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]https://www.rew.ca/properties/R2169543/6291-bellflower-drive-richmond-bc after being bought in April 2016 for $2.2 million [2]https://www.bcassessment.ca/Property/Info/QTAwMDA1WEdVMw==, 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]https://www.rew.ca/properties/R2227241/6633-broadway-burnaby-bc after being bought in March 2016 for $1.46 million [4]https://www.bcassessment.ca/Property/Info/QTAwMDAzVldDMg==, 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]https://www.rew.ca/properties/R2222319/5691-jaskow-drive-richmond-bc, after being bought in May 2017 for $1.9 million[6]https://www.bcassessment.ca/Property/Info/QTAwMDA1WE5SSA==, 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.

Please consider chipping in to help ThinkPol.

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]

References   [ + ]

1. https://www.rew.ca/properties/R2169543/6291-bellflower-drive-richmond-bc
2. https://www.bcassessment.ca/Property/Info/QTAwMDA1WEdVMw==
3. https://www.rew.ca/properties/R2227241/6633-broadway-burnaby-bc
4. https://www.bcassessment.ca/Property/Info/QTAwMDAzVldDMg==
5. https://www.rew.ca/properties/R2222319/5691-jaskow-drive-richmond-bc
6. https://www.bcassessment.ca/Property/Info/QTAwMDA1WE5SSA==

28 Responses to Many Metro Vancouver homes selling for a loss

  1. BankWatchOne says:

    When you looked at the title searches did you notice any any pattern in regard to the mortgage lenders?

  2. Zeke Roberts says:

    In a seller’s market, a low list price encourages bidding wars. And list prices rarely equal the selling price. Who greenlit this article?

    • Anonymous says:

      Are you kidding me? Some of those listings have been on the market for 6 months.

    • Anonymous says:

      6633 Broadway just sold..lucky owner got an extra $42,000 over the list price. Too bad he still lost $130,000 + fees and holding costs. I’m sure they hoped for a better bidding war than they got..

      6633 BROADWAY BURNABY V5B 2Y6
      List: $1,288,000
      Sold: $1,330,000
      Last Sold 26-Mar-2016 $1,460,000
      Loss: > $130,000

  3. Bag of Ship says:

    Someone’s always left holding the bag

  4. nonconfidencevote says:

    Gee whiz.
    An “insider” says
    “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.”

    $$$$$$$$$$$$$$$$$$$$$$$

    Whats so “different”?
    The Real Estate industry used the Main Stream Media to pump real estate on the way up….through adverts, airtime and bs “rah rah” stories about buy now or be left out. Why wouldnt the media be in bed with the Real Estate Cartel on the way down?

    As for avoiding the reality of the falling market……isnt that what commission based sales people always do?

  5. Bart says:

    No one saw this coming ? Prices well beyond majorities reach , new mortgage rules to be applied Jan 1st 2018. Forget what a person paid , forget what they think it is worth , think about ability to be able to keep it and maintain it and above all buy groceries . Major correction to follow , just the beginning , 5 or 6 years of resetting back to real is going to open peoples minds as to what is real . End of cheap money .

  6. joe blo says:

    SOLD price is what matters. if i bought a house for 1 million last year and list it for 500k. does this mean i took a 50% haircut?

    what if i ended up selling that house for 1.25 million? then this article is useless and misleading

  7. Samwise says:

    Often, the sales tactic to be used for a market of detached housing that is in a balanced state is to lower the price below expectation so that it can entice a larger crowd to come to view the property in the hopes of catching someones attention. List price below 10% of market value is a good target to attract a larger base of potential buyers. It’s best represented by a pyramid. The lower you go from the top, the larger the base you can attract to see the place. Then perhaps you can entice a bidding war. On the other hand, the condo market is screaming hot right now. It’s definitely a sellers market for condos. Detached housing is in a balanced market at the moment in Vancouver. In the end the SOLD price is the one to be interested in. If a few random houses sell cheaper it could mean something else like perhaps the seller wants the money for some other investment or other purpose. It could be a divorce situation, or perhaps someone who can’t meet their debt payments. Nice try to induce fear, as the condo market figures speak otherwise and state the market is very hot. 90% of home sales are condos lately and single detached houses don’t reflect the market very well. Detached houses are a luxury item. Condos and strata are the new norm as is in many other large dense cities. Condos, land and properties are considered must have’s and great investments and will continue to be so. Allowing individuals to leverage assets and continue business models to earn more money, respect, credibility and borrowing power.

    • Kraft: The Narrative says:

      Very well written, RECartel PR guy.

    • Bobbine says:

      There are lots of places in NA where property is good investment. Vancouver and Toronto are for speculating only. How long it will last is big question. But when local mid-income families leaving city because they can not afford it – it should mean something. Once smart money move somewhere else it would be nice to watch it.

    • Ted says:

      Your pyramid theory (ponzi pyramid) worked well last 2 years, not for the last 8 months. Sellers cannot even get good low ball offers anymore. Properties are not selling in 1 day anymore. They take 3-6 months, delisted and relisted resetting the days on market. Good luck in the new year – 25 % correction easily.

      • Bob says:

        25% correction with current wages level is not enough to attract middle class. Once speculators start escape VAN and TOR prices should go back to at least 2009 year level . VAN is not California and TOR is not New York. Party can keep going with rates reduced to zero and amortization increased to 50year. But than we will face Japan way – bear market since 1990

  8. george says:

    thank you for
    “”we carry out painstaking analysis of real estate data, spending hours combing through the data.””

    The data should be accessible
    for all

    the goal should be an open data base

    for each house we need,the date of last transaction the price
    and some moee data

    • Just Saying the True Facts says:

      I feel this is a true misrepresentation of facts here ThinkPol…

      You say that this 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%. Potential being the key word…also any Realtor could tell you that this listing actually has a price change to $2,280,000.00…So actually being sold for a profit…It’s just the sneaky way this Realtor selling it is trying to market it.

      or

      Maybe this one… R2218320 MONS DRIVE which actually is cancelled and not for sale…It was previous grow op and will be tough to sell unless you find the right owners…

      or

      Maybe this one…R2210097 OXFORD STREET…again not available anymore as it was terminated…what the public has not been told in this write up is that this house has been completely demo’d inside and needs a complete reno…So someone bought it for $1.28mil and decided to reno but either ran out of money or can’t finish the project…

      Stop lying to the public to make u a story…Whoever is doing your research needs help and could of found way better examples to prove the point.

      • nonconfidencevote says:

        Ladies and Gentlemen

        A disgruntled (sales commission)Realtor that doesnt want the true facts of a waning market to get in the way of his Audi lease payments…..

        Turn in the Leased keys “True” Facts…..the Realtor triple flipping, Specking, ponzi game is over.
        And now that the Toronto Real Estate Cartel lost its 2nd court case to release sales stats to the public…..
        Stick a fork in the entire molly coddled canadian Real Estate cartel.

        http://www.Viewpoint.ca coming to a sales market near YOU
        2018 is gonna hurt.

      • Ted says:

        1st- reference to Mons Drive. The current owner bought in 2016 for $1.4m. Property was remediated , renovated, rented out and re issued occupancy permit from the city. Listed for $1.3m. Seller was willing to take a loss of $165k incl commisions and ptt. Listing canceled because of low ball offers/ no offers.

      • Ted says:

        2- nice try but here are the facts.
        Bellflower drive mls R2169543 is listed for $1.68m as of today. It is a loss anyway you try to flip the numbers.

        • Just Saying the True Facts says:

          I’m not talking about the listin price. That’s what the public can see. But talk to your Realtor. They have access to the true facts.

          The Realtor here has stated in the Realtor only seen comments that the actual sale price is $2.28 mil.

          I’m only stating the facts. You don’t have access to the info Ted.

          I do.

          The End

          • Ted says:

            Just saying the true facts- Fake News.
            Why dont you paste verbatim the realtors comments that she listed the property on mls for $1.68m but actually will only sell for $2.28m in the realtors comments section.
            It is still a loss any way you try massage the numbers.Or are you implying that the seller wants the recorded sale price to be $1.68m and a side deal for the rest, I am sure the board and CRA agree with that.

          • nonconfidencevote says:

            “But talk to your Realtor. They have access to the true facts…..”

            >>>>>>>>>>

            Bwahahahahahahaha.
            Only a fool or an idiot would believe a commissioned sales person hes a potential buyers interests at heart.
            Why would a REALTOR let the truth get in the way of a sales commission worth 10’s of THOUSANDS of dollars?
            If you believe that the Real Estate Cartel which has fought the Competition Board tooth and nail to suppress sales stats, listing stats, Days on market, etc etc etc. in 3 different Court cases and LOST.
            They just lost in Ontario Supreme Court Dec 1st and are appealing to the Supreme Court of Canada……. naturally).

            If people were forced to buy cars from a select group of sales people, where car sales sats were not published or the numbers massaged to reflect a constant rise in price…..They’d be screaming their heads off.

            No.
            There is a rekoning coming in the whole Real Estate Sales information Monopoly in 2018
            And I cant wait.

          • Just Saying The True Facts says:

            Hey Ted

            Here’s the verbatim Realtors Remarks for you.

            All measurement are approximate, buyer to verify if important. Price change to $2,280,000.00

            But I’m sure you have a different take or some way you want to spin this.

            Like most trolls do.

      • Ted says:

        By the way in reference to mons drive.similar lots were selling for $1.6m -18months ago, these were tear down lots and not livable so your point about being a prior grow up is mute. Have you checked all the brandnew homes for rent on craigslist and kijiji. The reason being is because they cannot sell them anywhere near what they actualy cost the builder so they a choosing to rent them instead of listing them.

  9. Al Wayne says:

    Lol – 40 properties is not a sample size of any note. This sensationalism at its finest. Congratulations on writing a good piece of click bait to increase your ad revenue.

    • nonconfidencevote says:

      On average, Single family homes in the Lower Mainland have dropped in price since March 2017.
      People cant afford the ridiculous prices…..hence the rise in sales( and prices) for condos.
      Condos, the next bubble to deflate.
      yep.Jan 2018 is gonna be fun fun fun!

      B20 Rules.
      Rising interest rates.
      Vacancy Taxes
      Foriegn Ownership Taxes.
      Revenue Canada audits.

      the Perfect Real Estate Ponzi Storm

      Happy Housing Crash Everyone!

      🙂

      • Ted says:

        Exactly what is happening with the condo market, Vancouverites were not able to afford detached homes anymore so they turned their focus to the condo market. Once detach homes drop further in price so will the condo market.
        Up until 1 year ago, i was putting offers in for lots and had to compete with 10, 15 all cash offers. Realtors had created a hype and would only accept all cash no subjects offers with deposit in hand.
        In todays market, sellers are lucky to get 1 decent offer after months of listing. Realtors are calling all the time asking if i would be interested in making an offer and that the seller is flexible.
        What group do you think was buying these new homes besides overseas buyers and offshore money. Locals in general could not afford these $2m plus new homes and hence the condo market skyrocketed. I understand that those who bought or invested during the peak because their realtor convinced them that they would miss out have a hard time accepting the reality and 100s k in losses.

        Merry Christmas and happy bidding in 2018

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