Have $3 million Canadian and looking for your dream home? You probably won’t find it in Vancouver, where it will barely purchase a teardown in almost half of the city. The cost of land has been rising exponentially, to the point where most starter homes are now on land worth well in excess of a million dollars.
As you can probably guess, starter homes and multi-million dollar budgets usually don’t mix – especially with local incomes and a lack of career opportunities. These homes are being sold mainly for the land value, which has led to more than a few foreign and domestic speculators looking to strike gold. Here are just three properties that highlight how expensive Vancouver land is – and how useless the homes on that land have become to investors.
Warning: If you’re from outside of Vancouver you may find the following images disturbing. Before you ask – yes, those are the pictures, the asking prices are current as of today, and those are the agents you can contact if you’re interested.
4568 West 8 Ave, Vancouver, BC
$3,688,000
Listed for sale with Gagan Bath, the 5 bedroom, 2 bathroom in Point Grey is being sold “as is” and you’ll have to “verify all information” yourself. Dat south facing backyard tho is probably worth $3Mil.
4647 W 15TH Avenue
$3,198,000
This place is probably the nicest of the bunch, having been recently renovated. The 5 bedroom, 2 bathroom is listed as “move in or build your dream home now”. It’s currently listed with Krystal Ho, one of Vancouver’s top agents.
4383 W 15th Avenue
$2,998,800
Think this 4 bedroom, 2 bathroom is cute? Don’t get too attached, it’s actually listed as a “investor, builder alert” from real estate agent Patricia Tate and is being sold for the land alone.
Unfortunately there’s no interior photos, and “all room measurements…should not be relied upon”, but the sales person does remind us it’s “perfect to build your dream home”.
Like This Post?
We’re building a different kind of news outlet – one that aims to stimulate discussion rather than direct it, but we need your help. Like this article? Share it with a friend. Hate it? Give us a tweet and tell us why.
Like us on Facebook to be notified when the next post goes live.
[…] Reaching a debt load this high is certainly going to make lenders tighten their belts. Combined with rising interest rates, the pool of qualified buyers will shrink. This means Canadians in Vancouver probably won’t be able to buy that $3 million teardown. […]
[…] to Canada, so it would be hardly noticeable if a handful of them happened to be triads. Well, until abandoned teardown houses started going for $3 million dollars. Then locals definitely started getting […]