With average home prices in Vancouver well over $1.25 million and concern high over foreign buyers, the dream of owning a detached home is dead for most millennials.
But there are still a few homes out there for under a million.
A quick search for detached freehold houses listed under a million dollars in the City of Vancouver, brought up a paltry 60 listings.
That’s fewer than four dozen homes, and not one of them is located west of Main Street.
Nothing newly built, and very properties that don’t need some kind of renovation or update.
Champlain Heights is home to the city’s most affordable detached home, listed at $780,000.
With four bedrooms, three bathrooms and more than 2,300 square feet, size is not an issue, although the home is narrow.
Privacy may be a problem, though.
The homes in this neighbourhood are jammed so close together, a quick drive-by might make them seem like townhouses.
And it’s about as close as you can get to Burnaby without actually being there.
It’s just across the street from a school, and near parks, Trout Lake and Nanaimo Skytrain station.
That’s the downside as well: It backs right onto the Skytrain line, so you hear trains pass every few minutes.
Not just houses in short supply
It’s hard to find anything affordable with more than two bedrooms.
Even if you’re willing to, and can afford, a townhouse with a mortgage helper, it doesn’t get much better if you’re a growing family looking for more than two bedrooms.
Our search only came up with 108 residences with three+ bedrooms for under $1 million.
The cheapest was a three-bedroom townhouse located at 58th and Kerr and listed for $465,000. The most expensive was a three-bedroom townhouse on West 15th near Burrard. Built in 1979, coming in a $990,900
Time to get creative?
With no signs of the market slowing down, it may be time for house-hunters to get creative and take a page from our neighbours to the south.
In Oregon last week, one woman won a bidding war for a house by not only offering $26,000 over the asking price and two months free rent for the current owners, but she threw in a lifetime of pizzas.
The new owner’s accepted offer includes a pizza month for 40 years, because as the seller told KPTV News “Who doesn’t like pizza?”