One of the cheapest houses in Vancouver can't find a buyer
A home that has seen better days — and what some are calling one of the cheapest houses in Vancouver — can’t seem to find a buyer.
753 East King Edward Avenue was built in 1910 and it shows.
The four-bedroom, two-bathroom detached home was listed on the market on March 29 but has yet to secure a buyer. Apparently, land value alone hasn’t made this a worthy sale despite the low price tag.
The listing sparked a conversation about the real estate market after it was shared on X.
If you’re wondering how the market’s going…
Cheapest house in the city.
With a mortgage helper and still hasn’t sold-38 days.
I know people are gonna be posting pics of the inside as the reason but I would buy this in a heartbeat. LOVE it. #VanRE pic.twitter.com/Ltwx5cAM4h— Julia Longpre (@juliamarblefaun) May 11, 2024
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Re/Max City Realty
The 114-year-old home has been listed for $1,189,000, slightly above the assessed value of $1,162,000. Only $25,000 of that assessed value is attributed to the building, with $1,137,000 being the land value.
That asking price is well under the benchmark price for a detached home in Vancouver ($2,040,000).
Re/Max City Realty
Pictures of the interior reveal the sad state of this ancient home, which has seen few improvements in its lifetime.
Re/Max City Realty
According to the listing, the home still has the original hot water heating radiators and calls the home a “fantastic opportunity for a renovator.”
Re/Max City Realty
“This lot is pretty bad with no lane access, no parking, nonstandard size and right on a busy road,” one X user reflected, offering a theory as to why this home hasn’t sold.
If it was affordable I would buy it to slowly renovate it over time and make it my forever home. But instead, someone decided homes should be cash-cows for investors and speculators while the rest of us live in tents.
— Franklin (@gorwilla) May 11, 2024
Despite the price tag, Zealty suggests that with a five-year fixed mortgage and a 20% down payment ($237,800), your monthly mortgage payments would still hover around $5,700 for one of the cheapest houses in Vancouver.
Would you make this investment if you had the money?