Lower Mainland Foreclosure Report


Blog by Arnold Shuchat | November 25th, 2014


Just to check on how the market is doing in terms of defaults, I ran a search for foreclosure properties.  The first batch is for detached properties and the second below is for attached properties. The markets I focussed on were: Vancouver east and west, Richmond, Whistler and North and West Vancouver.

For detached properties, there are currently 2,495 active listings and only 14 Court ordered sales from those listings, or, a default rate of .5% of active listings. Here is the list of active properties currently under foreclosure as of today's blog:

Address Area List Price Bth Sq Ft Yr Blt Front Depth
5 BRIGHTON BE VNVIA 229,000 1 1,300 1960 110 125
8332 CHALET DR VWHAM 680,000 4 1,872 1973 160   
4300 DANFORTH DR VRI13 725,000 2 2,396 1976 60 116.9
2061 E 33RD AV VVEVI 749,000 3 1,830 9999 33 115
6411 WILLIAMS RD VRI50 835,000 4 3,210 1976      
10800 ROCHDALE DR VRI80 880,000 3 2,800 1970 99   
5331 JASKOW DR VRI32 978,000 3 2,770 1986      
1604 GRAND BV VNVBD 979,000 2 2,496 1953 54 140
1849 GRAND BV VNVBD 1,148,000 3 3,325 1952 54 150
443 W 15TH ST VNVCL 1,150,000 4 3,365 1926 50 140
454 E 16TH AV VVEFR 1,199,000 1 1,238 1946 49.5 122
2797 W 24TH AV VVWAR 1,265,200 3 1,888 1992 26 122
7571 LINDSAY RD VRI23 1,795,000 5 3,631 2011 64.5 123
458 W 14TH AV VVWMP 2,098,000 4 3,544 1912 49.5 125

It is interesting to note that of the 22 foreclosure sales which occurred in the last 6 months from the above markets (detached), the total value of the asking prices was: $30,807,500; the average property list price was: $1,400,340.90 and the average sale price was $1,456,092.80 or, on average, 1/2 of 1% above the final asking price.  To be sure, the historical prices of many of these listings were far higher.  The highest premium was 18.8% on a $5.56 Million dollar property and the deepest discount to the last asking price was: 8.1% on an $825,000 property.

For attached properties, there are currently 4,575 active listings and 35 Court ordered sales from those listings, or, a default rate of .7% of active listings. Here is the list of active properties currently under foreclosure as of today's blog:

Address S/A List Price BR Bth Sq Ft Yr Blt Age Pkg Fee Type
# 280 4050 WHISTLER WY VWHVI 89,900 1 1 398 1988 26    340 APTU
# 278 4050 WHISTLER WY VWHVI 94,900 0 1 403 1988 25    311.48 APTU
# 307 7260 LINDSAY RD VRI23 140,900 3 1 1055 1974 40 1 521 APTU
# 104 8540 CITATION DR VRI60 159,900 2 1 856 1980 34    444.68 APTU
# 201 7571 MOFFATT RD VRI61 159,990 1 1 630 1986 28 1 227.99 APTU
# 204 1055 E BROADWAY BB VVEMP 179,900 1 1 560 1993 21 1 203.38 APTU
# 303 7760 MOFFATT RD VRI61 194,900 2 1 854 1988 26 1 283 APTU
# 217 11240 DANIELS RD VRI13 218,900 2 2 1237 1979 35    279.65 APTU
# 111 125 W 18TH ST VNVCL 225,000 1 1 700 1988 26 1 306.87 APTU
# 115 5471 ARCADIA RD VRI60 227,300 2 1 940 1982 32 1 257 APTU
# 107 212 FORBES AV VNVLL 234,900 1 1 660 1976 38 1 266.97 APTU
# 100 2468 E BROADWAY AV VVERE 239,900 2 2 1015 1994 20 1 368.69 APTU
# 103 1085 W 17TH ST VNVPN 259,900 1 1 680 1996 18    242 APTU
# 208 12911 RAILWAY AV VRI42 284,000 1 2 823 1995 19 1 301 APTU
# 503 1003 BURNABY ST VVWWE 289,000 1 1 518 1999 15 1 275 APTU
# 2101 33 CHESTERFIELD PL VNVLL 294,900 1 1 839 1985 29 1 331.18 APTU
# 203 1330 GRAVELEY ST VVEGR 305,000 1 1 709 1990 24 1 278.73 APTU
# 217 2416 W 3RD AV VVWKT 309,900 1 1 655 1977 37 1 258.54 APTU
# 12 4220 STEVESTON HY VRI42 310,000 2 3 1048 1986 28 2 255 TWNHS
# 233 7439 MOFFATT RD VRI61 328,000 2 2 1161 1990 24 1 331.79 APTU
# 1602 1500 HOWE ST VVWYA 330,000 1 1 530 1990 24 1 209.79 APTU
# 210 6991 VICTORIA DR VVEKL 339,500 2 2 822 1999 15 1 225 APTU
# 1003 1200 W GEORGIA ST VVWWE 385,000 1 1 592 1996 18 1 310 APTU
# 12 5380 SMITH DR VRI90 409,900 3 3 1962 1989 25 4 239.79 TWNHS
5655 SENLAC ST VVEKL 435,000 3 3 1350 1999 15 1 1 TWNHS
# 409 1808 W 1ST AV VVWKT 440,000 1 1 775 2009 5 1 285 APTU
1011 W 72ND AV VVWMR 445,500 3 2 1120 2008 6 1 286.71 TWNHS
# 3 1480 ARBUTUS ST VVWKT 451,000 2 1 993 1946 68 1 379.3 APTU
# 207 5625 SENLAC ST VVEKL 475,000 3 3 1447 2000 14 1 1 TWNHS
# 1 6351 BUSWELL ST VRI60 489,000 3 2 1434 2007 7 1 479.6 TWNHS
# 18 5605 HAMPTON PL VVWUL 549,900 2 3 1008 1998 16 2 381.69 TWNHS
# 213 2298 MCBAIN AV VVWQU 569,000 3 2 1313 1973 41 3 561.9 APTU
24 GLENMORE DR VWVGM 619,500 2 2 1942 1959 55    150 DUPXH
# 2503 1005 BEACH AV VVWWE 789,000 2 2 1010 2004 10 1 500 APTU
# PH601 499 DRAKE ST VVWYA 3,658,000 3 4 4741 2004 10 3 1,928.00 APTU

It is interesting to note that of the 38 foreclosure sales which occurred in the last 6 months from the above markets (detached), the total value of the asking prices was: $15,916,100; the average property list price was: $418,844 and the average sale price was $419,331 or, on average, 1/10 of 1% above the final asking price.  To be sure, the historical prices of many of these listings were also far higher than their final asking prices.  The highest premium was 11.1% on a $250,000 1 BR condo in Vancouver East in the Mount Pleasant selling area, and the deepest discount (on a non-time-share property) to the last asking price was: 11.1% on a 2 BR condo in Richmond, where the Buyer was represented by The Shuchat Group!

For more information on Foreclosure properties in your area, please call Arnold at 7788-227-7325.