Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – April 7, 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.

Richmond has been “winning” just about every week but they’ve outdone themselves this week taking up 6 spots on the top ten list.  Every one of them listed for just about a year or more and every one still over assessment


#10 ) Address:8620 CADOGAN RD, Lackner, Richmond

June 13, 2010 V834835 $848,000 $0 0%
June 30, 2010 V834835 removed after 17 days
December 25, 2011 V922990 $2,599,000 $0 0%
January 23, 2012 V922990 removed after 29 days
January 25, 2012 V927261 $2,288,000 $-311,000 -12%
March 07, 2012 V927261 removed after 42 days
March 09, 2012 V936232 $2,188,000 $-411,000 -16%
August 14, 2012 V936232 removed after 158 days
August 17, 2012 V966774 $2,098,000 $-501,000 -19%
October 10, 2012 V966774 $2,048,000 $-551,000 -21%
December 04, 2012 V966774 $1,996,000 $-603,000 -23%
January 01, 2013 V966774 removed after 137 days
January 11, 2013 V984569 $1,988,000 $-611,000 -24%
April 02, 2013 V984569 removed after 81 days
May 09, 2013 V1005552 $1,988,000 $-611,000 -24%
June 09, 2013 V1005552 $1,968,000 $-631,000 -24%
June 11, 2013 V1005552 $2,188,800 $-410,200 -16%
June 21, 2013 V1005552 $1,978,000 $-621,000 -24%
June 24, 2013 V1005552 removed after 46 days
June 26, 2013 V1014500 $1,978,000 $-621,000 -24%
October 29, 2013 V1014500 $2,088,000 $-511,000 -20%
October 30, 2013 V1014500 removed after 126 days
December 28, 2013 V1039354 $2,180,000 $-419,000 -16%
January 22, 2014 V1039354 $2,098,000 $-501,000 -19%
March 31, 2014 V1039354 removed after 93 days
April 02, 2014 V1055380 $1,990,000 $-609,000 -23%

 

v1055380_1

Current Days on Market: 835 (2.29years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $1,831,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 35.4

Deluxe House located West of Richmond, NO. 2 Rd & Blundell area, 66 x 124 = 8,197 sq ft Lot. Only one year old, Seldom lived in, like new, 5 ensuites, Media Room 7 Den, 2 kitchens with high end appliances, Sauna, 2 bars, Built-in cabinets, Balcony off Master bedroom, Close to school and green belt.

This home has been listed since it was built over 2 years ago and still over assessment.  “Seldom lived in, like new”


#9 ) Address:11620 RAILWAY AV, Westwind, Richmond

August 07, 2010 V845022 $859,900 $0 0%
September 16, 2010 V845022 removed after 40 days
March 21, 2013 V996662 $2,648,000 $0 0%
August 15, 2013 V996662 removed after 147 days
September 18, 2013 V1027643 $2,598,000 $-50,000 -2%
December 28, 2013 V1027643 removed after 101 days
January 04, 2014 V1039657 $2,288,000 $-360,000 -14%
January 28, 2014 V1039657 removed after 24 days
February 05, 2014 V1045315 $2,280,000 $-368,000 -14%
April 01, 2014 V1045315 $1,990,000 $-658,000 -25%

 

v1045315_1

Current Days on Market: 383 (1.05years)
Current ‘Official’ Days on Market: 62
2013 Assessment: $1,680,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 29.0

Quiet part of Railway. Super size lot with a 92′ frontage. Unique custom-built with some imported materials. 16′ high ceiling, solid doors. Massive & expansive granite in every corner. Entertaining media room is equipped with KTV system. Huge master B/R with walk-out balcony. 2 zoned A/C, HRV, radiant heat, glass fence, auto sprinkler throughout interior for fire security, 64 inch extra large fridge and much more. Top high school. Bonus: 2 bedrooms suite. Walking distance to fisherman Harbour. OPEN HOUSE: Feb 22, 2 to 4 pm

Listed for over a year and still over assessment


#8 ) Address:12420 JENSEN DR, East Cambie, Richmond

May 09, 2012 V948669 $1,180,000 $0 0%
June 29, 2012 V948669 $1,090,000 $-90,000 -8%
August 01, 2012 V948669 removed after 84 days
October 11, 2012 V975862 $1,080,000 $-100,000 -8%
December 16, 2012 V975862 removed after 66 days
January 25, 2013 V987137 $1,080,000 $-100,000 -8%
April 01, 2013 V987137 removed after 66 days
July 06, 2013 V1016034 $999,000 $-181,000 -15%
July 25, 2013 V1016034 $968,000 $-212,000 -18%
August 09, 2013 V1016034 $938,000 $-242,000 -21%
September 02, 2013 V1016034 removed after 58 days
September 12, 2013 V1026533 $948,000 $-232,000 -20%
October 09, 2013 V1026533 $928,000 $-252,000 -21%
November 29, 2013 V1026533 removed after 78 days
January 16, 2014 V1039980 $899,900 $-280,100 -24%
March 17, 2014 V1039980 removed after 60 days
March 19, 2014 V1052994 $888,000 $-292,000 -25%
April 03, 2014 V1052994 $878,000 $-302,000 -26%

 

v1052994_1

Current Days on Market: 699 (1.92years)
Current ‘Official’ Days on Market: 20
2013 Assessment: $835,000
2011 Assessment: $850,000
Desperation Score: 33.7

Bright & immaculate 5 bedroom family home loc on a nice quiet street in the heart of desirable California Pointe! Excellent layout with grand entry, high ceilings in the LR, 3 full bathrooms including a bedroom & full bath on the main, all new laminate floors throughout, gourmet kitchen, 2674 SF of spacious living, skylights, radiant heat on both levels, 2 cozy fireplaces, built in vacuum, security system & double garage. Pride of ownership is evident throughout this one owner home. All this on a fantastic 4865 lot with a sunny south backyard close to McNeely Elementary & Cambie Secondary schools, King George Park, shopping, recreation & easy access into Vancouver. A PLEASURE TO SHOW!

Listed for almost 2 years and still over assessment


#7 ) Address:7920 SUNNYHOLME CR, Broadmoor, Richmond

June 14, 2012 V956522 $3,380,000 $0 0%
April 01, 2013 V956522 removed after 291 days
June 30, 2013 V1015303 $2,930,000 $-450,000 -13%
November 15, 2013 V1015303 $2,680,000 $-700,000 -21%
April 01, 2014 V1015303 removed after 275 days
April 07, 2014 V1056612 $2,498,000 $-882,000 -26%

 

v1056612_1

Current Days on Market: 663 (1.82years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $2,355,000
2011 Assessment: $2,443,000
Desperation Score: 22.4

Architect designed and custom built by German builder in sought-after Sunnymede area. 4728 sq ft on large 11649 sq ft landscaped lot with back lane. Spacious family home with room for a big family. Main floor has grand foyer opens to high ceiling living room, guest bedroom w/ full ensuite, home theatre, gourmet kitchen w/ top appliances & separate wok room; family room opens to private matured garden, nanny’s quarter w/ ensuite. Upper floor has sumptuous master suite with large walk-in closet & deluxe ensuite plus 4 other bedrooms & 3 bathrooms. Features air-conditioning, audio sound system throughout, unique artwork, new fence, 3 car garage, private backyard, etc. A great house close to Richmond High & Ferris Elem Schools.

“sumptuous master suite”.  Listed for almost 2 years and still over assessment


#6 ) Address:10831 SOUTHRIDGE RD, South Arm, Richmond

March 23, 2012 V938807 $1,150,000 $0 0%
April 18, 2012 V938807 $1,095,000 $-55,000 -5%
April 27, 2012 V938807 $1,045,000 $-105,000 -9%
May 26, 2012 V938807 $995,000 $-155,000 -13%
June 16, 2012 V938807 removed after 85 days
May 04, 2013 V1004788 $965,000 $-185,000 -16%
June 13, 2013 V1004788 $915,000 $-235,000 -20%
July 18, 2013 V1004788 $875,000 $-275,000 -24%
August 28, 2013 V1004788 $865,000 $-285,000 -25%
October 29, 2013 V1004788 $840,000 $-310,000 -27%
November 29, 2013 V1004788 removed after 209 days
April 03, 2014 V1055611 $825,000 $-325,000 -28%

 

v1055611_1

Current Days on Market: 339 (0.93years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $810,000
2011 Assessment: $1,021,000
Desperation Score: 21.6

Investors/builders. Two properties side by side. 80xl20 each, total of 160 foot frontage by 120 depth, (19,266 sq. ft,) Five lots possible under RC1 zoning, or four (4) 40xl20 lots, Rear lane dedication required by City of Richmond from Southridge Rd to existing newer houses fronting n Steveston Hwy.Stable tenants, do not enter property. Tenants are unaware of sale. To be sold in conjunction with 9751 Steveston Hwy. Also on MS.

“Stable tenants, do not enter property. Tenants are unaware of sale.”.  Listed for almost a year and still over assessment


#5 ) Address:9751 STEVESTON HY, South Arm, Richmond

March 23, 2012 V938794 $1,150,000 $0 0%
April 18, 2012 V938794 $1,095,000 $-55,000 -5%
April 27, 2012 V938794 $1,045,000 $-105,000 -9%
May 26, 2012 V938794 $995,000 $-155,000 -13%
June 16, 2012 V938794 removed after 85 days
May 04, 2013 V1004782 $965,000 $-185,000 -16%
June 13, 2013 V1004782 $915,000 $-235,000 -20%
July 18, 2013 V1004782 $875,000 $-275,000 -24%
August 28, 2013 V1004782 $865,000 $-285,000 -25%
October 29, 2013 V1004782 $840,000 $-310,000 -27%
November 29, 2013 V1004782 removed after 209 days
April 03, 2014 V1055606 $825,000 $-325,000 -28%

 

v1055606_1

Current Days on Market: 339 (0.93years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $810,000
2011 Assessment: $1,021,000
Desperation Score: 21.6

Investor/builders Two properties side by side. 80×120 3each, total frontage 160×120 (19,266 sq. ft.) Five (5) lots possible under RC1 zoning, or four (4) 40×120 lots. Dedicated rear lane access required from Southridge Rd to existing newer houses fronting Steves ton Hwy. Stable tenants. Dont enter property. Tenants are unaware of sale. To be sold in conjunction with 10831 Southridge Rd. Also on MLS. No sign.

“Stable tenants, do not enter property. Tenants are unaware of sale.”.  Listed for almost a year and still over assessment – you noticing a pattern yet?


#4 ) Address:3408 QUESNEL DR, Arbutus, Vancouver West

August 29, 2007 V665698 $1,888,000 $0 0%
September 14, 2007 V665698 $1,799,000 $-89,000 -5%
November 16, 2007 V665698 $1,749,000 $-139,000 -7%
January 01, 2008 V665698 removed after 125 days
May 04, 2011 V885990 $3,388,000 $0 0%
November 01, 2011 V885990 removed after 181 days
December 15, 2012 V982631 $3,200,000 $-188,000 -6%
March 01, 2013 V982631 removed after 76 days
March 03, 2013 V993673 $2,998,000 $-390,000 -12%
April 10, 2013 V993673 $2,688,000 $-700,000 -21%
August 15, 2013 V993673 removed after 165 days
September 14, 2013 V1026786 $2,680,000 $-708,000 -21%
March 25, 2014 V1026786 removed after 192 days
April 07, 2014 V1056256 $2,399,000 $-989,000 -29%

 

v1056256_1

Current Days on Market: 479 (1.31years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $2,069,000
2011 Assessment: $2,147,000
Desperation Score: 25.3

Amazing, dramatic views of the Mountains and City!! Live in luxury in this completely and tastefully remodelled contemporary style 3 level home in desirable Arbutus neighbourhood. Unique and modern designs with the highest quality finishings. Custom rooftop deck w/ built in kitchen, fireplace, glass panels to enjoy the 360 degrees of panoramic views. Floorplan features: On Main, spacious living & dining, ideal area for piano, open concept gourmet kitchen & built-in millwork in den. Above, large master bdrm with spa-inspired bath & fireplace & additional 3 spacious bedrooms. Below, flexible media/rec rm, 1 bedrm, personalized mud rm, attached 2 car garage. Central location, Carnarvon Elem, Prince of Wales Sec. A pleasure to view.

“remodelled”.  Listed for over a year, down a million and still over assessment


#3 ) Address:982 W 57TH AV, South Cambie, Vancouver West

May 03, 2009 V764358 $968,000 $0 0%
June 01, 2009 V764358 removed after 29 days
August 07, 2011 V903763 $4,388,000 $0 0%
October 12, 2011 V903763 removed after 66 days
October 16, 2011 V916068 $3,998,000 $-390,000 -9%
January 13, 2012 V916068 removed after 89 days
February 19, 2012 V932430 $3,890,000 $-498,000 -11%
April 12, 2012 V932430 $3,698,000 $-690,000 -16%
June 12, 2012 V932430 removed after 114 days
June 30, 2012 V959581 $3,680,000 $-708,000 -16%
October 02, 2012 V959581 $3,498,000 $-890,000 -20%
April 01, 2013 V959581 removed after 275 days
September 25, 2013 V1028389 $3,098,000 $-1,290,000 -29%
November 27, 2013 V1028389 $2,988,000 $-1,400,000 -32%
March 13, 2014 V1028389 $3,588,000 $-800,000 -18%
April 02, 2014 V1028389 $2,988,000 $-1,400,000 -32%

 

v1028389_1

Current Days on Market: 975 (2.67years)
Current ‘Official’ Days on Market: 195
2013 Assessment: $2,831,000
2011 Assessment: $2,955,000
Desperation Score: 27.1

A truly majestic family residence of grand proportions with a commanding presence and location.The family focused spaces of this superb residence is close to the downtown, schools, oak ridge mall and sky train. Contemporary interiors, high spec finishes and incredible privacy offer the ultimate environment for year-round family living and entertaining. House is set over three levels. Main level boasts of formal lounge with gas fireplace and chick formal dinning room. Separate spacious family room, dining and gourmet kitchen with stainless steel appliances opens onto large cover terrace. Upstairs offers master bedroom with WIC and large ensuite, 2nd bedroom with large ensuite and 2 further bedrooms with large central bathroom. The lower level comprises of large home theater & game room with wet bar and mini private wine cellar. Adjoining 2 bedroom accommodation for family and friends with its own private sauna and steam. Special features include; 5 car garage, radiant heating, centrally air-conditioned.

“dinning room”.  Down $1.4 million, listed for over two and a half years, over assessment and the recent $600K price increase failed


#2 ) Address:16 E OF CROKER, Indian Arm, North Vancouver

April 16, 2010 V822474 $988,000 $0 0%
October 14, 2010 V822474 removed after 181 days
June 09, 2012 V955558 $679,000 $-309,000 -31%
December 01, 2012 V955558 removed after 175 days
April 07, 2014 V1056382 $649,000 $-339,000 -34%

 

v1056382_1

Current Days on Market: 1 (0.00years)
Current ‘Official’ Days on Market: 1
2013 Assessment: Unknown
Desperation Score: 7.8

VERY RARE 200′ x 713′ of private freehold low bank OCEANFRONT totaling 3.22 ACRES. Breathtaking ocean & mountain VIEWS up and down Indian Arm in every direction. Cozy 1,200 sq ft 2 bedroom cottage with workshop and covered deck resting right at the water’s edge. Desirable southwest exposure & all day sunshine to relax and enjoy everything waterfront living has to offer. The best boating, crabbing, fishing, hiking, water skiing, kayaking, etc. right from your private 58 foot dock with deep water moorage. The zoning, gentle sloping topography and spacious 200′ of water frontage allows for second residence, perfect for shared investment. 20 minutes by boat from Belcarra or Deep Cove. No road access.


#1 ) Address:5590 GALLAGHER PL, Eagle Harbour, West Vancouver

September 14, 2007 V668128 $12,888,888 $0 0%
December 17, 2007 V668128 removed after 94 days
August 20, 2009 V782573 $9,980,000 $-2,908,888 -23%
December 01, 2009 V782573 removed after 103 days
January 23, 2010 V805577 $9,288,000 $-3,600,888 -28%
March 20, 2010 V805577 $8,888,800 $-4,000,088 -31%
July 26, 2010 V805577 removed after 184 days
February 24, 2011 V871446 $8,298,000 $-4,590,888 -36%
May 21, 2011 V871446 $8,198,000 $-4,690,888 -36%
June 21, 2011 V871446 removed after 117 days
June 29, 2011 V896798 $7,980,000 $-4,908,888 -38%
November 01, 2011 V896798 removed after 125 days
November 17, 2011 V920061 $7,980,000 $-4,908,888 -38%
April 24, 2012 V920061 removed after 159 days
September 08, 2012 V970327 $7,999,000 $-4,889,888 -38%
January 16, 2013 V970327 removed after 130 days
February 17, 2013 V991319 $7,988,000 $-4,900,888 -38%
September 04, 2013 V991319 removed after 199 days
September 14, 2013 V1026863 $7,988,000 $-4,900,888 -38%
November 15, 2013 V1026863 removed after 62 days
April 02, 2014 V1055248 $7,999,800 $-4,889,088 -38%

 

v1055248_1

Current Days on Market: 1139 (3.12years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $7,013,000
Desperation Score: 10.2

The best! Stunningly renovated Lamoureux designed home. Situated on over 1/2 acre of waterfront. You won’t find a better place to call home. This home is appointed w/every luxury one could imagine.Over 200 ft of waterfront w/your own private dock. Enjoy stunning sunset views from one of your own 4 patios. Must be seen to be appreciated. Call today for your private viewing.

Listed for over 3 years at pretty much the same price but still good enough for #1 spot

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18 responses to “Weekly Drop Metro Vancouver Detached – April 7, 2014

  1. Craig Sterling April 7, 2014 at 11:31 am

    some of these prices make me so angry that I think the owners deserve to be ravaged by the current downward spiral. How in the name of all that’s holy can you justify TRIPLING the price in three years, then reducing it by 33%? All this speaks to is the current Alice in Wonderland nature of real estate in Vancouver. Even with 50% drops across the board, it would STILL be outrageous… sorry for being mad!

    • an observer April 7, 2014 at 11:38 am

      Completely agree with you but just note that in a few of these listings the tripling in prices is due to new builds ie the lot purchased for $850K and the new build coming in at $2.5 million. If it makes you feel better these people are probably already losing plenty of money once you factor in their interest they’re paying on the loans

      • Craig Sterling April 7, 2014 at 12:11 pm

        I see – thanks for the clarification. I don’t usually wish ill on anyone, but… wow.

  2. Vancouverbound April 7, 2014 at 2:46 pm

    What I find confusing is how a property does not sell, so they RAISE the price. Example #3 – Nov/2013 is $2,988K, then raised March/2014 to $3,588K, then two weeks later in April/2014 dropped back down to $2,988K. What is the logic? What am I missing? I have been in sales and marketing for all my working career and I find no common sense to this scenario.

    They throw darts at a dart board with incremental prices stapled to various corners and use this for guidance? Vik Sharma is the realtor listed on all three dates.

    • Michael April 7, 2014 at 3:05 pm

      I think they do this so they can say; “Just reduced $600k! Hurry! Won’t last at this price!!!”

      • Vancouverbound April 7, 2014 at 4:06 pm

        If you tried this in retail you can be charged, fined and even jailed. Called misleading advertising. Having a set price, raising it just to lower it and claim a discount is not legal.

      • an observer April 7, 2014 at 4:33 pm

        It actually happens all the time in retail but at least if you have a decent realtor they’ll be able to let you know the history

    • Skook April 8, 2014 at 8:14 am

      Vancouverbound,

      To fully grasp real estate pricing in the lower mainland, I highly recommend reading RFM’s brilliant post ‘The Ping Pong Pricing Protocol’ over at VancouverPeak.com. The PPPP helps clarify what is otherwise unfathomable. Here is the link:

      http://vancouverpeak.com/showthread.php?tid=5238

      I highly recommend reading the post to its end, but not to be eating or drinking while reading – that could prove dangerous to yourself and to anyone sitting across from you…LOL

      • Vancouverbound April 8, 2014 at 3:23 pm

        THANKS!
        Fully clarified. Might as well just ‘spin the wheel’ and see where it lands for pricing.

  3. youtoldus.so April 7, 2014 at 3:44 pm

    Re “dinning room”. Seen this many times. Must refer to a music room for beginners.
    “definition din: A jumble of loud, usually discordant sounds. See Synonyms at noise.
    v. dinned, din·ning, dins”
    Perhaps could be converted to a dining room with a little work.
    As you have pointed out before- spell check.

  4. ex-kitsie April 7, 2014 at 4:05 pm

    Had a chuckle at #4 – I used to live fairly close to it and remember when they tried to renovate without permits. It was about 4/5 years ago and they actually had a third floor framed in and on the way to completion when the city shut it down. The front door was covered in legal notices, the windows were boarded up and it looked liked a mildew covered mess for quite a long time. I wonder about the quality of the eventual finishing since it was obvious the whole thing was being done as cheaply as possible. It appeared to suffer from leaks and I always thought (with no basis in fact) that the extra floor was being attempted to cover up a poorly designed roof.

  5. Stringerbell April 7, 2014 at 4:25 pm

    The price only triples after old houses are torn down for new houses. But I still agree the prices are ridiculous.

  6. Stringerbell April 7, 2014 at 4:34 pm

    Is there an explanation for the decrease in assessment value of properties?

  7. bailinginbc April 7, 2014 at 9:56 pm

    Am I misreading the description on #10? Two bars is bad enough but does it have 7 dens??? WTF????

  8. Ricky April 7, 2014 at 11:30 pm

    This whole Vancouver housing Bullshit is a bad joke. Canadian Government is a curse for its people . What you are going to do with all the GDP , ECONOMY AND MONEY, when your people who live and die here can’t afford a decent house for themself.

    Shame on Canadian Government and their policies .

  9. Finally April 8, 2014 at 7:56 am

    I live in YVR. All my friends are late 30’s, early 40’s. All that own a house have received help from their parents. I mean, I could count at least 10 couples …They’ve helped alot with the downpayment like giving them 100K-1Million to buy a house. Jeez, some of my friends even get their RRSP and TFSA topped up from their parents. As for myself, I sold a couple of years back and now renting and waiting … My parents asked if I need help, but I said no because they aren’t super rich and I’m not living on the streets or anything. Plus my motto in life is that, “If you can’t afford it yourself, you don’t deserve it.”

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