Finding a home under $1 million in Vancouver is a difficult task, but it’s not impossible.
Even though the detached home market saw historic price surges in the city in recent years, the sub-million dollar home never went away.
In 2018, a total of 11 single-family homes in the city sold for under the $1-million mark, according to real estate figures obtained by Daily Hive. That said, most of the properties were “fixer-uppers,” being marketed as properties to be possibly redeveloped, or situated on busier corridors.
According to current statistics, the median selling price for homes in the Vancouver area sits at $1.3 million.
Ian Tang, a realtor with Engel & Völkers Vancouver told Daily Hive that the dip in prices will lead to an increase of buy activity in 2019.
“Although prices continue to trend downward marginally, transactions are picking up indicating pent up buyer demand and a willingness for buyers to finally get off the fence. Last year we saw most people taking a ‘wait and see’ approach, but now with prices softening slightly and sellers becoming more reasonable we are seeing a tonne of activity to start 2019,” he said.
There are currently three homes that are listed for under $1 million in the city. Check them out below — and if you’re interested, act fast because chances are these will be off the market very soon.
Situated on the busy corner of Main Street and 62 Avenue, this 1,500 sq. ft. home has two bedrooms and one bathroom. According to the listing, this isn’t a traditional single-family home lot — it’s the “sale of an undivided “1/2 interest of the property and each of the 1/2 portion was built to live like a side-by-side half duplex with separate meters.”
Located in a “quieter area” of SE Marine Drive, this 1,218 sq. ft. three bedroom, three bathroom (two full, one half) home is described as “spacious and functional.” The home is north-south facing with four skylights.
This two bedroom, one bathroom is located in East Vancouver’s Kensington-Cedar Cottage neighbourhood. Built in 1922, this 1,661 sq.ft. is a good size for a young couple or small family.