The types of homes you can own for under $500K in Vancouver

After a sobering report that shed light on just how impossibly expensive housing is in Vancouver, we thought we’d turn the tables and see the kinds of homes available to own for relatively affordable prices.

We picked a max asking price of $500,000, which is well under both the average asking price and benchmark price of an apartment or detached home in the City of Vancouver.

For the sake of this story, we’re excluding homes from other Metro Vancouver cities.

We hit Zealty with a few variables. The homes have been listed within the last 90 days, they have been listed for $500,000 or less, and they’re located in Vancouver proper. Over 29 listings qualify under those variables and are still waiting for a buyer, and we chose a few that stand out.

For the price, you’re not going to find a detached home in Vancouver, and in some cases, you’re going to be dealing with a leasehold property.

404-1720 Barclay St. – $300,000

Unit 404 at 1720 Barclay St. is an example of a cheaper property under a leasehold agreement. It’s currently listed for $300,000, featuring one bedroom, one bathroom and 521 sq. ft. of space.

Having been built in 1971, it’s set up like a classic Vancouver apartment.

The listing calls it “the best value in the West End.”

The property also features an outdoor swimming pool and is a short walk to Vancouver’s beaches.

214-138 East Hastings St. – $339,000

We’ve covered the development at 138 East Hastings St. in the past as part of other stories looking at cheaper properties in Vancouver.

This one-bedroom, one-bathroom apartment has been on the market since last November and has been discounted in price since. One of the potential purchase detractors is the location, as the home is located in the heart of the Downtown Eastside.

Still, the home is relatively new, constructed in 2015. However, like many of the homes at this price, it’s not very spacious, featuring just 447 sq. ft. of living space. Some perks include the fact that it’s pet and rental-friendly.

“Perfect investment property or for a first-time home buyer,” the listing says.

304-5520 Joyce St. – $438,600

Slightly higher on the price scale is this East Vancouver property that was built in the late 1980s.

Listed for $438,600, the Joyce Street home offers a bed and bath with 448 sq. ft. of space. It was initially listed in 2023 for $750,000. The assessed value of the home is $347,286.

“This unit is not only ideal for comfortable living but also represents a great investment. With high rental potential and an attractive price in such a sought-after area, it’s a rare find,” the listing suggests.

209-1330 Burrard St. – $485,000

Still listed for under $500,000, but getting close to that line is unit 209 at 1330 Burrard St., a recently renovated apartment near the heart of downtown.

The apartment was recently renovated, and it shows. It also features one bedroom and one bathroom with 462 sq. ft. of space.

“It features stylish finishes, creating a fresh and inviting atmosphere. Whether you’re relaxing at home or taking a short stroll to enjoy the stunning waterfront, everything you need is right outside your door,” the listing says.

2605-5515 Boundary Rd. – $499,999

The last property we’re looking at is located at the Vancouver-Burnaby boundary, on Boundary Road.

It’s another one-bedroom one-bathroom apartment that offers around 460 sq. ft. of living space. It provides better views than any of the other listings we’ve included. It’s also listed for under the assessed value of $517,000.

The apartment offers a balcony with some decent views of the surrounding area. It’s a short walk to the SkyTrain, and the building offers a lap pool and hot tub.

The last time this property sold, in 2017, when it was built, it was purchased for $469,000, above the asking price of $439,000.

Would you consider any of these properties as a “starter home?” Let us know in the comments.

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