatre, security system. Walking distance to No.3 RD, Broadmoor shopping center & transportations. Famous Maple Lane Elementary &London Secondary High catchment.Don’t miss yr dream home!


#6 ) Address:7480 CHELSEA RD, Granville, Richmond

September 11, 2010 V849565 $1,038,000 $0 0%
October 08, 2010 V849565 removed after 27 days
January 06, 2012 V923508 $2,998,000 $0 0%
March 13, 2012 V923508 $2,788,800 $-209,200 -7%
April 16, 2012 V923508 removed after 101 days
April 19, 2012 V944294 $2,688,000 $-310,000 -10%
July 16, 2012 V944294 removed after 88 days
July 18, 2012 V962396 $2,588,000 $-410,000 -14%
September 25, 2012 V962396 $2,498,000 $-500,000 -17%
October 10, 2012 V962396 removed after 84 days
October 12, 2012 V976294 $2,498,000 $-500,000 -17%
December 11, 2012 V976294 removed after 60 days
December 20, 2012 V982900 $2,498,000 $-500,000 -17%
December 28, 2012 V982900 $2,398,000 $-600,000 -20%
March 01, 2013 V982900 removed after 71 days
March 07, 2013 V994170 $2,398,000 $-600,000 -20%
April 04, 2013 V994170 $2,288,000 $-710,000 -24%

v994170_1

Current Days on Market: 537 (1.47years)
Current ‘Official’ Days on Market: 111
2012 Assessment: $2,005,000
2011 Assessment: $1,851,000
Desperation Score: 37.6

“Custom built for present owner. For the most discriminating buyer. Right in the centre of million dollar row. Very generous bedrooms.” – nice sentences…  Listed for 50% and $1 million above assessment – now down $700K but still not close to being sold

Custom built for present owner. For the most discriminating buyer. Right in the centre of million dollar row. Very generous bedrooms. First and second master bathroom, both with steam bath. Spectacular craftsmanship of carpentry work. Deluxe maple cabinets, wet bar, built-in cabinets, drop ceilings, crown mouldings, air conditioning, HRV, sprinkler system. Immediate Possession!


#5 ) Address:6111 GARRISON CT, Riverdale, Richmond

June 22, 2011 V895616 $1,590,000 $0 0%
November 08, 2011 V895616 $1,498,000 $-92,000 -6%
January 01, 2012 V895616 removed after 193 days
January 08, 2012 V924009 $1,498,000 $-92,000 -6%
May 01, 2012 V924009 removed after 114 days
June 15, 2012 V956784 $1,650,000 $0 0%
August 25, 2012 V956784 $1,480,000 $-170,000 -10%
October 12, 2012 V956784 removed after 119 days
October 19, 2012 V977268 $1,448,000 $-202,000 -12%
November 14, 2012 V977268 $1,398,000 $-252,000 -15%
January 16, 2013 V977268 removed after 89 days
January 23, 2013 V986401 $1,398,000 $-252,000 -15%
February 01, 2013 V986401 removed after 9 days
February 13, 2013 V990123 $1,368,000 $-282,000 -17%
May 12, 2013 V990123 removed after 88 days
May 21, 2013 V1007450 $1,289,000 $-361,000 -22%

v1007450_1

Current Days on Market: 735 (2.01years)
Current ‘Official’ Days on Market: 36
2012 Assessment: $1,025,000
2011 Assessment: $1,059,000
Desperation Score: 39.1

Listed for over 2 years and still above assessment

In the legendary Riverdale district corner lot lies the excellent custom built residence with excellent workmanship. Centrally located from the Rivergreen & Richmond Olympic Oval Centre, sports & leisure activities always at ease with Thompson Community Centre, schooling at Burnett Secondary & Blair Elementary. Garden curb appeal, brick & stone exterior facade, grand entry with accentuated ceiling height, cross-hall design living & dining room make this house stand tall & proud. Interior details & feature include large gourmet kitchen with wok kitchen, granite counters, 6 bedrooms, 4 baths & 3 car garage. Through the patio door, you will enter an enchanted landscaped garden in the backyard. Some of the few choices you should


#4 ) Address:7620 NO 2 RD, Granville, Richmond

November 17, 2011 V920043 $1,250,000 $0 0%
February 16, 2012 V920043 $1,125,000 $-125,000 -10%
May 01, 2012 V920043 removed after 166 days
June 04, 2012 V954237 $1,049,000 $-201,000 -16%
July 10, 2012 V954237 $998,000 $-252,000 -20%
September 18, 2012 V954237 removed after 106 days
September 21, 2012 V972635 $958,000 $-292,000 -23%
January 23, 2013 V972635 $899,000 $-351,000 -28%
February 26, 2013 V972635 removed after 158 days
March 01, 2013 V993145 $899,000 $-351,000 -28%
April 30, 2013 V993145 $869,000 $-381,000 -30%
June 02, 2013 V993145 $829,000 $-421,000 -34%

v993145_1

Current Days on Market: 587 (1.61years)
Current ‘Official’ Days on Market: 117
2012 Assessment: $961,100
2011 Assessment: $990,100
Desperation Score: 41.1

“Investors and Builders Tremendous Value!”, “This would be a great Rental home (or live in) while the value of the lot increases! Or Build a 4,000 sq ft Mansion now! Or combine with neighcour and build townhouses! Any way you look at it, a great buy”…  Listed for over a year and a half, down 34% and about 15% below assessment (which has also been dropping)

Investors and Builders Tremendous Value! Small Price for a Huge 76 x 120′, 9,120 sq ft lot in Popular West Richmond area steps from Blundell Centre and easy access to Vancouver! This lot is Designated Townhouses if combined with neighbour. Ideal holding Property as lots of life left in the Grand Home and could rent out for $2,000/mo. Its a visual delight with peaked dormers and gables. Interior is also appealing and mechanically sound. 3 bedrooms up, very spacious main floor with updated bright kitchen and large Den. Oozes charm! This would be a great Rental home (or live in) while the value of the lot increases! Or Build a 4,000 sq ft Mansion now! Or combine with neighcour and build townhouses! Any way you look at it, a great buy


#3 ) Address:8620 CADOGAN RD, Lackner, Richmond

June 13, 2010 V834835 $848,000 $0 0%
June 30, 2010 V834835 removed after 17 days
December 25, 2011 V922990 $2,599,000 $0 0%
January 23, 2012 V922990 removed after 29 days
January 25, 2012 V927261 $2,288,000 $-311,000 -12%
March 07, 2012 V927261 removed after 42 days
March 09, 2012 V936232 $2,188,000 $-411,000 -16%
August 14, 2012 V936232 removed after 158 days
August 17, 2012 V966774 $2,098,000 $-501,000 -19%
October 10, 2012 V966774 $2,048,000 $-551,000 -21%
December 04, 2012 V966774 $1,996,000 $-603,000 -23%
January 01, 2013 V966774 removed after 137 days
January 11, 2013 V984569 $1,988,000 $-611,000 -24%
April 02, 2013 V984569 removed after 81 days
May 09, 2013 V1005552 $1,988,000 $-611,000 -24%
June 09, 2013 V1005552 $1,968,000 $-631,000 -24%
June 11, 2013 V1005552 $2,188,800 $-410,200 -16%
June 21, 2013 V1005552 $1,978,000 $-621,000 -24%

v1005552_1

Current Days on Market: 549 (1.50years)
Current ‘Official’ Days on Market: 48
2012 Assessment: $1,955,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 45.4

Another new build sitting for over a year and a half, down $620K (but still higher than pricing from 2 weeks ago) and just above assessment

Spectacular 3706 sq ft home on a large 66 x 124 = 8197 sq ft lot with mountain views. Quiet location next to green space. A little bit different than most other homes this home offers vaulted ceiling in all 4 ensuited bedrooms upstairs. Master bedroom has large ensuite with TV & Sauna, large walk in closet & covered deck. Main floor offers media room with guest bedroom & bathroom plus den, high ceilings in living & family rooms. Dream kitchen with high end appliances with large wok kitchen & 2nd fridge plus granite/quartz counter tops. Excellent street appeal with 3 car garage & electric gate all siding onto a park with mountain views. Central Richmond location near Blundell & No 2 Road.


#2 ) Address:11520 LAPWING CR, Westwind, Richmond

December 25, 2009 V801653 $1,350,000 $0 0%
April 01, 2010 V801653 removed after 97 days
November 12, 2010 V858270 $1,150,000 $-200,000 -15%
January 20, 2011 V858270 removed after 69 days
May 28, 2011 V890796 $1,275,000 $-75,000 -6%
July 26, 2011 V890796 removed after 59 days
January 25, 2012 V927394 $2,050,000 $0 0%
March 03, 2012 V927394 $1,890,000 $-160,000 -8%
October 18, 2012 V927394 $1,595,888 $-454,112 -22%
January 01, 2013 V927394 removed after 342 days
January 27, 2013 V987465 $1,580,000 $-470,000 -23%
February 20, 2013 V987465 $1,480,000 $-570,000 -28%
April 12, 2013 V987465 removed after 75 days
April 15, 2013 V1001263 $1,380,000 $-670,000 -33%
May 04, 2013 V1001263 $1,280,000 $-770,000 -38%
May 30, 2013 V1001263 $1,248,000 $-802,000 -39%

v1001263_1

Current Days on Market: 518 (1.42years)
Current ‘Official’ Days on Market: 72
2012 Assessment: $1,321,000
2011 Assessment: $1,294,000
Desperation Score: 46.4

“”Think” TUSCANY – Italian Villa, Morocco mystic, east Asian influence. ” – well that says it all, doesn’t it?  “Change colors or change arches to square”.  “Excellent floor plan for private home based business” – yeah, like people work in this province?  Too busy flipping real estate and buying cheap milk from Bellingham!!!  After $800K in price drops it is now $73K below assessment and listed below 2009 pricing

WESTWIND – “Think” TUSCANY – Italian Villa, Morocco mystic, east Asian influence. Knock out unique and a FABULOUS property. Quick & easy access to viewing. MUST SEE – Interior delights. Your eyes will pop with excitement & appreciation. Change colors or change arches to square … you can LIVE in your DREAM residence. Excellent floor plan for private home based business or even potential for a side suite on main with separate entrance. 5 Ensuited Bedrooms including one on main. Outstanding Entertainment deck with lovely view of the mountains across the green fields. Come visit & be prepared to be WOWED!


#1 ) Address:6940 NO 1 RD, Riverdale, Richmond

October 06, 2006 V611620 $599,000 $0 0%
January 01, 2007 V611620 removed after 87 days
March 16, 2007 V635573 $599,000 $0 0%
June 11, 2007 V635573 removed after 87 days
January 26, 2011 V865172 $799,000 $0 0%
February 09, 2011 V865172 $889,000 $0 0%
March 09, 2011 V865172 removed after 42 days
January 07, 2012 V923891 $1,878,000 $0 0%
February 15, 2012 V923891 $1,750,000 $-128,000 -7%
February 28, 2012 V923891 removed after 52 days
March 01, 2012 V934428 $1,699,000 $-179,000 -10%
May 29, 2012 V934428 $1,649,000 $-229,000 -12%
June 18, 2012 V934428 removed after 109 days
June 23, 2012 V958156 $1,548,880 $-329,120 -18%
July 12, 2012 V958156 $1,499,000 $-379,000 -20%
July 16, 2012 V958156 removed after 23 days
July 19, 2012 V962746 $1,448,000 $-430,000 -23%
January 18, 2013 V962746 removed after 183 days
February 28, 2013 V992753 $1,489,000 $-389,000 -21%
March 12, 2013 V992753 $1,368,000 $-510,000 -27%
March 25, 2013 V992753 removed after 25 days
May 02, 2013 V1004337 $1,479,000 $-399,000 -21%
May 30, 2013 V1004337 $1,418,800 $-459,200 -24%
June 19, 2013 V1004337 $1,389,800 $-488,200 -26%

v1004337_1

Current Days on Market: 536 (1.47years)
Current ‘Official’ Days on Market: 55
2012 Assessment: $1,642,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 50.5

This relatively well priced new build has been sitting for a year and a half, is now $250K below assessment has had 9 price drops and 2 price increases and is still above the price it didn’t sell at earlier this spring

Brand new luxury home at a very convenient west Richmond location. Over 3500 sq ft home, high-ceiling in living and family room, deluxe kitchen granite counter, stainless steel appliances, wok kitchen, tasteful colour scheme, engineered hardwood floors on the main and carpet upstairs, blinds throughout the house. 1 bedroom large legal suite, 4 ensuite bedrooms upstairs, air-conditioning, 3 car garage, HRV, electric gate, the list goes on, come and tour the home.

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25 responses to “Richmond Spotlight – June 25, 2013

  1. Avril June 25, 2013 at 1:03 pm

    Any chance of a price drop for the under 250 to 300 homes [apt] in the New West area.

  2. Real Estate Tsunami June 25, 2013 at 2:12 pm

    # 2
    If they want to sell this ugly red stucco box, they have to go below 1 mill, which probably is the land value.

    • bullwhip29 June 25, 2013 at 3:26 pm

      Depending on how things go with this market, they might have to chuck in demolition costs too (and then some). It’s really a shame as these folks obviously put a lot of blood, sweat and tears into staging this (without really having a clue whatsoever as to what they were doing). Having said all this, I bet this somehow sells before 2800 River Road does.

      http://www.realtylink.org/prop_search/Detail.cfm?MLS=V1007340

      When exactly that may be is anyone’s guess…

      • Real Estate Tsunami June 25, 2013 at 7:47 pm

        Another house with bad FENG SHUI.
        Stairs leading to an exit door.
        Complete no no.

  3. ernie June 25, 2013 at 4:04 pm

    Heard that multimillion$ homes, with water view and close to Calgary downtown, were flushed away by the flood water; either that or lands.fronting their properties were carved out by the new river boundary. Some experts were comparing Richmond with Calgary flood preparedness.

  4. ex-kitsie June 25, 2013 at 4:29 pm

    Calgary has two rivers – Richmond has the ocean. The big concern in Richmond, other than rising oceans due to global warming, is the possibility of an earth quake turning the whole area into a mass of jiggling goo swallowing everything it touches. The Arbutus area in Vancouver is also under the same threat and, in fact, the children’s playground at Carnarvon Elementary was identified as a danger to the kids (20 years ago) and reinforced at great expense.

    • Real Estate Tsunami June 25, 2013 at 7:49 pm

      Richmond has the Fraser with 3 arms and the Ocean.
      It’s a flood plane waiting for nature to reclaim it.

    • bullwhip29 June 26, 2013 at 8:29 am

      Agreed. The situation in Calgary is more like what happened in Maple Ridge and Pitt Meadows a number of years ago. Those that believe areas like Rmd and Delta are far more vulnerable to flooding than other “safer” areas of Gr Vanc are simply in denial, maybe a little misguided or perhaps downright ignorant.

      If we ever get the big one (followed by an even more devastating tsunami) anyone living in the lower mainland, vanc island and sunshine coast will either be subjected to a rain of falling glass shards and concrete, will drown in quicksand or be flushed away in a landslide. Some will get wiped off the map entirely. I have little confidence that the so called seismic upgrades of older buildings not to mention the construction and maintenance of new and up to date homes and other infrastructure will hold up to this sort of catastrophe. How do all the supposed experts and central planners know everything will turn out OK if such an event were to occur if we’ve never experienced anything like this in the past? Hmmm…. Honestly, many of them deep down inside are hoping this never happens on their watch because it will be messy beyond comprehension.

      Having said all this, Harper has got Calgary’s back. You guys watch and learn. If anything, it’s a grand excuse for all these chumps to hand out a big, fat stack of blank cheques no questions asked in an effort to look like heros. Whether the same would occur if Vancouver were faced with similar challenges remains to be seen. Whoever got the contract to construct all those “Economic Action Plan” signs should be busy in the coming weeks/months. We’ve all seen this movie before. In due course Cdn taxpayers will eventually get the final tab (or the govt’s version of it) and wonder in both amazement and disgust, as we always do, where all those billions of dollars vanished to and why some of the “little guys” never rec’d a single penny. Many that have been paying exorbitant home insurance premiums over the years will wonder why they bothered as they watch their uninsured neighbors get bailed out while at the same time getting a rectal enema from their insurance adjuster.

      • MaxPower July 8, 2013 at 10:46 am

        …followed by an even more devastating tsunami…

        Really? A tsunami is going to threaten the Lower Mainland/Sunshine Coast? Where exactly is it going to form? Furthermore, if you add Vancouver Island to that list the biggest community that faces tsunami threat is Port Alberni. Port Alberni is a dump. The 1964 tsunamis (then call tidal waves) effected 375 homes destroyed a bowling alley, a liquor store, and the liquor store museum and all in all did $20 million in improvements.

        Tofino, Port Alice, Uclulet, Bamfield, Prot Renfrew all would suffer in a tsunami, but to suggest that the Lower Mainland/Sunshine Coast could possibly be hit is just ridiculous.

        Thanks though for the fear mongering.

  5. pessimisticprof June 26, 2013 at 11:56 am

    This is what happens when the city government allows developers to run amuck, building houses that outstrip the domestic market’s purchasing power. Who in Richmond earns the kind of income necessary to purchase these houses? Plenty of wealthy people in Greater Vancouver have the income, but would they pay those prices to live in Richmond? Perhaps the developers/builders were counting on an endless flood of money from “luo guan” [corrupt PRC officials] to keep the market going – unfortunately for the speculators, changes to Canadian immigration rules coupled with closer scrutiny of officials by the new leadership in Beijing have shrunk this pool of buyers, leaving many of Richmond’s monster houses to languish on the market for well over a year. Schadenfreude anyone?

    • Elme June 27, 2013 at 7:55 am

      So wrong. Most Luoguans ( “naked official” who is still in ofiice and have sent all family members and assets abroad and had a foreign passport ready for escaping any time) hide in Vancouver West and West Vancouver, so that they won’t get spotted as it may happen in a city with a large Chinese popoulation like Richmond. I know a few of them or their family, they don’t even go to Richmond, needless to say live there. As some of them have a lot of exposure on their local medias like our politicians do, people come from their cities or towns will spot them immediately.

      And price of Van W or W Van is never an issue for them.

      The new builds in Richmond usually attract small or medium size entrepreneurs from emerging market who may or may not earn their money in a honest way.

      • pessimisticprof June 27, 2013 at 11:39 am

        You are right – the Richmond Chinese community is well connected with events back in the PRC, so the likelihood of being “outed” is higher here than elsewhere in Vancouver. However, the officials themselves rarely live here so the fear of recognition is exaggerated – they park their wives and kids in Vancouver so they can remain back in the PRC with their “xiao san”! Nonetheless, corrupt officials with sufficient cash do prefer the relative anonymity that comes with living in Kerrisdale, Shaughnessy, and West Van – you know this, I know this, but do the Richmond property developers know this? Even if the new builds in Richmond are targeting PRC entrepreneurs rather than corrupt officials, the suspension of the investor class immigrant programs makes it harder for the business people to obtain PR status, thus making Richmond (and Canada) a less desirable destination. Of course as foreigners they are still free to buy Richmond real estate (that is another story!), but they won’t get the benefits of PR status (eventual “get-out-of-China-passports”, schooling for children, health care, etc). And my original point still stands – the city and the developers have created a SFH market that has outstripped local purchasing power, and is therefore unsustainable without offshore money.

      • Real Estate Tsunami June 27, 2013 at 11:44 am

        Elmer,
        The market for SFH over 1 mill is pretty much dead in Richmond.
        So I think it’s safe to say that HAM has left.
        They appear to have gone to San Francisco, LA, Seattle and believe it or not Texas.
        Contrary to what you are saying, the so called nacked officials are well known and exposed in the local Chinese media.

  6. Real Estate Tsunami June 26, 2013 at 1:57 pm

    I noticed, V1005167, 11891 Railway, Richmond finally sold.
    Must have been on the market for about 2 years.
    Never budged on the price $ 1,045,000. I liked the “roughed in Wok kitchen”.
    I wonder for how much it sold.

    • an observer June 26, 2013 at 2:25 pm

      It actually did drop a little

      June 15, 2011 V894435 $1,198,000 $0 0%
      August 16, 2011 V894435 $1,158,000 $-40,000 -3%
      September 29, 2011 V894435 $1,088,000 $-110,000 -9%
      November 21, 2011 V894435 removed after 159 days
      January 06, 2012 V923462 $1,088,000 $-110,000 -9%
      May 01, 2012 V923462 removed after 116 days
      May 07, 2012 V948463 $1,088,000 $-110,000 -9%
      September 01, 2012 V948463 removed after 117 days
      September 03, 2012 V969040 $1,088,000 $-110,000 -9%
      May 01, 2013 V969040 removed after 240 days
      May 04, 2013 V1005167 $1,045,000 $-153,000 -13%

    • Natalie June 28, 2013 at 2:05 pm

      11891 Railway Sold for 1,038,000

    • kelly July 5, 2013 at 12:10 am

      Sold for $1,038,000 June 18, 2013, purchased for $575,000 in 2005.

  7. Elme June 26, 2013 at 8:54 pm

    #7 think people might not know there is a place called west Vancouver where a lot of new builds with larger land, better materials and spectacular view now listed less.

    Good try though…

  8. Elme June 27, 2013 at 4:48 pm

    Pessiprof & RE Tsunami,

    1. Quebec will start accepting new application for its investor immigrant program on August 1. It is estimated that 90% of PRs from QIIP live in Vancouver, and both Quebec and federal have no rein on that.

    2. Naked officials need to travel back to Canada from time to time to maintain their PR
    status who surely wouldn’t want to be recognized by people from their city hence avoid the Chinese populated cities, but still want to enjoy the life in Metro Van.

    3. Canadian dollar keeps depreciated against RMB.

    4. Housing price here in Van is too cheap comparing with major cities like Beijing, Shanghai, Shenzhen…in China.

    So go figure…

    • ernie July 3, 2013 at 1:40 am

      House prices in China’s first line cities are not as steep as those in Hong Kong and Singapore. Fact is, Victoria & Ottawa do not discriminate against foreigners and non-residents who park their cash in our housing market unless they sell. The naked officials of China are but the latest newcomers in the past 10 years. Some 30 years ago, Singapore’s Prime Minister has bought in West Vancouver, and may be more now. If all is well and rosy in their home countries why the hypocrisy of secretly moving their ill-gotten money abroad.

  9. Wman June 29, 2013 at 7:52 am

    #2 is in foreclosure.

  10. Douglas July 2, 2013 at 10:20 am

    Bullwhip29.
    When the big one comes, I doubt tall towers, +20 floors can remain standing. shudder to think what will happen to all those nice new shiny multi-floor condos around False Creek. As for Richmond. Much has been said about liquefaction. Sure the houses will tilt but will probably act like a boat and float on their foundations unless turned over by heavy roof. Houses on firm foundation will be shaken to bits. Finally, all those upgrading is meant to SLOW down or resist sudden collapse to allow time for escape.

    • bullwhip29 July 5, 2013 at 12:16 pm

      @ Douglas

      I seriously doubt homes in Rmd would float on their foundations. That is laughable. For starters, the relatively thin concrete slab itself would be subject to all sorts of opposing forces causing it to buckle and crack (just take a look at all the cracked sidewalks and patios right now). Secondly, concrete under the most optimal conditions would still sink in what would effectively become quick sand. Even in the best case scenario, Rmd homes would end up with severe water damage from flooding and likely have to be written off while bridges, major roadways, tunnels, utilities, sewers, water supply lines etc would either be damaged or rendered completely useless making it impossible for anyone to either “escape” or hunker down in their own homes. Ditto for those living in one of those glass timebombs on the island of Downtown Vanc. If the big one ever comes, very few in Gr Vanc would escape completely unscathed. That was the point I was trying to make in my previous post.

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