These tear-down homes in Vancouver are listed for more than $10M (PHOTOS)

Jan 17 2022, 6:00 pm

No matter what you estimate a Vancouver home is worth, it’s almost always more.

That’s definitely the case for a handful of tear-down homes in Vancouver that are listed for around $10 million each.

Why so expensive?

The homes are ready for redevelopment as part of the Cambie Corridor Plan, which would increase density by building apartment buildings on lots like these.

Let’s take a look at the humble abode at 481 West 40th Avenue, listedĀ for $11 million.

vancouver tear down

481 West 40th Avenue, Vancouver. (Google Maps)

According to the listing, this home is technically livable, although the price is pretty much just for the land value. That’s because this property can be part of the Cambie Corridor Phase 3 and it’s possible to assemble this property with up to two other adjacent properties and develop an apartment building up to 18 storeys high.

BC Assessment puts the total value of the entire property at just $3,866,000.

Nearby (and $1 million cheaper), 256 West 41st Avenue is listed for $10 million.

Both properties are within close proximity to SkyTrain Oakridge-41st Avenue Station, located in the Oakridge Town Centre precinct of the Cambie Corridor Plan.

vancouver tear down

256 West 41st Avenue, Vancouver. (Google Maps)

Potential concept for Oakridge Municipal Town Centre. (City of Vancouver)

According to the listing, this is an “excellent opportunity for developers” as it’s also part of the Cambie Corridor Plan, ready for land assembly, and you can build new strata buildings on the lot. BC Assessment says this property is valued at $5,991,000.

These are just two of the many multi-million dollar tear-down homes on the market right now in Vancouver.

So, $10 million can net you a mansion in Beverly Hills or even Shaughnessy. Or, you can purchase a tear-down home in the hopes of redeveloping it.

Sarah AndersonSarah Anderson

+ Real Estate
+ Vancouver Homes
+ Urbanized
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