How Much Of A Deal Do You Get When Buying a Vancouver Foreclosure? Long story short, not much! I have taken all the court ordered sales and foreclosure listings I could find on the MLS from the areas on Vancouver, Burnaby, Coquitlam, Port Moody, Port Coquitlam, Ladner, Maple Ridge, North Vancouver, West Vancouver, Richmond, New Westminster, and Pitt Meadows, and these are all the numbers I could find on the MLS.
Condos
2010 there were 174 (or 14.5 per month) Court Ordered or Foreclosure Sales
The average list price was $342,000 and the average sale price was $334,000.
2011 there were 205 (or 17 per month) Court Ordered or Foreclosure Sales
The average list price was $310,000 and the average sale price was $303,000.
2012 there were 211 (or 17.5 per month) Court Ordered or Foreclosure Sales
The average list price was $304,000 and the average sale price was $297,000.
2013 year to date there were 121 (or 17.5 per month) Court Ordered or Foreclosure Sales
The average list price was $359,000 and the average sale price was $353,000.
Houses
2010 there were 96 (or 8 per month) Court Ordered or Foreclosure Sales
The average list price was $694,000 and the average sale price was $688,000.
2011 there were 84 (or 7 per month) Court Ordered or Foreclosure Sales
The average list price was $682,000 and the average sale price was $678,000.
2012 there were 85 (or 7 per month) Court Ordered or Foreclosure Sales
The average list price was $601,000 and the average sale price was $602,000.
2013 year to date there were 51 (or 7 per month) Court Ordered or Foreclosure Sales
The average list price was $812,000 and the average sale price was $801,000.
As you can see the market is not only healthy with very few foreclosures and court ordered sales, but its also quite consistent with sale prices less than a percent off the listing price.
My names is Ian Watt and you can always email me at IanWatt @ IanWatt dot CA
Thank you very much and have a great day.
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