Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Suburbs – March 5, 2014

Here are the 10 properties outside of 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 1 week AND have dropped the largest percentage overall from their original asking price.

Maple Ridge and Mission lead the way with 3 entries each


#10 ) Address:32570 DEWDNEY TRUNK RD, Mission BC, Mission

May 02, 2008 F2812861 $649,000 $0 0%
May 23, 2008 F2812861 $629,000 $-20,000 -3%
June 20, 2008 F2812861 $595,000 $-54,000 -8%
July 24, 2008 F2812861 $549,000 $-100,000 -15%
October 25, 2008 F2812861 $529,000 $-120,000 -18%
February 06, 2009 F2812861 $519,000 $-130,000 -20%
March 11, 2009 F2812861 removed after 313 days
May 05, 2009 F2909120 $519,000 $-130,000 -20%
November 12, 2009 F2909120 removed after 191 days
July 21, 2010 F1019889 $514,900 $-134,100 -21%
September 22, 2010 F1019889 $499,500 $-149,500 -23%
November 18, 2010 F1019889 removed after 120 days
July 13, 2011 F1117654 $549,000 $-100,000 -15%
July 06, 2012 F1117654 removed after 359 days
August 05, 2013 F1318464 $479,000 $-170,000 -26%
October 30, 2013 F1318464 removed after 86 days
November 23, 2013 F1325881 $449,700 $-199,300 -31%
February 25, 2014 F1325881 removed after 94 days
February 27, 2014 F1404620 $437,000 $-212,000 -33%
February 28, 2014 F1404620 $419,000 $-230,000 -35%

f1404620_1

Current Days on Market: 213 (0.58years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $473,000
Desperation Score: 23.0

“Neighborhood Commercial Property”. The original cedar valley lumberyard. Massive warehouse style shops, great for auto body, mechanics, welding or ?? On city water, natural gas 200 amp service in shop. Older, solid character home plus studio. A rare find, lots of potential. Court ordered sale, try your offer.

“Court ordered sale, try your offer.”


#9 ) Address:23369 141ST AV, Silver Valley, Maple Ridge

October 05, 2006 V609888 $1,400,000 $0 0%
October 08, 2006 V609888 $1,199,000 $-201,000 -14%
January 08, 2007 V609888 removed after 95 days
July 20, 2007 V659991 $1,188,000 $-212,000 -15%
July 18, 2008 V659991 removed after 364 days
March 06, 2013 V993888 $1,199,000 $-201,000 -14%
October 02, 2013 V993888 removed after 210 days
October 04, 2013 V1030240 $998,000 $-402,000 -29%
March 05, 2014 V1030240 $898,800 $-501,200 -36%

v1030240_1

Current Days on Market: 365 (1.00years)
Current ‘Official’ Days on Market: 153
2013 Assessment: $613,000
Desperation Score: 25.4

Unique log home on 2 acres at the north-east edge of Silver Valley development. Master bedroom on the main, two bedrooms downstairs. Living room has rustic wood-burning fireplace and deck overlooking west side of property. Future development potential. (3 car garage currently used for home business.)


#8 ) Address:# 1905 1 RENAISSANCE SQ, Quay, New Westminster

November 30, 2007 V679568 $649,000 $0 0%
March 31, 2008 V679568 removed after 122 days
May 11, 2008 V707551 $499,000 $-150,000 -23%
June 19, 2008 V707551 $449,000 $-200,000 -31%
January 01, 2009 V707551 removed after 235 days
April 14, 2011 V881928 $428,000 $-221,000 -34%
June 03, 2011 V881928 $415,000 $-234,000 -36%
June 10, 2011 V881928 $409,000 $-240,000 -37%
October 01, 2011 V881928 removed after 170 days
November 15, 2013 V1035906 $399,000 $-250,000 -39%
February 26, 2014 V1035906 removed after 103 days
March 03, 2014 V1049727 $399,000 $-250,000 -39%

v1049727_1

Current Days on Market: 111 (0.30years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $393,000
Desperation Score: 7.7

Q LIVING…… Moments to the River Market, Pier Park, Skytrain and the River Boardwalk! This STUNNER has a view SW of the River and Beyond (see photos). 2 bedrooms separated by the living area – Layout is perfect – windows galore, OPEN,MODERN, A CORNER. There are only 2 truly Modern Buildings at The Quay.. This is one of them! Built by Aragon (look them up! Great rep). Problem free – Warranty. Awesome HOME or INVESTMENT. Come and see New West – YOU WILL BE VERY SURPRISED. LIFESTYLE LIVING! Walk the GREAT DANE at PIER PARK, grab veggies & meat at the Butcher at The RIVER MARKET on the walk home. Dinner, wine on YOUR deck with BILLION Dollar View…. Life is terrible!!! See our website!

“BILLION Dollar View….” – when a million dollar view just won’t do but really, this is more like a hundred thousand dollar view at best.  “Life is terrible!!!  – and finally the truth comes out


#7 ) Address:# 112 1969 WESTMINSTER AV, Glenwood, Port Coquitlam

May 31, 2008 V712814 $237,950 $0 0%
July 30, 2008 V712814 removed after 60 days
January 04, 2014 V1039742 $174,900 $-63,050 -26%
January 19, 2014 V1039742 $164,900 $-73,050 -31%
February 04, 2014 V1039742 $152,900 $-85,050 -36%
March 05, 2014 V1039742 $144,900 $-93,050 -39%

v1039742_1

Current Days on Market: 61 (0.17years)
Current ‘Official’ Days on Market: 61
2013 Assessment: $205,900
Desperation Score: 21.0

Amazing price on this spacious 1 bedroom, 1 bathroom home. Boasting stainless steal appliances, granite countertops, undermounted sink, laminate flooring throughout, insuite laundry. Underground parking & storage locker.Close to the new Walmart at Freemont Village, Costco,Save on Foods. 3 blocks from the West Coast Express. In the heart of Port Coquitlam this home as it all! Sold ‘AS IS WHERE IS” .Open House Saturday March 8 1pm until 3pm

Owner has two of these units in the top 10 this week with both “Sold ‘AS IS WHERE IS””


#6 ) Address:# 208 15323 17A AV, King George Corridor, White Rock

June 04, 2008 F2816825 $399,000 $0 0%
June 19, 2008 F2816825 removed after 15 days
July 30, 2008 F2822896 $399,000 $0 0%
November 27, 2008 F2822896 removed after 120 days
February 25, 2012 F1204793 $310,000 $-89,000 -22%
March 02, 2012 F1204793 removed after 6 days
March 23, 2012 F1207262 $315,000 $-84,000 -21%
October 03, 2012 F1207262 removed after 194 days
October 06, 2012 F1224864 $315,000 $-84,000 -21%
March 01, 2013 F1224864 removed after 146 days
January 16, 2014 F1400152 $259,900 $-139,100 -35%
February 05, 2014 F1400152 $249,900 $-149,100 -37%
March 05, 2014 F1400152 $239,900 $-159,100 -40%

No Picture

Current Days on Market: 49 (0.13years)
Current ‘Official’ Days on Market: 49
2013 Assessment: $289,000
2011 Assessment: $304,000
Desperation Score: 17.0

2 bedroom, 2 bathroom corner unit at Semiahmoo Place. Large sq. footage unit with crown mouldings, 9′ ceilings, in-suite laundry and a corner electric fireplace. Close to Semiahmoo mall, parks, other shopping, public transportation and restaurants. Minutes from the beach and Peace Arch border crossing. Pets and rentals allowed with restrictions.


#5 ) Address:# 109 1969 WESTMINSTER AV, Glenwood, Port Coquitlam

August 17, 2008 V728774 $353,800 $0 0%
August 25, 2008 V728774 removed after 8 days
January 04, 2014 V1039743 $249,900 $-103,900 -29%
January 19, 2014 V1039743 $234,900 $-118,900 -34%
February 04, 2014 V1039743 $218,900 $-134,900 -38%
March 05, 2014 V1039743 $209,900 $-143,900 -41%

v1039743_1

Current Days on Market: 61 (0.17years)
Current ‘Official’ Days on Market: 61
2013 Assessment: $272,000
Desperation Score: 21.8

Amazing price on this spacious 2 bedroom + flex space, 2 bathroom home.Boasting stainless steal appliances, granite countertops, undermount sink,laminate flooring throughout, insuite laundry.Underground parking & storage locker.Close to theWalmart at Freemont Village, Costco,Save on Foods. 3 Blocks from the West Coast Express. In the heart of Port Coquitlam this home has it all!! Sold “AS IS WHERE IS”


#4 ) Address:8059 WILLET PL, Hatzic, Mission

March 16, 2008 F2806836 $545,000 $0 0%
April 10, 2008 F2806836 removed after 25 days
February 17, 2013 F1303591 $589,000 $0 0%
April 13, 2013 F1303591 $574,900 $-14,100 -2%
May 12, 2013 F1303591 removed after 84 days
May 25, 2013 F1312160 $379,000 $-210,000 -36%
July 06, 2013 F1312160 $369,000 $-220,000 -37%
September 07, 2013 F1312160 $364,900 $-224,100 -38%
September 18, 2013 F1312160 $354,900 $-234,100 -40%
February 25, 2014 F1312160 removed after 276 days
February 27, 2014 F1404652 $339,900 $-249,100 -42%

f1404652_1

Current Days on Market: 382 (1.05years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $494,000
Desperation Score: 25.0

Opportunity knocks! Huge rancher with full bsmt on large lot and southern view! Enjoy all the space of one level living and the fully finished bsmt with a suite (if needed) brings you…shows well and fantastic value. Some say hurry or you will miss out, this time it’s true!! (Bonus, 10,000 sq.ft. lot next door available for only $159,900 MLS #F1404650)

“Some say hurry or you will miss out, this time it’s true!!”…


#3 ) Address:# 309 11671 FRASER ST, East Central, Maple Ridge

February 19, 2009 V753302 $125,000 $0 0%
June 05, 2009 V753302 removed after 106 days
July 10, 2010 V841371 $139,800 $0 0%
January 29, 2011 V841371 $126,800 $-13,000 -9%
August 01, 2011 V841371 removed after 387 days
January 13, 2013 V984998 $109,800 $-30,000 -21%
January 28, 2013 V984998 removed after 15 days
February 03, 2014 V1045209 $89,900 $-49,900 -36%
February 28, 2014 V1045209 $79,900 $-59,900 -43%

v1045209_1

Current Days on Market: 31 (0.08years)
Current ‘Official’ Days on Market: 31
2013 Assessment: $98,700
Desperation Score: 17.6

Why rent when you can OWN for this price? This unit is southern exposure with a view towards Fraser River + Langley. Features 2 bedrooms, 1 bath, laminate flooring and a massive deck looking onto the river. LOCATED AT THE BACK OF THE BUILDING SO ITS QUIET AND PRIVATE. 1 parking stall underground. Centrally located near shopping, transit, park and tennis courts. Easy to show!


#2 ) Address:23425 DEWDNEY TRUNK RD, East Central, Maple Ridge

March 23, 2013 V997156 $4,800,000 $0 0%
June 15, 2013 V997156 $2,800,000 $-2,000,000 -42%
September 30, 2013 V997156 removed after 191 days
October 11, 2013 V1031423 $2,488,000 $-2,312,000 -48%
February 28, 2014 V1031423 $2,268,000 $-2,532,000 -53%

v1031423_1

Current Days on Market: 348 (0.95years)
Current ‘Official’ Days on Market: 146
2013 Assessment: $122,610
Desperation Score: 36.4

10 ACRES IN TOWN. Great long term investment property, surrounded by development. This is much more than farmland as a long term hold. It is on a major road in the heart of Maple Ridge. Home on property currently rented for $1,000 per month to good tenant willing to stay on. MAPLE RIDGE RANKED #2 OUT OF 10 BEST PLACES TO INVEST IN B.C. BY “REAL ESTATE INVESTMENT NETWORK”

“Home on property currently rented for $1,000 per month to good tenant willing to stay on.” – wow, I can earn a 0.5% return minus costs!  That must be why “MAPLE RIDGE RANKED #2 OUT OF 10 BEST PLACES TO INVEST IN B.C.”


#1 ) Address:33717 6 AV, Mission BC, Mission

October 06, 2006 F2619014 $309,900 $0 0%
October 12, 2006 F2619014 removed after 6 days
September 17, 2008 F2826801 $375,000 $0 0%
February 07, 2009 F2826801 removed after 143 days
May 29, 2009 F2911585 $482,800 $0 0%
July 10, 2009 F2911585 removed after 42 days
March 03, 2014 F1404918 $149,000 $-333,800 -69%

No Picture

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $277,200
Desperation Score: 19.4

Court Ordered Sale. AS IS WHERE IS. Awesome location near beautiful Heritage Park – but house has seen better days. Bring a tool belt! * PREC – Personal Real Estate Corporation

“Court Ordered Sale. AS IS WHERE IS.” “house has seen better days. Bring a tool belt! “.  

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15 responses to “Weekly Drop Suburbs – March 5, 2014

  1. Ricky March 5, 2014 at 9:51 pm

    I am so addicted to this blog . Thank you observer.

  2. Kelly March 5, 2014 at 11:06 pm

    I’m curious observer. Did you find a place in S.Surrey? I am still looking and finding that lots of the sales are below assessed value. There are a ton of empty houses here(absentee owners????)
    Thanks for all your hard work!!!! I, too am addicted.

    • an observer March 5, 2014 at 11:32 pm

      Still looking there and in a couple of other areas. Definitely lots of deals if you are patient – a ton of inventory and not a whole lot of sales at least in the mid range and higher

  3. Seeking Knowledge... March 6, 2014 at 12:23 am

    Excellent work Observer as always. With the extra info on historic assessments and previous sales price, it’s even more valuable and entertaining. You can’t dispute the data.

  4. Aman Gupta March 6, 2014 at 1:14 am

    More than anything, the comedy in your comments is brilliant…hundred dollar relaxation…lol!

  5. Alexcanuck March 6, 2014 at 7:54 am

    10: Empty, house and shop.
    9: Rented to crazy cat lady. Expect lingering odours!
    8: Too clean and polished. Probably wouldn’t pay to stage it empty.
    Short-term furnished rental? Developers show suite pictures? Really image-driven owner, now in deep financial doodoo?
    7: Empty, has been occupied. Rental.
    6: Rental: Any owner would listen to their UHS and hide the dirty dishes at least.
    5: Empty, has been occupied. Rental.
    4: No additional pics.
    3: Empty.
    2: OK, kid is cute, tenant can stay. Not sure about that cap rate, though.
    1: No pics at all, “seen better days” is probably true. Doesn’t say what century those better days were. I think it’s this one. http://tinyurl.com/k93trnd

    • Skook March 6, 2014 at 4:10 pm

      Hey Alexcanuck
      Glad to see you here. I can’t reach you through VanPeak because your account has been deleted. This happens if you don’t post within 24 hours. There is a thread set up at the top of ‘General Chatter’ were you can post that will keep you registered as a member. Of course, if you deleted your account on purpose then…nevermind. Otherwise, send me a PM that I can respond to.
      Cheers, Skook

  6. jan truman March 6, 2014 at 3:55 pm

    Hi, I have really enjoyed your blog. It is so refreshing to get some hard cold facts on what is happening in our market. There is so much smoke in mirrors going on it is hard to know what to believe. I recently took your post from June 2013 ” A Spotlight on North Vancouver'” I searched each address in the BC assessment website. I found out of the 10 you posted only 1 had sold. I also searched the mls and it looks like 6 others had been taken off the market. The BC assessed values had dropped for 9 of the properties. Just interesting to see how your historical posts and thoughts come to fruition 9 months later. Your on the right track!

  7. Alexcanuck March 6, 2014 at 5:43 pm

    Skook: Re-registered and activated.

    All: I’ve been keeping an eye on a new building in my hood, The Chancellor 4880 Bennett. (The 8’s aren’t coincidence, the developer requested and received an address change from the city-assigned street address.) Virtually all are 2 bed 2 bath identical, except for a few top-floor larger units.
    Completed last summer, in the fall there were 39 listings at one point, most expired of course. Don’t know how many sales. Now listing have started to appear again, up to 14 as of today. The point is that in the fall the lowest price was 619K, now three are lower at 528, 548 and a 25th floor unit at 570K.

    Second item: The Mark, 1372 Seymour. A whopping 41 units currently listed, with the lowest just this week dropping below 400K. That’s almost 20% of the building. Yes, we have no flippers here!

    Third. Corner of Imperial and Patterson. Three signs up, no MLS listings. Last fall I noted 7 signs, one MLS showing. Another on my route to work, corner of Marine and Jellicoe had 9 signs, two on MLS. Am I right in thinking that the ones with a UHS (used house salesperson, so much more fitting than Realtor) sign up but no MLS listing are not counted in the official listings count used to determine sales to list and MOI? How prevalent is this?

    • Alexcanuck March 6, 2014 at 7:58 pm

      Anyone where we could find original presale prices for a specific building? It would be more than a little interesting to know at what price point a specuvester is losing. (Complications, of course, to do with interest costs, strata, taxes, buying and selling costs, other fees and any rental income during the holding period, but it would be nice to know just the basic presale price. It sort of disappears as far as I can tell.)

      • Alexcanuck March 7, 2014 at 6:52 pm

        1372 Seymour: Really heating up! Three more today, one setting the new low mark at 319,900, another 319, 999. Where are the 8’s? Now seven listings below 400K, last week none. So there were price reductions along with new listings. 44 total.

        4880 Bennett: The 528K unit is gone. Pulled, expired or sold? The public does not have the right to know. Lucky 13 listings now, but not for long…

      • Alexcanuck March 7, 2014 at 10:11 pm

        Correction, something was funny with either me or MLS. The two at 319-ish are now correctly in another building. But there are definitely two below 400K now and none just a week ago. Watching…

      • Seeking Knowledge... March 8, 2014 at 2:13 am

        Thanks for the interest info Alexcanuck.

        Maybe some realtors are frenetically changing the listings.either as a careless mistake or to generate activity(?)

        With all the existing condo inventory, new ones being built, average personal non-mortgage debt of $41k, debt to income ratio of 1.6+, uncertainty of HAM caused by the cancellation of the IIP, rising unemployment, I don’t know how anyone can feel bullish. How long can the BPOE hype/brainwash overcome all this?

  8. RFM March 8, 2014 at 9:29 am

    Despite his ‘sunshiney mood,’ even Mr. Rogers died in the end……

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