Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – January 27, 2014

And we’re back!  Hopefully I’ll be able to keep this going more consistently this time.  Here are the 10 detached 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.  There are some gaps in assessment data – I have some old data and can pull up 2013 but if you see years missed it is because I just don’t have the information available.

Half the homes on the list are from Richmond with West Vancouver and Vancouver West both appearing a couple of times


#10 ) Address:6229 ST GEORGES PL, Gleneagles, West Vancouver

September 06, 2012 V969123 $2,598,000 $0 0%
January 23, 2013 V969123 removed after 139 days
January 25, 2013 V987160 $2,398,000 $-200,000 -8%
July 23, 2013 V987160 removed after 179 days
August 01, 2013 V1020074 $2,098,000 $-500,000 -19%
January 23, 2014 V1020074 removed after 175 days
January 27, 2014 V1043676 $1,998,000 $-600,000 -23%

v1043676_1

Current Days on Market: 509 (1.39years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,468,000
Desperation Score: 26.4

A magnificent estate on a parklike, priv 1/3 acre w/160′ frontage. Beautifully renovated & meticulously maintained. Bright, open flrpln on 2 levels w/brilliant ocean views! Approx 2,934 sqft w/4 lg bedrooms incl a wonderful master & ensuite on mn, rich H/W flrs, 3 bthrms, lg picture windows, spacious living area, custom kit w/brkfst bar & adj dining area – all opening out to a sundrenched veranda overlooking breathtaking gardens, intimate courtyards & 5-hole putting green. Down fully finished w/rec rm & guest bedrooms. Walking dist to Gleneagles Golf Course, Community Centre & Thunderbird Marina, this incredible res is incomparable value & is only mins to shopping & just 1-hour drive to Whistler Ski Resort. Absolutely stunning!


#9 ) Address:8311 DALEMORE RD, Seafair, Richmond

January 24, 2008 V684922 $668,000 $0 0%
February 09, 2008 V684922 $638,000 $-30,000 -4%
March 07, 2008 V684922 removed after 43 days
July 09, 2011 V898916 $1,098,000 $0 0%
July 29, 2011 V898916 $998,000 $-100,000 -9%
November 01, 2011 V898916 removed after 115 days
March 16, 2012 V937524 $938,800 $-159,200 -14%
May 17, 2012 V937524 $899,900 $-198,100 -18%
September 16, 2012 V937524 removed after 184 days
January 27, 2014 V1043543 $839,900 $-258,100 -24%

v1043543_1

Current Days on Market: 1 (0.00years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $950,300
2011 Assessment: $1,128,300
Desperation Score: 10.2

4 bedroom, 2 full bath home on big 9,359 sq. ft. SW pie-shaped lot in Seafair. Open plan on main offers free flow between living, dining and kitchen areas. Recently renovated kitchen: granite countertops and food island with cooktop; ceramic backsplash; S/S appliances and tiled floor. Deluxe main bath: jetted tub with stone tile surround, double sinks with granite countertop, electric fireplace and hi-end Japanese toilet. Full bath down off bedroom. Elegant tiled fioor. Newly refinished cedar sundeck off kitchen with stairs down to large patio in backyard garden. Front yard balcony off living room to take inthe morning sun. Wonderful home with the artist in mind: loads of light, rich oak floorings, open and serene.


#8 ) Address:5850 GRANVILLE ST, South Granville, Vancouver West

December 02, 2010 V859928 $1,988,000 $0 0%
April 05, 2011 V859928 $2,388,000 $0 0%
October 12, 2011 V859928 removed after 314 days
March 10, 2012 V936528 $2,600,000 $0 0%
December 16, 2012 V936528 removed after 281 days
April 12, 2013 V1000217 $2,488,000 $-112,000 -4%
October 22, 2013 V1000217 $2,188,000 $-412,000 -16%
January 22, 2014 V1000217 $1,988,000 $-612,000 -24%

v1000217_1

Current Days on Market: 1153 (3.16years)
Current ‘Official’ Days on Market: 291
2013 Assessment: $1,316,700
2011 Assessment: $1,378,700
Desperation Score: 25.4

Possible future assembly with neighbours for development. ARKS plan adopted by City suggests Senior’s Housing. Call LS for details. NOW PRICE REDUCED TO HOUSE VALUE, SO RENOVATE TO LIVE IN OR RENT OUT AND HOLD; OR BUILD NEW. NOTE LOT SIZE. No long term subject clauses wrt due diligence or rezoning. Sale is “as is where is”. Do not enter property nor disturb occupant. Sale by PoA so leave time for acceptance. All measurements are pending and should be confirmed by Buyer if important. Neither Seller nor LS make any representations regarding condition. 2 BR + full bath on main + 3 BR + full bath up. Large rooms. Measurements pending. Full unfinished bsmt. No sign.


#7 ) Address:8180 SEAFAIR DR, Seafair, Richmond

March 31, 2010 V818298 $838,000 $0 0%
April 10, 2010 V818298 $795,000 $-43,000 -5%
August 01, 2010 V818298 removed after 123 days
February 20, 2011 V870601 $899,000 $0 0%
February 26, 2011 V870601 $950,000 $0 0%
March 10, 2011 V870601 removed after 18 days
May 21, 2013 V1007371 $2,880,000 $0 0%
August 09, 2013 V1007371 $2,688,000 $-192,000 -7%
November 07, 2013 V1007371 removed after 170 days
November 15, 2013 V1035982 $2,368,000 $-512,000 -18%
January 27, 2014 V1035982 $2,188,000 $-692,000 -24%

v1035982_1

Current Days on Market: 252 (0.69years)
Current ‘Official’ Days on Market: 74
2013 Assessment: $1,623,000
Desperation Score: 30.6

Top quality custom built house in a very desirable location-Seafair Drive. 4 bedrooms up all with washrooms. An in-law suit with separate entrance. Stone exterior, grand foyer extra high ceiling with crystal chandelier, European kitchencabinets, stainless steel appliances, beautiful open kitchen and good size wok-kitchen, 6 parkings spaces in total, south north facing with large patio to enjoy sunshine and good company. Walking distance to schools and West Dyke trail. Come to see it, you will love it.


#6 ) Address:4570 EPPS AV, Deep Cove, North Vancouver

October 17, 2007 V674025 $1,650,000 $0 0%
November 27, 2007 V674025 removed after 41 days
March 12, 2012 V936732 $2,500,000 $0 0%
July 10, 2012 V936732 $2,375,000 $-125,000 -5%
August 15, 2012 V936732 removed after 156 days
August 29, 2012 V968382 $2,350,000 $-150,000 -6%
October 31, 2012 V968382 removed after 63 days
November 21, 2012 V980798 $2,348,800 $-151,200 -6%
January 29, 2013 V980798 removed after 69 days
February 01, 2013 V988279 $2,198,800 $-301,200 -12%
April 09, 2013 V988279 removed after 67 days
April 17, 2013 V1001565 $1,998,000 $-502,000 -20%
October 29, 2013 V1001565 removed after 195 days
November 03, 2013 V1034244 $1,948,800 $-551,200 -22%
January 20, 2014 V1034244 removed after 78 days
January 27, 2014 V1043406 $1,898,000 $-602,000 -24%

v1043406_1

Current Days on Market: 687 (1.88years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,815,000
Desperation Score: 31.0

On top of the world with one of the best waterfront views in the Cove! Sunny and bright property overlooking everything… Lovely renovated 3 bedroom home post and beam with flat walk-in access to the house and complete privacy. Protected dock for your boat. A rare find in this price range! OPEN HOUSE: Sunday, Jan 26th, 3-4:30PM.


#5 ) Address:9111 PINEWELL CR, Saunders, Richmond

May 02, 2008 V705363 $699,000 $0 0%
May 17, 2008 V705363 $669,000 $-30,000 -4%
July 21, 2008 V705363 removed after 80 days
April 26, 2009 V763330 $558,000 $-141,000 -20%
May 07, 2009 V763330 removed after 11 days
August 15, 2009 V781873 $738,000 $0 0%
November 16, 2009 V781873 removed after 93 days
February 24, 2010 V811248 $783,000 $0 0%
March 17, 2010 V811248 removed after 21 days
January 25, 2012 V927519 $2,388,000 $0 0%
October 26, 2012 V927519 $2,198,000 $-190,000 -8%
January 01, 2013 V927519 removed after 342 days
January 23, 2013 V986450 $1,798,000 $-590,000 -25%
February 28, 2013 V986450 $1,838,000 $-550,000 -23%
December 17, 2013 V986450 removed after 328 days
January 23, 2014 V1043004 $1,799,000 $-589,000 -25%

v1043004_1

Current Days on Market: 734 (2.01years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $1,538,000
2011 Assessment: $1,428,000
Desperation Score: 19.4

Absolutely superb in Saunders area-one of the most sought after areas to live in Richmond and this house has it all. Main floor with high ceilings, designer drops, extensive use of crown mouldings, baseboards granite and tile work. Huge living room, dining room, kitchen, wok kitchen, rec room (18×15), complete home theatre, 1 bedroom with ensuite and a prayer room with central air conditioning, HRV, built in vacuum, alarm, security camera, 3 car garage and much much more! Compare and contrast, very well priced.


#4 ) Address:3656 MCKECHNIE AV, West Bay, West Vancouver

August 10, 2011 V904258 $14,998,000 $0 0%
February 29, 2012 V904258 removed after 203 days
October 27, 2012 V978338 $13,900,000 $-1,098,000 -7%
September 14, 2013 V978338 $11,998,000 $-3,000,000 -20%
January 23, 2014 V978338 removed after 453 days
January 27, 2014 V1043665 $10,998,000 $-4,000,000 -27%

v1043665_1

Current Days on Market: 458 (1.25years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $3,550,800
Desperation Score: 25.9

DEVELOPMENT OPPORTUNITY! A spectacular almost 1.7 acre water view estate comprised of 3 legal pptys offering sensational southern ocean, city & coastline vws from Mt.Baker to Point Grey. 294′ frontage. Compl priv, tranquil gardens, lush vegetation & gorgeous rock outcroppings. Detailed surveys & plans for stunning new 12,000 sqft mansion – designed by Award Winning architect, Brad Lamoureux. Mins to Dundarave Village & dwntwn Van, the ppty has an existing res cosmetically remodeled w/sprawling flrpln opening out to sunfilled terrace overlooking the priv gardens & smashing views. A fabulous interim rental. Magnificent oppt’y to acquire one of West Van’s premier Estates & to develop your own luxurious, World Class Residence!


#3 ) Address:3117 W 45TH AV, Kerrisdale, Vancouver West

November 15, 2007 V677717 $2,968,000 $0 0%
January 02, 2008 V677717 removed after 48 days
June 05, 2011 V892507 $4,978,000 $0 0%
October 13, 2011 V892507 removed after 130 days
March 22, 2013 V996880 $4,188,000 $-790,000 -16%
May 12, 2013 V996880 removed after 51 days
May 30, 2013 V1009585 $3,680,000 $-1,298,000 -26%
August 01, 2013 V1009585 removed after 63 days
August 05, 2013 V1020826 $3,680,000 $-1,298,000 -26%
January 22, 2014 V1020826 removed after 170 days
January 27, 2014 V1043874 $3,500,000 $-1,478,000 -30%

2604448590

Current Days on Market: 312 (0.85years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $3,238,000
2011 Assessment: $3,144,000
Desperation Score: 30.4


#2 ) Address:9671 HADDON CT, Lackner, Richmond

October 29, 2006 V618470 $895,000 $0 0%
November 14, 2006 V618470 removed after 16 days
August 12, 2013 V1021864 $2,280,000 $0 0%
September 28, 2013 V1021864 $1,988,888 $-291,112 -13%
October 18, 2013 V1021864 removed after 67 days
December 02, 2013 V1037632 $1,888,000 $-392,000 -17%
December 17, 2013 V1037632 $1,788,000 $-492,000 -22%
January 16, 2014 V1037632 $1,688,000 $-592,000 -26%
January 22, 2014 V1037632 $1,588,000 $-692,000 -30%

v1037632_1

Current Days on Market: 169 (0.46years)
Current ‘Official’ Days on Market: 57
2013 Assessment: $1,348,000
2011 Assessment: $1,427,000
Desperation Score: 46.2

Stunning 3891 sq ft home on a park like 12,567 sq ft lot. Totally redone sunny South West exposed back yard with brand new swimming pool, tiled walkways & sitting areas all beautifully landscaped in a resort like setting. In total there are 6 bedrooms plus games room with 3.5 bathrooms. Main floor conveniently has a bedroom with full ensuite great for the nanny or elderly. Excellent floor plan with large entertainment sized rooms & double staircase. Perfectly located in a quiet cul-de-sac just half a block from Wowk Elementary School & Park.


#1 ) Address:6428 CHELMSFORD ST, Granville, Richmond

October 23, 2011 V917053 $2,398,000 $0 0%
July 24, 2012 V917053 removed after 275 days
July 26, 2012 V963719 $1,800,000 $-598,000 -25%
February 01, 2013 V963719 removed after 190 days
March 31, 2013 V998365 $1,750,000 $-648,000 -27%
December 28, 2013 V998365 removed after 272 days
January 27, 2014 V1043394 $1,668,000 $-730,000 -30%

v1043394_1

Current Days on Market: 828 (2.27years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,436,000
2011 Assessment: $1,597,000
Desperation Score: 18.8

Come and see this magnificent house in a quite neighborhood of Granville area. Shiny chandelier in the high ceiling entrance hall. Two living rooms with luxurious finishing. An Oversized kitchen has a large island and is accompanied with two dining area. Jacuzzi and sauna room in the main floor for your relax. A huge master room has a walk-in closet and an extravagant ensuite bathroom. There is an unique hallway with an arch shape skylight in the upper level. Large backyard and BBQ area for parties!

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19 responses to “Weekly Drop Metro Vancouver Detached – January 27, 2014

  1. Lynne January 27, 2014 at 11:42 am

    Thanks for returning!

  2. Robert R January 27, 2014 at 11:57 am

    It’s tough being a property flipper these days, especially when you have to come all the way over from either South Korea or Hong Kong just to buy a property to flip. awwwhhh schucks. How come so many number 8s in the prices ? People buying and seeing that number are just thinking these people are selling at a high price to make some money. If I was selling a property, I would use all 4s or 5s, then potential buyers might think that there is a deal to be had.

  3. CBM January 27, 2014 at 11:58 am

    Great to see this back! Would love to see a North Vancouver specific update. Looks like prices are still dropping with some homes for sale for 2-3 years or more. eventually they will need to lower the price to the point where it will sell. If interest rates go up, this will definitely have a large impact on prices.

  4. Mike January 27, 2014 at 12:11 pm

    NICE ! Back in business, Very happy to see you posting again !!!

  5. youtoldus.so January 27, 2014 at 1:34 pm

    Good to see you back. Anticipating more fodder as the market unwinds.
    Thanks for your effort.

  6. Seeking knowledge... January 27, 2014 at 1:53 pm

    So glad to see you back, Observer.

  7. Matt January 27, 2014 at 2:54 pm

    It will be an interesting spring! Looking forward to seeing the price drops!

  8. JP January 27, 2014 at 3:51 pm

    So glad to see you again.

  9. Aman Gupta January 27, 2014 at 5:12 pm

    I absolutely trust this post. Thank you so much. Over the past one and half years I have been looking at the property prices in Vancouver very closely. There is a bigger story that still remains untold. It is not just the case with few properties listed in this post, it’s about hundreds of those sellers.

  10. Alexcanuck January 27, 2014 at 6:07 pm

    Welcome back! Keep it coming, hopefully with snarky red notes as well. Anyone reading this with access to previous sale prices? That would be the last piece of the puzzle to put it all in context. (New builds are different, of course, I’m thinking of the true flipper dreams dashed by reality.)

  11. Andy January 27, 2014 at 10:12 pm

    It’s been a long wait for this post Observer. So glad you’re back! Thank you for the posts.

  12. BM January 27, 2014 at 10:32 pm

    Welcome Back!!! Cant wait to see this once rates edge up a few more points! They call that a bubble bursting!!!

  13. Bbghcfhbkjcv January 27, 2014 at 10:59 pm

    Welcome back observer.

  14. Horizons January 27, 2014 at 11:18 pm

    Welcome back, you were missed. Ditto North Vancouver request, please.

  15. bailinginbc January 28, 2014 at 12:13 am

    I almost gave up. Just yesterday I thought about removing you from my favourites. So happy 🙂

  16. Brian Ripley January 28, 2014 at 12:52 am

    Nice to see you back Observer. My link to this page is still up on my Vancouver Chart:
    http://www.chpc.biz/vancouver-housing.html (bottom of page)

    I notice from your new list above that Vendors have a tough time getting their asking prices in line with BC Assessments; especially in Richmond. When I go to open houses, the Assessment is the first question I ask the realtor and if the spread is wide between Assessment and List price I follow up and ask how the list price was arrived at. Invariably the response is that the comparative sales show the list price is good value. The next question is how long has the property been for sale. The answer is usually 6 months or more and that lines up with my Months of Inventory Chart where in Vancouver it’s about 7 months and climbing:
    http://www.chpc.biz/mar-moi.html

    Prices are stubborn eh?

  17. Saj January 28, 2014 at 12:40 pm

    Glad u r back, one of my fav sites

  18. Yellow Helicopter January 29, 2014 at 10:50 am

    So happy to see you back, I could burst! 😉 (It just may be catching.)

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