Here are the 10 attached 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.
The condo market continues to get hammered and with so much new inventory coming along with new rules regarding depreciation reports I believe it’s going to get much worse.
#10 ) Address:# 2606 6540 BURLINGTON AV, Metrotown, Burnaby
June 06, 2008 |
V714151 |
$720,000 |
$0 |
0% |
July 06, 2008 |
V714151 |
$668,000 |
$-52,000 |
-7% |
September 07, 2008 |
V714151 |
removed after 93 days |
April 26, 2012 |
V945828 |
$698,800 |
$-21,200 |
-3% |
August 01, 2012 |
V945828 |
removed after 97 days |
August 22, 2012 |
V967508 |
$688,888 |
$-31,112 |
-4% |
December 16, 2012 |
V967508 |
removed after 116 days |
December 20, 2012 |
V982936 |
$688,888 |
$-31,112 |
-4% |
April 01, 2013 |
V982936 |
removed after 102 days |
February 21, 2014 |
V1048199 |
$529,900 |
$-190,100 |
-26% |

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $563,000
2011 Assessment: $706,000
Desperation Score: 16.9
Penthouse, two level! Spectacular, panoramic, breathtaking views frm SFU to the Gulf Islands & Tsawwassan! Stunning & elegant best describes this stylish, completely reno 2 lvl, spacious, loft-style, 2 bed + den/flex penthouse at BurlingtonSquare. No expenses spared in the custom contemporary design & finishings! Other ftrs incl oversized bedrooms & bthrms, spacious open living area w/ vaulted ceiling & bay windows, balcony off DR, 350 sf rooftop deck, 2 parking & 1 storage locker. Excellent amenities incl squash court, hot tub, sauna & rec lounge. Steps to Metrotown, transit, Skytrain, Bonsor Rec Centre, T&T & all your other daily essentials! Building is re-roofed, re-piped & its elevator is upgraded. Low strata fee incl hot water.
Assessment down 20% in 2 years and they’ve abandoned the magic 8’s in the price. I’m wondering if this is a foreclosure
#9 ) Address:# 301 1480 DUCHESS AV, Ambleside, West Vancouver
January 23, 2010 |
V805583 |
$679,000 |
$0 |
0% |
February 15, 2010 |
V805583 |
removed after 23 days |
May 30, 2010 |
V833743 |
$978,000 |
$0 |
0% |
July 08, 2010 |
V833743 |
$939,000 |
$-39,000 |
-4% |
September 08, 2010 |
V833743 |
removed after 101 days |
September 10, 2010 |
V849302 |
$959,000 |
$-19,000 |
-2% |
November 16, 2010 |
V849302 |
removed after 67 days |
November 20, 2010 |
V858996 |
$899,000 |
$-79,000 |
-8% |
January 27, 2011 |
V858996 |
removed after 68 days |
January 30, 2011 |
V866214 |
$888,000 |
$-90,000 |
-9% |
February 25, 2011 |
V866214 |
removed after 26 days |
March 05, 2011 |
V873570 |
$898,000 |
$-80,000 |
-8% |
March 29, 2011 |
V873570 |
removed after 24 days |
October 20, 2012 |
V977410 |
$819,000 |
$-159,000 |
-16% |
February 13, 2013 |
V977410 |
removed after 116 days |
February 17, 2013 |
V991177 |
$789,000 |
$-189,000 |
-19% |
March 10, 2013 |
V991177 |
removed after 21 days |
March 14, 2013 |
V995569 |
$699,000 |
$-279,000 |
-29% |
March 25, 2013 |
V995569 |
removed after 11 days |
April 10, 2013 |
V999834 |
$798,000 |
$-180,000 |
-18% |
June 07, 2013 |
V999834 |
removed after 58 days |
June 15, 2013 |
V1012363 |
$779,000 |
$-199,000 |
-20% |
August 24, 2013 |
V1012363 |
removed after 70 days |
September 05, 2013 |
V1025064 |
$779,000 |
$-199,000 |
-20% |
November 15, 2013 |
V1025064 |
removed after 71 days |
January 31, 2014 |
V1044269 |
$740,000 |
$-238,000 |
-24% |
February 19, 2014 |
V1044269 |
$719,000 |
$-259,000 |
-26% |

Current Days on Market: 494 (1.35years)
Current ‘Official’ Days on Market: 26
2013 Assessment: $745,000
Desperation Score: 35.8
Top 5 reasons this unit is a gem. #1 LOCATION – Situated only a few blocks from Ambleside park, Marine Dr restaurants, and Park Royal shopping center. #2 VIEW – Amazing south western exposure with views of Lions Gate to UBC from every room. #3 RENOVATIONS – Beautifully updated custom kitchen including stainless appliances, Caeser stone countertops, solid wood cabinets. New hardwood flooring through-out and fully modernized bathrooms. It’s gorgeous. #4 LAY-OUT – Open concept kitchen with dining area, huge pantry, over sized master with walk-thru closet and ensuite. #5 PRICE – Priced sharp for quick sell and below assessed value. OPEN HOUSE Sun Feb 16th 2-4pm. Don’t miss this one. No pets, No rentals, 19+, No worries. *click multimedia button for video*
13 MLS numbers and counting
#8 ) Address:# 203 120 E 4TH ST, Lower Lonsdale, North Vancouver
February 07, 2010 |
V808535 |
$269,900 |
$0 |
0% |
March 06, 2010 |
V808535 |
$259,900 |
$-10,000 |
-4% |
April 06, 2010 |
V808535 |
removed after 58 days |
May 13, 2010 |
V829658 |
$259,900 |
$-10,000 |
-4% |
May 25, 2010 |
V829658 |
removed after 12 days |
June 30, 2011 |
V897004 |
$259,900 |
$-10,000 |
-4% |
September 09, 2011 |
V897004 |
$254,900 |
$-15,000 |
-6% |
September 20, 2011 |
V897004 |
$250,000 |
$-19,900 |
-7% |
December 15, 2011 |
V897004 |
removed after 168 days |
January 08, 2012 |
V924027 |
$249,900 |
$-20,000 |
-7% |
January 31, 2012 |
V924027 |
$244,900 |
$-25,000 |
-9% |
March 02, 2012 |
V924027 |
$239,900 |
$-30,000 |
-11% |
April 08, 2012 |
V924027 |
removed after 91 days |
April 18, 2012 |
V943727 |
$244,900 |
$-25,000 |
-9% |
June 13, 2012 |
V943727 |
removed after 56 days |
July 23, 2012 |
V963443 |
$239,900 |
$-30,000 |
-11% |
September 05, 2012 |
V963443 |
$233,900 |
$-36,000 |
-13% |
September 11, 2012 |
V963443 |
$229,900 |
$-40,000 |
-15% |
September 18, 2012 |
V963443 |
$219,900 |
$-50,000 |
-19% |
February 01, 2013 |
V963443 |
removed after 193 days |
February 13, 2013 |
V989772 |
$219,900 |
$-50,000 |
-19% |
March 07, 2013 |
V989772 |
$216,900 |
$-53,000 |
-20% |
April 04, 2013 |
V989772 |
$209,900 |
$-60,000 |
-22% |
June 30, 2013 |
V989772 |
removed after 137 days |
July 10, 2013 |
V1016744 |
$210,000 |
$-59,900 |
-22% |
October 30, 2013 |
V1016744 |
removed after 112 days |
November 23, 2013 |
V1036663 |
$209,000 |
$-60,900 |
-23% |
January 17, 2014 |
V1036663 |
$205,000 |
$-64,900 |
-24% |
January 28, 2014 |
V1036663 |
$200,000 |
$-69,900 |
-26% |
February 19, 2014 |
V1036663 |
$193,900 |
$-76,000 |
-28% |

Current Days on Market: 972 (2.66years)
Current ‘Official’ Days on Market: 95
2013 Assessment: $189,500
Desperation Score: 19.1
Tremendous value with his spacious 664sq/ft 1 bedroom suite in a well run mostly owner occupied building steps to Lonsdale, easy walk to Lonsdale Quay & Sea bus. The suite has been well maintained by resident owner with updates in kitchen/bathroom & laminate floors. Enclosed balcony is perfect to enjoy your morning coffee or create a den. Take in the private treed outlook. Parking, locker & 1 dog/cat allowed. The roof has been replaced. Call today for your private showing or come along to our OPEN HOUSE on SUNDAY 23rd FEBRUARY 3pm-4pm
Listed for almost 3 years but still above assessment but don’t worry, 40 year old condo’s often sell for above assessment… See you in #1 spot some time soon
#7 ) Address:# 312 8511 WESTMINSTER HY, Brighouse, Richmond
February 11, 2010 |
V809044 |
$208,000 |
$0 |
0% |
January 01, 2011 |
V809044 |
removed after 324 days |
March 25, 2011 |
V877806 |
$289,000 |
$0 |
0% |
July 29, 2011 |
V877806 |
$229,000 |
$-60,000 |
-21% |
October 31, 2011 |
V877806 |
removed after 220 days |
November 19, 2011 |
V920275 |
$209,900 |
$-79,100 |
-27% |
October 01, 2012 |
V920275 |
removed after 317 days |
February 21, 2014 |
V1048048 |
$207,000 |
$-82,000 |
-28% |
No Picture
Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $205,700
2011 Assessment: $216,000
Desperation Score: 3.0
Good and bright unit with potential. Vault ceiling, sunken living room, wood burning fireplace to name a few. Heat and water included in maintenance fee. With some renovation it can turn into a nice and trendy first time buyer home.
That entire description is code for “This place is a dump, enter at own risk”. Another 30 year old condo listed above assessment
#6 ) 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% |
September 23, 2013 |
V1009977 |
removed after 113 days |
November 27, 2013 |
V1037163 |
$638,800 |
$-240,200 |
-27% |
February 19, 2014 |
V1037163 |
$625,000 |
$-254,000 |
-29% |

Current Days on Market: 663 (1.82years)
Current ‘Official’ Days on Market: 91
2013 Assessment: $700,000
2011 Assessment: $731,000
Desperation Score: 21.6
Priced to Sell! This 3 Full Bedroom with Den and 2 bathrooms is ready for you to call home. The last to be built in this Onni Complex of 5 buildings. All 3 bedrooms have their own balcony. Master facing the most remarkable sunsets plus the 2 other bedrooms have balconies large enough for a 3 pc bistro sets facing the quiet courtyard. Corner/End unit, 2 Car parking, in suite laundry, etc. Walking distance to all that pleases you in the heart of Steveston Village. This is a great place to feel the buzz of the village. Canada Day is coming soon so don’t wait… considerably the best priced for this complex.
“considerably the best priced for this complex.” I bet all the neighbours love this!
#5 ) Address:2144 W 3RD AV, Kitsilano, Vancouver West
February 06, 2008 |
V687168 |
$489,000 |
$0 |
0% |
February 15, 2008 |
V687168 |
removed after 9 days |
April 23, 2012 |
V945046 |
$799,000 |
$0 |
0% |
June 08, 2012 |
V945046 |
removed after 46 days |
June 15, 2012 |
V956459 |
$694,500 |
$-104,500 |
-13% |
October 12, 2012 |
V956459 |
removed after 119 days |
April 07, 2013 |
V999779 |
$648,000 |
$-151,000 |
-19% |
April 10, 2013 |
V999779 |
removed after 3 days |
April 12, 2013 |
V1000730 |
$648,000 |
$-151,000 |
-19% |
July 25, 2013 |
V1000730 |
removed after 104 days |
August 01, 2013 |
V1020086 |
$599,000 |
$-200,000 |
-25% |
October 30, 2013 |
V1020086 |
removed after 90 days |
January 29, 2014 |
V1044010 |
$599,000 |
$-200,000 |
-25% |
February 25, 2014 |
V1044010 |
$559,000 |
$-240,000 |
-30% |

Current Days on Market: 674 (1.85years)
Current ‘Official’ Days on Market: 28
2013 Assessment: $545,200
2011 Assessment: $516,200
Desperation Score: 24.0
Unique character townhome in 4 unit complex! This 888 sq.ft. 2 bedroom, 2 bathroom home is a rare find in Kits. Enjoy lots of natural light in this south-facing end unit. Features include south-facing private yard with large private patio area, newly renovated kitchen (cabinets, appliances, granite), and new bathrooms, crown moulding, in-suite laundry, wood burning fireplace with new surround, 2 floor plan with bedrooms upstairs, walk-through in-suite storage space, new carpet, etc.etc. Open parking stall off lane, and lots of storage in this unit. As for location you are in the heart of the Kitsilano only 3 blocks to Kits beach and pool, 1 block to famous 4th Ave shopping (restaurants/lulu lemon!/cafes/boutiques), minutes to downtown. Guess where the gang is meeting this year for fireworks! Building has been rainscreened, roof (2002), all new windows (2008), complete exterior paint (2011), newly landscape grounds (2012), and is pet and rental friendly! Bonus is low maintenance fees only $225/mo.
#4 ) Address:# 104 3731 W 6TH AV, Point Grey, Vancouver West
May 17, 2008 |
V706993 |
$284,900 |
$0 |
0% |
May 24, 2008 |
V706993 |
$274,900 |
$-10,000 |
-4% |
June 05, 2008 |
V706993 |
$258,800 |
$-26,100 |
-9% |
June 18, 2008 |
V706993 |
$239,900 |
$-45,000 |
-16% |
July 30, 2008 |
V706993 |
removed after 74 days |
July 12, 2013 |
V1017003 |
$235,000 |
$-49,900 |
-18% |
September 20, 2013 |
V1017003 |
$225,000 |
$-59,900 |
-21% |
October 29, 2013 |
V1017003 |
$219,000 |
$-65,900 |
-23% |
November 15, 2013 |
V1017003 |
$211,000 |
$-73,900 |
-26% |
January 16, 2014 |
V1017003 |
$206,000 |
$-78,900 |
-28% |
February 25, 2014 |
V1017003 |
$195,000 |
$-89,900 |
-32% |

Current Days on Market: 229 (0.63years)
Current ‘Official’ Days on Market: 229
2013 Assessment: $202,600
2011 Assessment: $221,100
Desperation Score: 16.2
Location. Location. Location! Point Grey just few blocks from Jericho Beach. Spacious studio for sale. Great layout. Low strata fees incl heat & hot water. Easy access to UBC and downtown by transit. Shopping and recreation nearby. Perfect for the 1st time home buyer. Maintenance fees include Gardening, Heat, Hot Water, Management. You’re not going to find a better deal anywhere else. Amazing opportunity to own your home!
#3 ) Address:# 1701 1372 SEYMOUR ST, Downtown, Vancouver West
January 13, 2012 |
V925018 |
$2,065,900 |
$0 |
0% |
January 11, 2013 |
V925018 |
removed after 364 days |
January 13, 2013 |
V984855 |
$3,044,946 |
$0 |
0% |
April 03, 2013 |
V984855 |
removed after 80 days |
February 19, 2014 |
V1047761 |
$2,065,900 |
$-979,046 |
-32% |

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $1,620,000
Desperation Score: 24.4
Luxurious Yaletown living. This magnificent southwest facing 2,170 sq ft 3 bedroom + family + den + flex home is lavishly finished with floor-to-ceiling windows, wide-plank engineered hardwood flooring, forced air heating & cooling and Control4 automated lighting and sound control with built-in speakers. Gourmet kitchen boasts Miele appliances and Sub-Zero built-in fridge, craftsman flat-panel oak cabinetry and solid composite stone countertops. Residents enjoy exclusive access to the 10,000 sq ft Wellness Centre featuring professionally-equipped gym, yoga room, pool, hot tub, sauna & steam rooms and theatre. Enjoy 24-hour concierge services. Built by award-winning Onni Group. Presentation Centre open daily 12-6pm except Fri.
I checked the description on that $3 million price point and it’s the same as the current description more or less. If only they made the price $3,088,986 they probably would have sold it!
#2 ) Address:# 201 7180 LINDEN AV, Highgate, Burnaby
December 02, 2007 |
V679995 |
$159,900 |
$0 |
0% |
January 18, 2008 |
V679995 |
removed after 47 days |
February 28, 2008 |
V691327 |
$197,900 |
$0 |
0% |
December 01, 2008 |
V691327 |
removed after 277 days |
January 14, 2009 |
V748132 |
$192,900 |
$-5,000 |
-3% |
July 01, 2009 |
V748132 |
removed after 168 days |
July 10, 2009 |
V776019 |
$187,900 |
$-10,000 |
-5% |
January 03, 2010 |
V776019 |
removed after 177 days |
January 29, 2010 |
V806551 |
$175,000 |
$-22,900 |
-12% |
March 31, 2010 |
V806551 |
$169,000 |
$-28,900 |
-15% |
July 01, 2010 |
V806551 |
removed after 153 days |
July 07, 2010 |
V840497 |
$159,000 |
$-38,900 |
-20% |
January 10, 2011 |
V840497 |
removed after 187 days |
February 10, 2011 |
V868282 |
$149,000 |
$-48,900 |
-25% |
February 17, 2011 |
V868282 |
removed after 7 days |
February 25, 2011 |
V871656 |
$149,000 |
$-48,900 |
-25% |
March 11, 2011 |
V871656 |
removed after 14 days |
May 18, 2011 |
V888821 |
$172,000 |
$-25,900 |
-13% |
May 31, 2011 |
V888821 |
$165,000 |
$-32,900 |
-17% |
June 16, 2011 |
V888821 |
$159,000 |
$-38,900 |
-20% |
June 22, 2011 |
V888821 |
removed after 35 days |
November 15, 2013 |
V1035962 |
$147,000 |
$-50,900 |
-26% |
December 17, 2013 |
V1035962 |
$139,900 |
$-58,000 |
-29% |
February 19, 2014 |
V1035962 |
$129,900 |
$-68,000 |
-34% |

Current Days on Market: 103 (0.28years)
Current ‘Official’ Days on Market: 103
2013 Assessment: $124,800
Desperation Score: 12.3
GREAT BUY! Updated 1 bdrm close to Highgate Village. Newer kitchen and bathroom cabinets and laminate floors. Sunny balcony. Well maintained building. Short walk to public transit, shopping, library and new recreation centre.
And another 40 year old condo listed above assessment…
#1 ) Address:1456 BEWICKE AV, Hamilton, North Vancouver
November 01, 2008 |
V742016 |
$1,099,500 |
$0 |
0% |
November 15, 2008 |
V742016 |
$1,049,500 |
$-50,000 |
-5% |
March 31, 2009 |
V742016 |
$999,500 |
$-100,000 |
-9% |
July 01, 2009 |
V742016 |
removed after 242 days |
September 04, 2011 |
V908166 |
$998,000 |
$-101,500 |
-9% |
September 28, 2011 |
V908166 |
removed after 24 days |
October 30, 2011 |
V917848 |
$859,900 |
$-239,600 |
-22% |
December 02, 2011 |
V917848 |
removed after 33 days |
April 09, 2012 |
V941577 |
$889,000 |
$-210,500 |
-19% |
May 03, 2012 |
V941577 |
$879,900 |
$-219,600 |
-20% |
May 29, 2012 |
V941577 |
$859,000 |
$-240,500 |
-22% |
September 12, 2012 |
V941577 |
removed after 156 days |
June 24, 2013 |
V1014310 |
$788,900 |
$-310,600 |
-28% |
September 02, 2013 |
V1014310 |
removed after 70 days |
September 20, 2013 |
V1027986 |
$748,000 |
$-351,500 |
-32% |
October 25, 2013 |
V1027986 |
removed after 35 days |
November 03, 2013 |
V1034137 |
$718,000 |
$-381,500 |
-35% |
January 04, 2014 |
V1034137 |
removed after 62 days |
January 16, 2014 |
V1040963 |
$699,900 |
$-399,600 |
-36% |
February 08, 2014 |
V1040963 |
$689,900 |
$-409,600 |
-37% |
February 22, 2014 |
V1040963 |
$679,000 |
$-420,500 |
-38% |

Current Days on Market: 247 (0.68years)
Current ‘Official’ Days on Market: 41
2013 Assessment: $732,000
Desperation Score: 33.7
New 1/2 duplex in a convenient location close to all amenities. Offering a bright main floor with large picture windows, open plan living room and dining room, and galley kitchen adjacent to a family room and eating area. Upstairs features 3 bedrooms, 2 bathrooms including a spacious master with floor to ceiling windows, full ensuite, and a balcony. Downstairs offers a recreation room, fourth bedroom, and laundry room. Central location close to transit, schools, shopping, and more. Court ordered sale. Sold As Is, Where Is.
“Court ordered sale. Sold As Is, Where Is.”
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Most condos in Vancouver are selling at Assessed values or give an take around $10,000 from assessed. Kits 360 is assessed in the low 600’s but there’s one listed at $750,000 that the developer is hoping someone buys but good luck if he gets anything over $700,000 unless a buyer is absolutely desperate to overpay that much.
An Observer, I could not agree with you more that the Vancouver area condominium market is going to be hit hard. It started in the suburbs with overbuilding because housing there cost less. We are seeing saturation and serious problems pushing new product there. The Vancouver condominium market has been ripe for a major correction for a few years. We have already seen that anyone who purchased after about 2006 has little chance of making money when they resell at this point. In fact, many who purchased after 2006 will be losing money at current market values.
There was always a simplicity to purchasing condominiums that appealed to the thousands of amateur ‘investors’ who piled into the market starting in about 2002. I am being gentle when I call it a ‘simplicity,’ because, in my view, buying condominiums is a fairly ‘brainless’ way of investing. With a dozen major players responsible for overbuilding, starting with Concord Pacific and running all the way through to Concert Properties, all builders had to do was throw up a presentation center and people came, were impressed and pre purchased. However, as we now know, the reality is that operating costs have skyrocketed for many developments when the actual long-term costs of maintaining a huge building or complex in an unforgiving climate became clear.
My prediction remains that 2015 will be the watershed year for collapse in the Vancouver condominium market, with single family houses then being dragged down because of the blowback. Sit down, fasten your seatbelts and hang on. It could be quite a ride.
#6
“Canada Day coming soon, so don’t wait” gotta love that one.
Probably will have to wait until this coming July 1.
Good to see the overpriced condos in Steveston finally getting a haircut.
So based on the snark (which is great, btw), am I interpreting correctly that you believe assessments aren’t taking age of the building into account? Or is there something else going on that makes you think older buildings should sell at relatively lower prices than newer buildings compared to assessment?
I don’t have any hard data on this but a few things to keep in mind:
1) assessments represent a value as of the middle of the previous year and older condo’s decrease in assessment value year to year much more so than a new build so immediately the assessment can be considered to be too high
2) older buildings are much more likely to require special assessments or other major repairs that would not be reflected in the assessment at least not immediately
3) supply and demand, well specifically demand. There isn’t a lot of demand for 30-40 year old condo’s so with that small buyer pool there is less competition which leads to lower prices
So again, no hard data to substantiate my claim but a lot of factors that are hard to argue with
#8 lololol!