Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – March 17, 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.

4 listings from Richmond and 3 from North Vancouver this week


#10 ) Address:115 MOUNTAIN DR, Lions Bay, West Vancouver

May 04, 2013 V1005028 $950,000 $0 0%
June 28, 2013 V1005028 $989,800 $0 0%
July 06, 2013 V1005028 $898,800 $-91,000 -9%
August 07, 2013 V1005028 removed after 95 days
September 14, 2013 V1026824 $868,900 $-120,900 -12%
October 14, 2013 V1026824 $832,900 $-156,900 -16%
November 15, 2013 V1026824 $799,900 $-189,900 -19%
December 09, 2013 V1026824 removed after 86 days
December 13, 2013 V1038794 $799,900 $-189,900 -19%
February 05, 2014 V1038794 $775,900 $-213,900 -22%
March 12, 2014 V1038794 removed after 89 days
March 17, 2014 V1052745 $752,900 $-236,900 -24%

v1052745_1

Current Days on Market: 318 (0.87years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $837,000
Desperation Score: 38.5

Enjoy the ocean view from this contemporary home nestled on huge private lot. 4 bedrooms, 3 baths, two wood burning fireplaces, good size kitchen with centre island, sunken living room. Great investment with a little updating, call today to view.


#9 ) Address:6050 ELGIN AV, Forglen, Burnaby

May 25, 2012 V952302 $1,288,000 $0 0%
September 01, 2012 V952302 removed after 99 days
September 08, 2012 V970233 $1,198,000 $-90,000 -7%
March 01, 2013 V970233 removed after 174 days
April 10, 2013 V999867 $1,098,000 $-190,000 -15%
June 02, 2013 V999867 $1,058,000 $-230,000 -18%
July 08, 2013 V999867 removed after 89 days
March 03, 2014 V1049867 $1,048,800 $-239,200 -19%
March 14, 2014 V1049867 removed after 11 days
March 17, 2014 V1052754 $978,800 $-309,200 -24%

v1052754_1

Current Days on Market: 15 (0.04years)
Current ‘Official’ Days on Market: 1
2012 Assessment: $980,200
Desperation Score: 28.9

AMAZING OPPORTUNITY AT THIS PRICE- PERFECT LOCATION! Steps to Deer Lake Park and walk to Skytrain & Metrotown. HUGE, nearly 10,000 sq ft lot. Features 2 levels of large sundecks with views of the D.L. Park and mountains, beautifully landscaped yard. Very private and peaceful. Step into an open dining, kitchen and living room with a great wood burning fireplace. Beautiful real hard wood floors and custom tile work. Nicely kept, with updates. Pride of owners shows here. Downstairs features big bedroom with amazing custom bath. Easy to Suite. Area has many new homes, build a 4,736 sq ft new home on this gorgeous piece of property. Don’t miss out on this great opportunity! CALL TODAY!

Listed on March 3rd and pulled a week and a half later just to be relisted with a new MLS number – want to bet that they didn’t get a single call to their office about this listing?  Finally listed below assessment.


#8 ) 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%
October 29, 2013 V1000708 removed after 200 days
December 13, 2013 V1038808 $1,580,000 $-400,000 -20%
March 12, 2014 V1038808 $1,499,000 $-481,000 -24%

v1038808_1

Current Days on Market: 795 (2.18years)
Current ‘Official’ Days on Market: 95
2013 Assessment: $1,735,000
2011 Assessment: $1,787,000
Desperation Score: 24.8

Location! Location! Deluxe home in central Richmond. Close to shopping, schools, parks, transportation. Very well maintained like brand new house. Beautiful and quiet street with good neighbourhood. Well finished & loaded w/ features like air condition, solid wood kitchen cabinet, top of the line appliances, big granite counters, wok kitchen, radiant heat, high ceiling living/dining, extensive use of crown moulding, steam shower, central vacuum, security monitoring system, electric gate. 5 bedrooms up w/ 5 baths, plus one big recreation room on main for your party. Still under 2-5-10 warranty. Easy to show! Open House on Sunday March 16 , 2:00-4:00pm .

So this home was purchased in 2009 for somewhere just over $1 million and then 3 years later they list it for $2 million…  They’ll still likely make a huge profit on this place but must be confused why they have no takers at 14% below assessment


#7 ) Address:4239 ROCKRIDGE CR, Rockridge, West Vancouver

April 02, 2009 V759302 $5,800,000 $0 0%
December 02, 2009 V759302 removed after 244 days
January 20, 2011 V864105 $3,990,000 $-1,810,000 -31%
April 28, 2011 V864105 removed after 98 days
May 01, 2011 V885616 $4,488,000 $-1,312,000 -23%
June 17, 2011 V885616 removed after 47 days
March 08, 2013 V994502 $4,590,000 $-1,210,000 -21%
June 28, 2013 V994502 $4,290,000 $-1,510,000 -26%
December 28, 2013 V994502 removed after 295 days
March 17, 2014 V1052429 $4,390,000 $-1,410,000 -24%

v1052429_1

Current Days on Market: 375 (1.03years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $4,200,000
Desperation Score: 13.1

A feature home designed by renowned architect John Kay offering over 6800 sq ft living spaces. The view is broad, fantastic and calming. Every window opens up to either a water or mountain view. The interior is tailor made with premium quality, artistic details and high end appliances (Sub-Zero, Miele and such). Outdoor living is enhanced by beautifully designed patio area with glass canopy, a swimming pool, thermal reflective window panes and easy to maintain landscaping. Insulating ponds of the rooftops offer cooler summers and good fengshui. The house is completely remodelled in 2008 with update condition.

“remodelled in 2008 with update condition.” – uhh, ok.  Raised their price – I’m sure that will work


#6 ) Address:10342 CAITHCART RD, West Cambie, Richmond

February 05, 2012 V929830 $1,988,000 $0 0%
February 22, 2012 V929830 $1,888,000 $-100,000 -5%
April 04, 2012 V929830 removed after 59 days
April 20, 2012 V944467 $1,798,000 $-190,000 -10%
June 11, 2012 V944467 removed after 52 days
June 21, 2012 V957735 $1,798,000 $-190,000 -10%
July 05, 2012 V957735 $1,698,000 $-290,000 -15%
December 13, 2012 V957735 removed after 175 days
January 20, 2013 V986169 $1,598,000 $-390,000 -20%
April 17, 2013 V986169 removed after 87 days
December 17, 2013 V1038964 $1,498,000 $-490,000 -25%
March 12, 2014 V1038964 removed after 85 days
March 17, 2014 V1052414 $1,498,000 $-490,000 -25%

v1052414_1

Current Days on Market: 91 (0.25years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,393,000
2011 Assessment: $1,482,000
Desperation Score: 17.9

Luxurious 1 year 4440 sq ft quality built house on 90 x 143 (10010 sq ft) land. Located in convenient area. 9 bedrooms with 7 bathrooms. Yard facing south and very pricey. Included 2 bedroom legal rented units and good price now. Must see!

“Yard facing south and very pricey.” – well at least they’re honest.  “good price now” – more unintended honesty.  Ginger Sheng, invest in some proof reading


#5 ) Address:8520 SIDAWAY RD, East Richmond, Richmond

March 29, 2013 V997758 $2,500,000 $0 0%
September 30, 2013 V997758 removed after 185 days
October 06, 2013 V1030735 $2,250,000 $-250,000 -10%
February 05, 2014 V1030735 $1,999,000 $-501,000 -20%
March 13, 2014 V1030735 $1,799,000 $-701,000 -28%

v1030735_1

Current Days on Market: 354 (0.97years)
Current ‘Official’ Days on Market: 163
2013 Assessment: Assessment: Farm Land
Desperation Score: 34.2

Ideal 2 Acres beautiful and rarely on the market land, which you can either hold as investment or to build a dream home with no blocked mountain view!!! Rarely found this kind of clean land, no poll around. This is the top land in Richmondarea. First time ever on the market for sale!

“Rarely found this kind of clean land, no poll around. This is the top land in Richmondarea.” – who’s writing this crap?  Oh, it’s Lay La Yang


#4 ) Address:978 BEACHVIEW DR, Dollarton, North Vancouver

December 23, 2011 V922871 $8,278,000 $0 0%
March 23, 2012 V922871 removed after 91 days
March 29, 2012 V939953 $7,988,000 $-290,000 -4%
December 16, 2012 V939953 removed after 262 days
January 09, 2013 V984125 $6,998,000 $-1,280,000 -15%
April 30, 2013 V984125 removed after 111 days
May 02, 2013 V1004417 $6,498,000 $-1,780,000 -22%
July 13, 2013 V1004417 removed after 72 days
August 22, 2013 V1023090 $6,238,000 $-2,040,000 -25%
September 12, 2013 V1023090 $5,890,000 $-2,388,000 -29%
February 17, 2014 V1023090 removed after 179 days
March 17, 2014 V1052497 $5,799,000 $-2,479,000 -30%

v1052497_1

Current Days on Market: 816 (2.24years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $5,090,000
Desperation Score: 29.1

A breathtaking & completely private WATERFRONT estate situated in N. Van’s most desirable oceanfront location. The home’s perfect layout was carefully planned for entertaining friends & family. The casual living & dining areas feature floor to ceiling windows w/ views of the pool & ocean. The home has almost 7000 sq ft of luxury interior space with a grand entryway, high end appliances, master ensuite spa, 2 laundry rooms & generous storage capacity. Outside find a sun-drenched pool & beach house complete with a bathroom, mini-bar, an outdoor granite-rock shower, covered patios, & a built-in BBQ. This residence took over 2.5 yrs to design & develop from the gorgeous interior, to the 3 car garage to the impressive landscaping!

One of my favorite locations in all of the greater vancouver area but even after $2.5 million in drops it’s still too high.  The $5.1 million assessment seems very high as well.  It’s broken down into $3 million for land which I’ll give them (at least in the current market) and $2 million for the home.  Great landscaping but the interior isn’t that great at least compared to other $5 million newish north shore homes.  That being said, another million down and I’m sure they’ll find a seller


#3 ) Address:5671 MAPLE RD, Lackner, Richmond

April 09, 2010 V820300 $2,188,000 $0 0%
June 22, 2010 V820300 removed after 74 days
April 17, 2011 V882845 $2,880,000 $0 0%
July 26, 2011 V882845 $2,588,000 $-292,000 -10%
August 10, 2011 V882845 removed after 115 days
August 17, 2011 V905264 $2,588,000 $-292,000 -10%
December 31, 2011 V905264 removed after 136 days
February 04, 2012 V929442 $2,488,000 $-392,000 -14%
April 17, 2012 V929442 $2,280,000 $-600,000 -21%
June 30, 2012 V929442 removed after 147 days
September 20, 2013 V1028013 $2,298,000 $-582,000 -20%
December 09, 2013 V1028013 removed after 80 days
January 31, 2014 V1044709 $2,298,000 $-582,000 -20%
March 11, 2014 V1044709 $1,998,000 $-882,000 -31%

v1044709_1

Current Days on Market: 179 (0.49years)
Current ‘Official’ Days on Market: 46
2013 Assessment: $1,654,000
2011 Assessment: $1,620,000
Desperation Score: 21.5

Deluxe home built in 2004 by reputable builder “PECO” with luxurious finishings and features in prestige Maple area, south facing big lot 69×134 (9,202) sqft with 4,030 sqft of modern living. This beautiful mansion is decorated with the highest quality and craftsmanship & is perfect for executive living. 5 bedrooms all ensuited. Grand foyer with granite entrance, high ceilings with extensive mill works and detailing. Energy saving low-E windows, elegantly designed media room with wet-bar w/ cabinet. Double steam shower system. Home theatre, Wok kitchen, central air conditioning & HRV, fantastic back garden with fish pond & floor light around. Just steps to Wowk Elementary & Steveston London Secondary. O/H on Mar. 15-16, 2-4pm

My crystal ball tells me this will hit #1 spot by July


#2 ) Address:3225 CAPILANO CR, Capilano, North Vancouver

August 09, 2012 V965573 $2,350,000 $0 0%
September 01, 2012 V965573 $1,998,000 $-352,000 -15%
October 02, 2012 V965573 removed after 54 days
April 04, 2013 V998798 $1,638,000 $-712,000 -30%
June 30, 2013 V998798 removed after 87 days
September 12, 2013 V1026275 $1,398,000 $-952,000 -41%
January 16, 2014 V1026275 $1,348,000 $-1,002,000 -43%
March 12, 2014 V1026275 $1,298,000 $-1,052,000 -45%

v1026275_1

Current Days on Market: 348 (0.95years)
Current ‘Official’ Days on Market: 187
2013 Assessment: $1,425,000
Desperation Score: 35.4

Stunning riverfront setting with commanding view and outlook high above the Capilano River. Located on a quiet crescent only minutes from Edgemont Village, downtown Vancouver and sought after Highlands Elementary and Handsworth Secondary. Substantial architect designed renovations in 1992 provide for an open floor plan with vaulted ceilings and a wall to wall windows with easy access to over 1000 sq/ft of decks. Featuring 3 bedrooms and den, 2 ? bathrooms including a master with ensuite. A truly inspiring setting ideal for a Bed and Breakfast. Truly a rare offering to be so close to all amenities and yet to have a magical natural west coast setting.

I looked up the previous listings to see if it was for a new build but it was the same old home at $2.35 million.  Funny thing though is they listed it as 22 years old instead of 73.  Now they admit that it was just renovated in 1992


#1 ) Address:# LOT A INDIAN RIVER DR, Indian Arm, North Vancouver

October 07, 2011 V914296 $529,000 $0 0%
March 31, 2012 V914296 removed after 176 days
April 20, 2012 V944462 $449,900 $-79,100 -15%
November 01, 2012 V944462 removed after 195 days
February 28, 2013 V992876 $389,900 $-139,100 -26%
June 30, 2013 V992876 removed after 122 days
October 04, 2013 V1030108 $329,000 $-200,000 -38%
March 11, 2014 V1030108 $275,000 $-254,000 -48%

v1030108_1

Current Days on Market: 893 (2.45years)
Current ‘Official’ Days on Market: 165
2012 Assessment: No Assessment
Desperation Score: 20.5

.43 acre (18,958 sq/ft) lot perfect for a luxury estate! Located in a beautiful & serene neighbourhood about 1000ft from the government wharf at the end of Indian River road. 10 minute drive from Parkgate shopping & Rec centre. 139ft frontage on Indian River road, moderately sloped and great for building. Check out the potential

10 responses to “Weekly Drop Metro Vancouver Detached – March 17, 2014

  1. Aman Gupta March 17, 2014 at 10:28 pm

    Good job!

  2. RFM March 18, 2014 at 8:00 am

    I don’t understand on #6 why the write up doesn’t mention that you can play checkers on the driveway!

  3. Chris from Calgary March 18, 2014 at 2:31 pm

    #6 NOTHING says HAM more than a Japanese car with a wing, beside a Mercedes.

  4. Ricky March 18, 2014 at 5:22 pm

    Finally, thank you so much observer .

  5. David Lee March 18, 2014 at 5:32 pm

    Observer, can you do an update to the “drop from peak” graph? Much appreciated.

  6. Ste March 18, 2014 at 10:56 pm

    Great work as always – keep the comedic analysis in red at the bottom coming please – a personal favourite was the “2k to the regional hospital – awesome!” – hilarious!!!

  7. cris March 18, 2014 at 11:23 pm

    No. 7 can be converted to a hospital for mental health. The architect is a former nutcase?

  8. MNP March 19, 2014 at 12:30 am

    Thanks, observer.

    • Seeking Knowledge... March 19, 2014 at 12:55 pm

      This is better than any weekly episodes of Breaking Bad, Game of Thrones or House of Cards. Keep up the great work and the red snark.
      Thanks Observer for being a purveyor of facts, entertainment and laughter.

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