Globe And Mail Features Kerrisdale Condo Sold For Same Price As In 2007

“2105 WEST 42 ND AVE., NO. 212, VANCOUVER
PREVIOUS SELLING PRICES $420,000 (2007); $206,738 (1995)”

“This two-bedroom suite was on the market at $524,800 for over a year. But once the price was lowered to $458,800 last fall, agent Keith Roy saw an opportunity to negotiate an even better deal for his homebuying clients, who had already seen 20 other properties in Vancouver and Burnaby.”

– from ‘Kerrisdale condo knocked down $100,000’, Globe and Mail, 21 Jan 2013 [hat-tip VMD at VCI]

15 responses to “Globe And Mail Features Kerrisdale Condo Sold For Same Price As In 2007

  1. According to my chart of average prices (from VREB); Vancouver strata (condos and townhouse) are indeed selling at 3Q 2007 price levels:

    Next stop 2006, 2005…

    • With the strata fees and taxes going only up, I say it may go to 2002 levels?
      290k for a condo in Langley?…something is wrong with this picture as it is under 600sf. 290k is a lot of money!!!!

  2. Slow news day.

  3. I’m holding out for the 1995 price.

  4. If you look at the article, part of the reason for moving was the schools. Pretty sad that you have to live in a shoebox with kids so they can go to school there. Anyone see the “Love it or List It Vancouver” show on W? People across the country must be laughing. They showed an old timer in Dunbar that needed asbestos removal as well as redoing the electrical. The family’s budget was pretty much gone on those two items alone!! yet the house was worth 2.1 million!! BPOE!!

  5. Oh my, 12.5% loss on a condo? That’s not good cause that means we have to include the loss in our HPI in such a low sampled market. Time for a new HPI methodology.

    Teranet partners with Nationwide Appraisal Services

  6. It’s obvious to many people here, but the following things happened over those five years:
    1) Rents increased at about 2-3% per year
    2) The condo depreciated. More of the value is in the structure and not in the land so its depreciation will be more than a lower-density dwelling.

    And this is with low rates.

  7. What is that expression about mimicry being the surest form of a compliment? The formula for selecting houses that have had unusual sales prices recently is one that Whisperer has been perfecting over at “Whispers from the Edge” for some time now.

    The thing is that these kinds of sales do offer us an early indicator of trouble brewing. Homes selling at 30, 40 and 50% below assessment must be noticed.

    A year ago such sales were unheard of.

    The Globe is now playing catch-up by beginning to also highlight specific sales that offer investors an indicator of what is actually taking place in the bowels of the market. These stories help to dispel the myth that prices are still rising even while they enrage Realtors who will accuse the authors of cherry-picking exceptions to chill the market.

    It is clear to me that the knives are out for real estate where the media is concerned now. A determined effort iappears to be behind cooling the ardour of Canadians to keep buying at a historical peak. Not saying it is a conspiracy of course… is not.

    But who needs bears when the media is doing such a good job of getting behind the governments agenda of shifting sentiments away from further housing investment where it is clearly becoming a negative for the national economy.

  8. When I showed my father all the proof that prices in van city are falling. He said it’s just propaganda from bears. Real estate never goes down and the corrupt money from China is stilling coming

    • UBCghettodweller

      It’s pretty pathetic that a very large chunk of the economy in the lower mainland is fuelled by corrupt and questionable money from China (let’s not ever consider for a moment that even the “clean” stuff still originates largely from friends of a single party state with a horrible human rights record) in addition to drug money and speculation.

      I’ve seen all sorts of vitriolic comments about oil money driving the economy in Alberta, but I can’t say that British Columbians exactly sinless either. Same questionable ethics, different flavour… not that this excuses the petrochemical industry in any way for its ability to poison the land, water and air while moving a good chunk of the profits out of the country.

      But hey, we all need our own dose of tribalism, exceptionalism, and elitism to feel good about our own lives that are slowly eating us up inside.

      • That is such a good point, UBCGhettodweller. But try explaining that to the typical Vancouver hipster. Try explaining to any Vancouverite on the street that Vancouver’s economic base is just as morally corrupt as Alberta’s. Most Vancouverites would never accept that.

      • UBCghettodweller

        Should I ever mention that I lived in Alberta at one point around these parts, I’ve been personally blamed for the tar sands, Harper, and the pipeline. Apparently Alberta is the only place in Canada with a complete ideological monoculture- North Korea should take notice of the Alberta Conservatives tactics. I didn’t know I was allowed to thinking differently from the Petrochemical industry-Provincial Conservative party Junta.

        The funny thing is that I’ve generally found that I hold views more socially liberal and environmentally concerned than most Vancouverites I’ve met (note the use of the little “L” here and the fact that I don’t identify with the left-wing political parties.) Not only that, but for two degrees removed from me in my circle family or friends, I know of no one who works in the energy industry or supporting industries. But then again, apparently, everyone is tainted by oil money in Alberta, but no one elsewhere in the country is. Once you cross the border, the evil is contained.

        Although some of the issues that the left-wingers focus on here are as silly and myopic as any of the bullshit that the right-wingers focus on as well. Very few people seem to understand that pragmatism and syncretic approaches to public policy with a focus on feedback loops and data to test if a policy is working is going to be the only way we don’t royally bugger ourselves for generations to come. The many western countries right now with economies that resemble aeroplane tails surrounded by smoking grease stains on the asphalt probably wished they had taken a more responsive and polytheistic view of the models and approaches that were being used to drive their countries’ policies.

      • The corruption knows no bounds, in Toronto it’s corrupt middle eastern and Russian money, somehow Vancouver has for the most part avoided that strain of money.

        I agree BC has sin, but I needn’t look much further than debt levels to figure out what’s going on.

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