Why some Metro Vancouver homes are selling for well under $300K

Several Metro Vancouver homes are available for sale for well under $300,000, but there’s a bit of a catch.

A very small trend is emerging in the Metro Vancouver real estate market, bringing potential homebuyers some cheap options with prices that might seem unheard of.

The catch? Some properties are manufactured homes, and some have specific ownership contracts, like leasehold arrangements.

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A leasehold owner has the right to occupy the property for a fixed period, typically over 20 years and under 99 years. However, that does not give them ownership of the land the property sits on.

These Metro Vancouver properties aren’t all leasehold homes, but the listings offer affordability that is rare in the region despite giving you a smaller space with fewer of the bells and whistles of other homes that are way more expensive.

One leasehold property is in Coquitlam. A two-bedroom, one-bathroom manufactured home offering just under 900 sq. ft. of space.

The home was listed within the last week for $179,880. With a 20 per cent down payment, you’d be looking at monthly mortgage payments of around $800.

The home offers 864 sq. ft. of space, a dining room, a “spacious kitchen,” laundry and a covered patio.

Another home that isn’t a leasehold is in Surrey for $209,000. This property comes with a potential bonus and a bit of a catch.

The home is a cozy 696 sq. ft. The next owner will only be able to live in it for the next one to two years because the park it’s located in is set for future redevelopment.

However, after that, the listing says there’s a guaranteed $250,000 buyout.

“Enjoy 1-2 years of affordable living,” the listing says.

There’s one more leasehold property for sale in Richmond for just $249,000. It’s a one-bedroom and one-bathroom apartment near the Sussex Square area.

The listing says the property has recently been upgraded and offers excellent rental returns. So, even though you wouldn’t technically own the place under the leasehold agreement, you could still rent it out.

These are just a few properties available for under $300,000 in Metro Vancouver via leasehold agreements and other arrangements.

Would you take a chance on a leasehold agreement for rental income or as a place to live like one of these Metro Vancouver homes? Let us know in the comments.

With files from Simran Singh