Many Metro Vancouver homes selling for a loss

By ThinkPol Staff

Dozens of homes in Metro Vancouver bought in the last two years are currently listed to be sold for a loss as speculators appear to exit Canada’s hottest real estate market.

An industry insider sent ThinkPol sales data for single family houses in the Lower Mainland showing roughly 40 properties that are currently listed for prices lower than what the sellers originally paid for them.

As the property purchases were made within the last two years, ThinkPol was able to validate this data using information published by BC Assessment.

The biggest loser percentage-wise was a property on the 6200 block of Bellflower Drive, Richmond, which is being sold for $1.68 million[1] after being bought in April 2016 for $2.2 million [2], for a potential loss of 24%.

BC Assessment data for the property show that the previous owners had flipped the property after having bought it for $1.35 million just five months earlier in November 2015.

The runner up was a property on the 6600 block of Broadway, Burnaby, which is listed for $1.29 million[3] after being bought in March 2016 for $1.46 million [4], for a potential loss of 12%.

In third place, a property on the 5600 block of Jaskow Drive, Richmond, is now on the market for $1.7 million[5], after being bought in May 2017 for $1.9 million[6], for a potential loss of 11%.

According to the data we received from the industry insider, the homes being sold for a loss were mainly in Richmond, Burnaby, West Vancouver, North Vancouver, Coquitlam, Port Coquitlam and East Vancouver.

The whistleblower believes that speculators are expecting a significant correction in 2018, and are willing to even take a nearly 25% hit to exit the falling market.

“The talk in town is that the NDP government is going to introduce a speculation tax in next year’s budget,” they told ThinkPol. “[Metro Vancouver’s] real estate prices are driven purely by speculation and reflect very little of the market fundamentals.”

“The fact that these people are willing to take an almost 25% hit means that they expect the correction to be even greater,” they added. “As smart money cuts their losses and run, many others will gladly line up to catch falling knives.”

The insider also feels that news outlets are being coerced by the real estate industry to refrain from reporting on the market slowdown.

“The DJs have left, the music has stopped, but the industry wants to keep the party going,” they said. “The industry will stop at nothing to hide the fact that housing has crashed in Metro Vancouver. They will use all means necessary to silence anyone who gets in their way.”

We have repeatedly reached out to BC’s Finance Minister Carole James and Housing Minister Selina Robinson for comments without success.

ThinkPol needs your help. While other media outlets are content reproducing real estate industry press releases, we carry out painstaking analysis of real estate data, spending hours combing through the data. And the data isn’t free. Each title search alone costs us $12.

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Note to REBGV ‘lawyers’: All information in this article is publicly available.

MLS#AddressList PriceDate BoughtPrice BoughtLoss %
R21695436XXX BELLFLOWER DR RICHMOND$1,680,0005-Apr-2016$2,200,00023.64
R22272416XXX BROADWAY BURNABY$1,288,00026-Mar-2016$1,460,00011.78
R22223195XXX JASKOW DR RICHMOND$1,699,00008-May-2017$1,900,00010.58
R220994310XXX SANTA MONICA DR DELTA$799,00013-Jun-2016$875,0008.69
R22041973XXX 51ST AVE E VANCOUVER$1,785,00015-Jun-2016$1,945,0008.23
R22183203XXX MONS DR VANCOUVER$1,300,00007-May-2016$1,400,0007.14
R220533515 GROSVENOR AVE BURNABY$1,998,00008-Jul-2016$2,145,0006.85
R22100973XXX OXFORD ST VANCOUVER$1,199,80012-Jul-2017$1,280,0006.27
R22192223XXX PEARKES PL PORT COQUITLAM$780,00015-Feb-2016$830,0006.02
R2203517XXX WAVERTREE RD NORTH VANCOUVER$2,588,00012-June-2016$2,750,0005.89
R2210763XXX SHANNON WAY DELTA$1,530,00005-Mar-2016$1,620,0005.56
R21936771XXX CLEMENTS AVE NORTH VANCOUVER$1,898,00015-June-2016$2,000,0005.1
R220708329-2XXX COAST MERIDIAN RD PORT COQUITLAM$579,00016-Sep-2017$610,0005.08
R2223949XXX KINGS RD E NORTH VANCOUVER$1,998,00010-Jun-2016$2,098,0004.77
R222240110XXX LAWSON DR RICHMOND$1,299,00014-Mar-2016$1,362,0004.63
R22201374XXX VENABLES ST BURNABY$1,599,90026-Apr-2016$1,675,0004.48
R22037211XXX CHARTWELL DR WEST VANCOUVER$5,480,00030-May-2017$5,690,0003.69
R22086771XXX 55 ST DELTA$1,099,00014-May-2016$1,140,0003.6
R221900211XXX 64A AVE DELTA$1,198,0008-Mar-2016$1,240,0003.39
R22186378XXX 15TH AVE BURNABY$1,999,90022-May-2016$2,061,1502.97
R22146281XXX ROSEBERY AVE WEST VANCOUVER$3,980,00015-Apr-2016$4,100,0002.93
R22022037XXX MALAHAT AVE RICHMOND$2,098,00017-April-2017$2,150,0002.42
R22111761XXX GROVER AVE COQUITLAM$1,298,69828-Feb-2016$1,325,0001.99
R2217114XXX 50B ST DELTA$1,299,00028-Nov-2016$1,325,0001.96
R2215885XXX MONTGOMERY ST COQUITLAM$2,399,90030-January-2017$2,446,5001.9
R22007062XXX RUSSET WAY WEST VANCOUVER$4,088,00029-Feb-2016$4,160,0001.73
R22149201XXX RALPH ST NORTH VANCOUVER$1,499,90004-Feb-2016$1,525,0001.65
R22211079XXX SAUNDERS RD RICHMOND$1,748,00023-May-2016$1,775,0001.52
R22252102XXX 21ST AVE W VANCOUVER$3,480,00024-Nov-2016$3,530,0001.42
R21925516XXX INVERNESS ST VANCOUVER$1,648,00031-May-2016$1,670,0001.32
R22191405XXX WINDSOR ST VANCOUVER$1,499,00028-Mar-2016$1,518,8001.3
R22166796XXX INVERNESS ST VANCOUVER$1,649,00031-May-2016$1,670,0001.26
R22252126XXX SALISBURY AVE BURNABY$1,850,00026-June-2016$1,870,0001.07
R22230434XXX SUNLAND PL BURNABY$1,299,00014-Mar-2016$1,309,0000.76
R22090781XXX MOORE AVE BURNABY$1,588,00002-Mar-2016$1,600,0000.75
R22091786XXX MALVERN AVE BURNABY$1,999,00010-May-2016$2,008,0000.45
R22263604XXX 34TH AVE W VANCOUVER$4,980,0004-May-2016$5,000,0000.4
R22253249XXX KIRKMOND CRES RICHMOND$1,998,00028-Aug-2016$2,000,0000.1
R22189723XXX TURNER ST VANCOUVER$1,399,00027-Apr-2016$1,400,0000.07
R22143141XXX PROSPECT AVE NORTH VANCOUVER$2,798,00025-Apr-2016$2,800,0000.07

[Photo Credit: BC Assessment]

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