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Canada

Five more Metro Vancouver homeowners hosed in a falling market

Despite a recent report from Central 1 Credit Union suggesting a rebound in Metro Vancouver’s housing market, there are still property owners losing hundreds of thousands of dollars on their investments.

Released last month, Central 1 tipped a turnaround in B.C.’s housing market — with both sales and prices jumping by 2021 — as long as interest rates stay low.

However, for Twitter real estate watcher Mortimer, his online hobby of tracking losers in the local market has never been more active.

Here’s a list of the five latest property owners to lose big in the local real estate market.

Related

1 — 4891 McKee Place, Burnaby

This solid 1953 home on a very large 60-by-150 lot in Burnaby would have seemed like a good pick in May of 2016 when the owners forked out $1.9 million for their stake in Metro Vancouver. Then the former B.C. Liberal government introduced its foreign owner’s tax and things started going downhill from there, leading to late November 2019 when that same home was sold for $1.495 million. A loss of $405,000, plus realtor and legal costs. It’s now assessed at $1.5 million.

2 — 3018 Burfield Place, West Vancouver

This beautiful 3,100 square foot custom-built home was bought brand new for $3.347 million on April 19, 2016 — again, right at the wrong time. It just sold for $3.1 million, marking a $250,000 loss, plus expenses.

3 — 6210 Buckingham Drive, Burnaby

Assessed on July 1, 2019, at $2.371 million, this older (1967) home sits on a 10,881 square foot lot and was bought on April 26, 2016 for $3.11 million. There’s a real theme here of people who bought in early 2016 and are now losing a lot of money.

In this case, the loss is a whopping $1 million, as it sold recently for $2.1 million.

4 — 2929 West 29th Avenue, Vancouver

Bought in (you guessed it) February 2016, this 2,200 square ugly Dunbar oldie cost its owner $2.7 million. Assessed now at $2.4 million, the property sold last month for $2 million — a $700,000 loss.

5 — 667 Baycrest Drive, North Vancouver

This property was purchased in March, 2017, when the market had already started to drop, so the bath is not as hefty as what might have been. The owner paid $2.36 million for a 2,800 square foot home on a massive 15,000 square foot lot wedged between Dollarton Highway and Baycrest Drive, three blocks from the water. Listed for $2.36 million (hoping to break even on paper), the house sold for $2.05 million last month — a loss of $310,000.

dcarrigg@postmedia.com

twitter.com/davidcarrigg

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ICO