Price Declines on Richmond Property For Sale


Blog by Arnold Shuchat | February 12th, 2013


Over the last week, there were 45 price reductions on listed property for sale, on a daily basis, slightly down from the 111 price reductions for the 2 weeks preceeding last weeks summary.

There are 898 (up from 846 last week) single family homes for sale, 1156 attached properties including townhouses and apartments, 29 listings for land only and 7 listings for mullti-family property for a total listing count of 2090 properties.

The 45 properties for which prices have been reduced this last week amount to 2.15% of all of the properties listed (now standing at 2090 in all) a reduced rate  in terms of the percentage to the total from last week of 5.6%.

The average price reduction for these properties was $31,132 and the median was $20,000.

It is tough to conclude whether these latest numbers represent a very mild deceleration of price declines or the impact of a new long holiday weekend. The data also points to a possible increase in re-listed properties which mask possible price declines.

Clients are continuously wondering where to keep their money and whether to invest in real estate at this point.  Many people are wary of the most recent direction of real estate prices.  A couple of points are worth mentioning:

1.  People are not leaving the province of BC;
2.  Mortgage financing is proving harder for new buyers and new immigrants to qualify for due to the shorter ammortization period;
3.  If more people cannot buy and they are not leaving, it stands to reason that they will rent.

I therefore expect fully rented and well maintained income properties to weather any short-term pricing trends. Supply of these types of properties whether duplexes, triplexes or multi-family properties is extremely limited.  They offer an advantage of the feel of a home, often with a yard and a neighbourhood, compared to a highrise condo tower. They should be expected to carry themselves financially and yield at least 5-7% on revenue.  You can check out a couple of such listings on the revenue drop-down box on the Property tab on the Shuchatgroup homepage.

Here is the entire list of price reduced homes ranked by percentage decline.  If you want to find out more about these listing, you can search them from the property tab on my homepage.

Address LP Prev LP Change % Change Tot BR Dwell Age
# 305 11240 MELLIS DR 288,800 319,900 31,100 9.72% 2 APTU 25
5840 OLIVER DR 728,000 798,000 70,000 8.77% 3 HOUSE 21
7740 SUNNYHOLME CR 2,188,888 2,388,888 200,000 8.37% 6 HOUSE 45
3260 GARRY ST 998,000 1,088,000 90,000 8.27% 4 HOUSE 22
# 706 6119 COONEY RD 253,000 273,000 20,000 7.33% 1 APTU 15
3820 SHUSWAP AV 625,000 668,000 43,000 6.44% 2 HOUSE 40
# 1601 6651 MINORU BV 328,800 348,800 20,000 5.73% 2 APTU 38
# 1211 6651 MINORU BV 328,800 348,800 20,000 5.73% 2 APTU 39
# 209 8840 NO 1 RD RD 234,900 249,000 14,100 5.66% 3 APTU 38
# 6 6675 NO 2 RD 518,800 549,800 31,000 5.64% 3 TWNHS 22
4100 GARRY ST 1,038,000 1,098,800 60,800 5.53% 4 HOUSE 8
# 213 8860 NO 1 RD 179,900 189,900 10,000 5.27% 1 APTU 38
11280 SEAFIELD CR 778,800 818,800 40,000 4.89% 3 HOUSE 45
4338 CANDLEWOOD DR 1,198,000 1,258,000 60,000 4.77% 7 HOUSE 25
# 107 8500 LANSDOWNE RD 239,000 249,900 10,900 4.36% 2 APTU 30
10419 DENNIS CR 698,800 728,800 30,000 4.12% 4 HOUSE 52
7500 CHELSEA RD 2,398,000 2,498,000 100,000 4.00% 6 HOUSE 5
1091 CATALINA CR 1,128,000 1,175,000 47,000 4.00% 5 HOUSE 0
# 111 8900 CITATION DR 168,000 175,000 7,000 4.00% 1 APTU 31
5580 CATHAY RD 1,699,000 1,769,000 70,000 3.96% 6 HOUSE 21
# 114 8580 GENERAL CURRIE RD 308,000 320,500 12,500 3.90% 2 APTU 20
6239 LYNAS LN 940,000 978,000 38,000 3.89% 5 HOUSE 30
# 300 7760 GRANVILLE AV 509,900 528,000 18,100 3.43% 3 APTU 15
5491 FRANCIS RD 950,000 980,000 30,000 3.06% 6 HOUSE 22
8791 MOWBRAY RD 2,128,000 2,188,000 60,000 2.74% 5 HOUSE 0
# 318 12633 NO 2 RD 369,880 379,880 10,000 2.63% 2 APTU 15
9411 NO 5 RD 748,000 768,000 20,000 2.60% 5 HOUSE 42
8180 MINLER RD 1,498,000 1,538,000 40,000 2.60% 6 HOUSE 17
# 313 9411 GLENDOWER DR 389,000 399,000 10,000 2.51% 3 TWNHS 42
# 1205 9133 HEMLOCK DR 515,000 528,000 13,000 2.46% 2 APTU 8
# 1503 7360 ELMBRIDGE WY 449,000 459,800 10,800 2.35% 2 APTU 4
# PH1500 8111 ANDERSON RD 469,000 480,000 11,000 2.29% 2 APTU 17
# 233 7451 MOFFATT RD 379,999 388,900 8,901 2.29% 2 APTU 25
# 410 8600 PARK RD 449,000 459,000 10,000 2.18% 2 APTU 2
# 102 9333 ALBERTA RD 449,900 459,900 10,000 2.17% 3 APTU 10
2468 BAYDALA CT 929,800 949,800 20,000 2.11% 6 HOUSE 3
# 128 9288 ODLIN RD 475,000 485,000 10,000 2.06% 3 APTU 3
# 805 7500 GRANVILLE AV 549,000 559,000 10,000 1.79% 2 APTU 20
# 38 7533 HEATHER ST 649,000 659,000 10,000 1.52% 4 TWNHS 8
# 706 3333 CORVETTE WY 444,000 449,800 5,800 1.29% 2 APTU 2
6471 CONSTABLE DR 788,000 798,000 10,000 1.25% 3 HOUSE 38
22491 RATHBURN DR 668,000 674,800 6,800 1.01% 5 HOUSE 19
3311 TRUMOND AV 988,000 998,000 10,000 1.00% 3 HOUSE 54
10300 FRESHWATER DR 1,688,588 1,698,588 10,000 0.59% 4 HOUSE 1