Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – March 3, 2014

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.

Burnaby leads the way with 4 listings followed by Richmond with 3


#10 ) Address:5111 FRANCIS RD, Lackner, Richmond

August 03, 2007 V661925 $999,000 $0 0%
October 11, 2007 V661925 removed after 69 days
October 16, 2007 V673548 $1,018,000 $0 0%
November 02, 2007 V673548 $978,000 $-40,000 -4%
January 29, 2008 V673548 removed after 105 days
May 23, 2009 V767738 $1,180,000 $0 0%
September 01, 2009 V767738 removed after 101 days
February 19, 2011 V870305 $1,688,000 $0 0%
April 08, 2011 V870305 removed after 48 days
April 14, 2011 V882010 $1,666,000 $-22,000 -1%
May 25, 2011 V882010 $1,520,000 $-168,000 -10%
June 02, 2011 V882010 removed after 49 days
June 05, 2011 V892405 $1,468,000 $-220,000 -13%
September 01, 2011 V892405 removed after 88 days
September 10, 2011 V909109 $1,368,000 $-320,000 -19%
September 20, 2011 V909109 removed after 10 days
March 16, 2013 V995749 $1,458,000 $-230,000 -14%
May 21, 2013 V995749 $1,399,900 $-288,100 -17%
November 23, 2013 V995749 removed after 252 days
March 03, 2014 V1049997 $1,330,000 $-358,000 -21%

v1049997_1

Current Days on Market: 353 (0.97years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,120,000
2011 Assessment: $1,237,000
2011 Last Sale: $1,348,000 on 12/Sep/2011
Total Loss IF sold for list price: 72,800 transaction costs and 18,000 loss on sale = LOSS of 90,800
Desperation Score: 16.4

Weird, assessments and a lower price compared to the 2011 purchase tell us that Richmond is dropping but look at the HPI detached and this house should be worth more than it was back then.  HPI = manipulated, massaged franken-number


#9 ) Address:3655 LAM DR, Terra Nova, Richmond

July 13, 2011 V899502 $1,648,000 $0 0%
July 27, 2011 V899502 $1,588,000 $-60,000 -4%
August 29, 2011 V899502 removed after 47 days
September 01, 2011 V907558 $1,518,000 $-130,000 -8%
September 27, 2011 V907558 removed after 26 days
October 05, 2011 V913821 $1,499,000 $-149,000 -9%
December 19, 2011 V913821 removed after 75 days
January 07, 2012 V923805 $1,398,000 $-250,000 -15%
February 20, 2012 V923805 removed after 44 days
November 07, 2013 V1034913 $1,388,000 $-260,000 -16%
December 28, 2013 V1034913 removed after 51 days
January 16, 2014 V1041585 $1,328,000 $-320,000 -19%
February 26, 2014 V1041585 removed after 41 days
February 28, 2014 V1049529 $1,298,000 $-350,000 -21%

v1049529_1

Current Days on Market: 117 (0.32years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $1,361,000
2011 Assessment: $1,668,000
Desperation Score: 19.5

Terra Nova backing onto Quilchena Golf Course. Only 10 yrs old “Penta” constructed almost 2800 sq ft living area with 5 bedrooms & 4 full baths & wok kitchen. This well built & maintained home sits on a larger 5511 sq ft North West back yard lot. Maintenance free backyard & exterior with full paving stone patio and Hardi board siding. Bright floor plan w/11′ ceilings in the living & family rooms, high ceilings in the entry, skylight in upstairs hallway. Other features including: bedroom w/full bath on main, 7 zone radiant hot water heat, tile roof, built in cabinets in family, Maple kitchen, Corian counter all around, Wok kitchen + much more. Excellent location on a quiet street close to schools, buses and Terra Nova Mall.

$300K drop in assessment in 2 years and current asking price is below that with no sale.  But again, HPI in Richmond is up.


#8 ) Address:7415 IMPERIAL ST, Buckingham Heights, Burnaby

May 16, 2012 V950322 $1,698,888 $0 0%
July 10, 2012 V950322 $1,525,000 $-173,888 -10%
October 04, 2012 V950322 removed after 141 days
January 13, 2013 V984996 $1,399,000 $-299,888 -18%
March 01, 2013 V984996 $1,349,000 $-349,888 -21%
April 26, 2013 V984996 $1,299,000 $-399,888 -24%
June 30, 2013 V984996 removed after 168 days
February 26, 2014 V1049105 $1,325,000 $-373,888 -22%

v1049105_1

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $1,355,000
Desperation Score: 17.1

Upscale home in prestigious Buckingham Heights! Great layout & quality throughout this custom built 3982 SF home on a large 59×135 lot. Main floor features high end Imported American Walnut H/W floors, living room with a gorgeous LIMESTONE fireplace, custom kitchen w/white stone granite, wok kitchen, Jenn Air appliances, bright family room along with double french doors to the glass covered 20×14 CEDAR blank deck. Upstairs features a main bath with jacuzzi soaker, master with F/P & sundeck + 3 large bedrooms. Bsmt includes 2 BDRM BSMT SUITE + 2 FULL BATHS with STEAM shower. Extensive exterior stone, tile roof & slop dash stucco make this home stand out from the rest! A/C+HRV, electric gate & dble garage. Open Sat.Mar 1 2-4.


#7 ) Address:7550 BIRKDALE PL, Simon Fraser Univ., Burnaby

May 04, 2008 V705910 $1,080,000 $0 0%
May 29, 2008 V705910 $999,000 $-81,000 -8%
June 14, 2008 V705910 $929,000 $-151,000 -14%
July 04, 2008 V705910 removed after 61 days
July 10, 2011 V898994 $1,299,000 $0 0%
January 01, 2012 V898994 removed after 175 days
May 11, 2013 V1006574 $1,099,000 $-200,000 -15%
February 16, 2014 V1006574 removed after 281 days
February 26, 2014 V1049031 $999,000 $-300,000 -23%

v1049031_1

Current Days on Market: 297 (0.81years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $1,053,000
2011 Assessment: $1,117,000
Desperation Score: 21.2

Priced to sell, $50,000+ below gov’t assessment! Almost 10,000 sq.ft. property in cul-de-sac in prestigious, quiet neighbourhood in the foothills of Bby Mtn. This large character custom-built 3 level home has lots of natural light, a walk-out basement, and an excellent floor plan highlighted by a spacious sunken lvg. rm. w/gorgeous high vaulted cedar wood ceiling and ample sundeck space overlooking a private yard w/small creek behind, great spaces to entertain. Golf course, small shopping plaza, bus, parks, Lochdale Elementary School, Bby North Secondary School, SFU, all nearby. A must see!


#6 ) Address:5335 VICTORY ST, Metrotown, Burnaby

June 26, 2008 V718682 $579,900 $0 0%
July 07, 2008 V718682 removed after 11 days
June 22, 2012 V957859 $1,860,000 $0 0%
October 04, 2012 V957859 removed after 104 days
October 07, 2012 V975677 $1,280,000 $-580,000 -31%
December 17, 2012 V975677 removed after 71 days
March 03, 2014 V1049855 $1,425,000 $-435,000 -23%

v1049855_1

Current Days on Market: 1 (0.00years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $786,600
Desperation Score: 11.9

Best location in Burnaby South, quiet and very convenient to Royal Oak skytrain station by 3 mins walking distance.Great potential apartment rezoning land or move-in right now and hold for higher value in the future.Proposed RM3 Zoning.Well maintained home with 3 bedrooms, 2 bathrooms, Jacuzzi tub with steam bath and skylights, 2 car garage at the back. Book for your private showings for it now.

I can assure all potential buyers that this is most definitely not the “best location in Burnaby South”…  I almost filtered out this listing because I assumed the tripling of asking price must have been for a new 5000 sqft build but no… checked the old description and it is was for the same old crappy house…  Could potentially be rezoned so there is always some extra potential there but I have to think that this will be a sub $1 million sale even with rezoning applications being processed


#5 ) Address:10451 NO 2 RD, Steveston North, Richmond

March 25, 2011 V877778 $1,390,000 $0 0%
May 27, 2011 V877778 $1,290,000 $-100,000 -7%
January 01, 2012 V877778 removed after 282 days
February 10, 2014 V1046426 $1,198,000 $-192,000 -14%
February 25, 2014 V1046426 $1,050,000 $-340,000 -24%

v1046426_1

Current Days on Market: 22 (0.06years)
Current ‘Official’ Days on Market: 22
2013 Assessment: $696,300
2011 Assessment: $774,300
Desperation Score: 24.1

Builder & Investor alert! Big size 82.25 x 139.50. Potential to subdivide into 2-lots build 2 single homes. This Sunny west Richmond lot on quieter part of No. 2 Rd. Existing 2600 sqft. 3 Level Home has been remodeled with rental incomeof $4,000 per month. Total 8 Bdrms & 6 baths with 2 ensuites. Upstair 3 bedroom all ensuites, main floor 1 full bedroom suite, basement (2 bedroom suites) Good for holding investment or living with revenue. Do not disturb tenants. No showing only offers. Subject to viewing. All Meas. Approx. , Buyer to verify.


#4 ) Address:1797 W 64TH AV, South Granville, Vancouver West

January 26, 2011 V865323 $2,398,000 $0 0%
March 08, 2011 V865323 removed after 41 days
March 10, 2011 V874588 $2,188,000 $-210,000 -9%
March 22, 2011 V874588 removed after 12 days
February 16, 2014 V1047491 $2,788,000 $0 0%
February 24, 2014 V1047491 removed after 8 days
February 26, 2014 V1049107 $2,088,000 $-700,000 -25%

v1049107_1

Current Days on Market: 16 (0.04years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $2,055,000
2011 Assessment: $2,297,000
2011 Last Sale: $2,158,000 on 11/Mar/2011
Total Loss IF sold for list price: 110,224 transaction costs and 70,000 loss on sale = LOSS of 180,224
Desperation Score: 25.2

Rare find this charming, well-restored residence on an impressive 80×140 lot in the most sought after South Granville neighbourhood. Sitting on a quiet corner lot by Angus & W 64th overlooking park, the house offers nearly 3600sf of spacious & quality living w/ functional layout. Along with the gracious living, dining, family rooms, & gourmet kitchen on the main floor, it comes with 2 desirable main floor bedrooms suites. 3 more spacious bedrooms & a den comprises the upper level. Huge open recreation/game room occupies the basement. Top school catchment – Magee Secondary & Mckechnie Elementary. The land! The view! Every feature is beyond your expectation! A must see!

Failed flip leads to what will likely be a $250K+ loss


#3 ) Address:199 FURRY CREEK DR, Furry Creek, West Vancouver

February 28, 2008 V691233 $1,280,000 $0 0%
December 01, 2008 V691233 removed after 277 days
June 17, 2009 V771956 $1,198,000 $-82,000 -6%
November 01, 2009 V771956 removed after 137 days
December 09, 2009 V800358 $1,198,000 $-82,000 -6%
May 30, 2010 V800358 removed after 172 days
June 16, 2010 V837062 $1,179,000 $-101,000 -8%
November 01, 2010 V837062 removed after 138 days
April 07, 2011 V880326 $1,129,000 $-151,000 -12%
August 22, 2011 V880326 removed after 137 days
July 04, 2013 V1015711 $1,050,000 $-230,000 -18%
September 30, 2013 V1015711 removed after 88 days
October 23, 2013 V1032862 $998,000 $-282,000 -22%
February 26, 2014 V1032862 $949,000 $-331,000 -26%

v1032862_1

Current Days on Market: 243 (0.67years)
Current ‘Official’ Days on Market: 132
2013 Assessment: $899,000
Desperation Score: 21.7

Great opportunity to own a genuine square log home w sweeping panoramic ocean and mountain views on a quiet, private cul-de-sac. Priced to sell, this 3,252 sq ft home can’t be rebuilt for the asking price and offers amazing value! Perched high on solid rock backing on to the golf course, this home features soaring vaulted ceilings, gleaming hardwood on the main, rustic square log character, dormer windows, Cedar shake roof + entertainment size deck w staggering ocean views! Very quiet location features 3 bed + den layout w spacious master & ensuite. Ocean view great room w cozy gas f/p, formal dining room and kitchen w wood cabinets. Below games rm, rec rm, office & RI bath. Just 40 mins Downtown, under 1 hr to Whistler Resort.


#2 ) Address:1008 CONNAUGHT DR, Shaughnessy, Vancouver West

September 07, 2007 V666974 $1,039,000 $0 0%
September 27, 2007 V666974 $939,000 $-100,000 -10%
October 19, 2007 V666974 removed after 42 days
November 12, 2011 V919601 $4,388,888 $0 0%
January 05, 2012 V919601 $3,988,000 $-400,888 -9%
March 01, 2012 V919601 removed after 110 days
April 25, 2012 V945408 $3,988,888 $-400,000 -9%
August 20, 2012 V945408 removed after 117 days
January 30, 2013 V987794 $3,588,000 $-800,888 -18%
April 17, 2013 V987794 $3,388,000 $-1,000,888 -23%
May 01, 2013 V987794 removed after 91 days
June 13, 2013 V1012112 $3,298,000 $-1,090,888 -25%
July 25, 2013 V1012112 $2,998,000 $-1,390,888 -32%
September 07, 2013 V1012112 removed after 86 days
September 12, 2013 V1026579 $3,088,888 $-1,300,000 -30%
December 09, 2013 V1026579 removed after 88 days
December 13, 2013 V1038856 $2,998,000 $-1,390,888 -32%
February 20, 2014 V1038856 removed after 69 days
February 27, 2014 V1049296 $2,998,000 $-1,390,888 -32%

v1049296_1

Current Days on Market: 843 (2.31years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $2,339,000
2011 Assessment: $2,391,000
Desperation Score: 36.4

First Shaughnessy custom designed craftsmanship home on quiet corner lot. Open stairs with well designed open concept plan with Fully equipped kitchen and wok kitchen, formal Living & Dining room, luxurious oversized master ensuite + 3 decent bedrooms. Central Air conditioning, HRV, smart system, built-in speaker & home theatre with full wet bar and more. Shows like new! Fully landscaped yard with sprinkler system & privacy in one of Vancouver’s most desired neighbourhoods! 2-5-10 warranty. MUST SEE!!

Listed for 2 and a half years but still sitting at the same price it was listed at roughly a year ago


#1 ) Address:6150 PEARL AV, Forglen, Burnaby

April 04, 2012 V941235 $2,680,000 $0 0%
May 12, 2012 V941235 $2,480,000 $-200,000 -7%
June 30, 2012 V941235 removed after 87 days
July 13, 2012 V961672 $2,250,000 $-430,000 -16%
August 20, 2012 V961672 removed after 38 days
October 04, 2013 V1030246 $2,128,000 $-552,000 -21%
November 07, 2013 V1030246 $1,888,000 $-792,000 -30%
December 28, 2013 V1030246 removed after 85 days
January 16, 2014 V1039949 $1,798,800 $-881,200 -33%
February 21, 2014 V1039949 removed after 36 days
February 28, 2014 V1049526 $1,780,000 $-900,000 -34%

v1049526_1

Current Days on Market: 151 (0.41years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $1,641,000
Desperation Score: 32.7

Location, Location, Location! Custom built & designed executive home in desirable Forest Glen area. This quality built home offers functional, bright, open & spacious layout. Grand entrance foyer, marble flooring throughout the main floor. Gourmet kitchen & enclosed wok kitchen with granite countertops, high-end stainless appliances, powerful fan and a large island. Air-conditioning & HRV system. 4 bedrooms up (all with Ensuites), 3 bedrooms in basement. 5 car garage. Great mountain views from roof deck and many bedrooms. Professionally landscaped front yard with fountain. Walking distance to Ecole Marlborough, close to Moscrop Secondary, BCIT, Metrotown shopping centre, Crystal Mall, transit & Skytrain, Deer Lake Park.

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12 responses to “Weekly Drop Metro Vancouver Detached – March 3, 2014

  1. RFM March 3, 2014 at 6:58 pm

    ‘Developer’ Warning: get out while you can and for whatever you can! Now! Numbers 1, 9 and 10 all look like new or newer builds and all are empty. As I ride my bicycle around town I am constantly amazed by how many ‘spec’ builds are underway. I also see ones that were started and now are stopped or proceeding very slowly. When ‘developers’ discover no market for their precious new properties, there will be a lot of knashing of teeth, followed by not paying subcontractors, followed by leaving town in the middle of the night with their leased Mercedes Benz loaded with stuff. Destination: nowhere to go!

  2. Real Estate Tsunami March 3, 2014 at 10:19 pm

    # 5
    8 Bedrooms. 4 k in rent.
    Probably rented to Temporary Foreign Workers.
    “don’t disturb the tenants” That should be a challenge with 8 different tenants.
    I’ll call the authorities to make sure the landlord has the proper licenses.

    • bailinginbc March 4, 2014 at 8:52 am

      No need to disturb the tenants since your not even allowed to look at the place before you sign away your million or so dollars.
      ” No showing only offers. Subject to viewing”

  3. Pingback: vancouver's real estate bubble - Page 84 - Vancouver's Top Classifieds and Automotive Forum - REVscene.net

  4. Saj March 4, 2014 at 11:32 am

    Interesting comments about Richmond HPI. In the same way you are able to filter the biggest price drops, can you also filter the biggest price increases? Are there not that many price increases for Richmond? Also, what would a random sampling of listings in Richmond produce in terms of price changes?

    I hear credible people talk about HPI being accurate, and I hear credible people panning it. As an outsider I don’t really know what to believe, but would love to hear your thoughts.

  5. Bull! Bull! Bull! March 4, 2014 at 1:59 pm

    you’re blaming the HPI again? did you go through all this 2 years ago?

    https://vancouverpricedrop.wordpress.com/2012/12/22/disproving-the-hpi/

    • an observer March 4, 2014 at 2:25 pm

      Condo’s are a different beast. You buy a unit and then you sell it 5 years later it makes for an easy comparison. Homes get renovations, new appliances, additions etc while condo’s for the most part do not get upgraded. Ask a bunch of home owners how much they have spent updating / upgrading their home over the past 5 years and average it out and you’ll find that it is a sizable %.

      My first home the figure is about 6% of our eventual selling price over 5 years I owned it. If I bought it for $470K and sold it for $500K it really was break even but HPI would register a 6.5% increase. My current home was just about new when I bought it but it will still be about 3% based on what it could sell for over about 5 years. Lots of the homes that are selling are renovation flips where the number could be as high as 50%. Buy a home for $1 million, put $400K into it and sell it for $1.5 million. This would register as a 50% increase towards the HPI. This has been happening a lot.

      Do I think people are actively manipulating the HPI? Probably not actively committing fraud although I’m sure the data gets massaged to point to things looking better rather than worse. What people / media / realtors etc don’t understand or want to admit is that the HPI doesn’t measure the increase or decrease in your home but rather the average sold home which has a much higher % of upgrades into it than your own home. If you put an average of 1-2% of your home value per year into your home then you very well may be in line with the HPI but otherwise you might be in for a surprise.

      • Real Estate Tsunami March 4, 2014 at 3:40 pm

        Excellent points.
        But I’ve found that now many Townhomes and older condos are doing major upgrades, too.
        Hardwood floors and granite countertops are almost a must now if you want to sell.
        Look at V1042555.
        They spend over 300k on renovations on a Townhouse.
        That’s why I pay little attention to the average numbers.
        Every property is unique and should be valued as such.

  6. Ricky March 4, 2014 at 7:02 pm

    #2 is near my house . If somebody will pay even 1.5 Mil for that house ,that will be so dumb . It’s a box right on a high traffic oak street in Vancouver . This guy is dreaming .

    • Exurban March 5, 2014 at 2:07 am

      Right on Oak Street, lotsa ambulances just for some extra oomph, and the blurb actually says “quiet corner lot.”

  7. Money Man March 4, 2014 at 8:37 pm

    #6 (Victory Street) was part of a parcel of three houses (side by side) that have been for sale for several years now. All three were priced the same when they were originally listed and it looks like some speculator trying to capitalize on the location and zoning (possible condo development). I don’t think any of it ever sold.

  8. Cate March 4, 2014 at 11:28 pm

    It isn’t one of the listed homes above but I see the realtor selling 1192 West 37th Avenue has seen fit to increase the asking price just in time for spring. The house is vacant and has been for sale for at least 6 months and now the price has increased from $3,300,000 to $3,900,000. They have been trying to rent it out too for several months on Craigslist. I guess they are hoping some rich sucker will come along and offer “over asking”.

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