The last time the median detached home price in the greater Vancouver area was below $1.8-million was 2021, but this past August saw sales activity dip and prices slide to $1.797-million.
Like most urban real estate markets, there are parts of greater Vancouver where the median price, as calculated by the Canadian Real Estate Association, won’t buy you a livable house. For example, in West Vancouver, detached properties at that price oftentimes don’t post interior pictures on Realtor.ca because there’s no point: it’s being sold for land value almost exclusively.
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But there are parts of the region where you can get a lot of house for just under $1.8-million, though sometimes that means putting up with a little more traffic or commuting time.
This six-bedroom house on the northern edge of Maple Ridge is listed for a lower price than the owners paid for it.Royal LePage Wolstencroft
13891 232A St., Maple Ridge, B.C.
Asking price: $1,798,888
Soni Kang, a realtor with Royal LePage Wolstencroft, is confident that with its six bedrooms, six bathrooms, new landscaping and more than 4,200 square feet of livable space, this 12-year-old, custom-built home represents value in the greater Vancouver market.
“It hasn’t really been lived in much; the owners were living in China,” she said, noting that there’s been a lot of interest from people in other parts of the metro area looking for more house. “A lot of North Vancouver people; there you don’t get this for $1.8-million, you get it for $3-million.”
Maple Ridge is on the eastern edge of the greater Vancouver area and this home is on the northern edge of Maple Ridge in an area known as Silver Valley. Approximate drive time to downtown Vancouver: one to two hours (depending on traffic).
Ms. Kang also confides that the list price is lower than the couple originally purchased it for, another reality of the current market.
This 1952-built house would need some improvements to be suitable for a single family.Re/Max City Realty
1440 Mountain Highway, North Vancouver, B.C.
Asking price: $1,799,000
There are median-priced detached homes in North Vancouver, though for that price they might be a little older and in need of a little more work.
That’s the case for this eight-bedroom house on the east side of North Vancouver near the Trans-Canada Highway and the Ironworkers Memorial Second Narrows Crossing over the Burrard Inlet.
“If I was going to go live in it, I’d put in $50,000 or $75,000 to make it look snazzy,” said Mony Sodhi, a realtor with Re/Max City Realty, who has listed it for a seller hoping to take the proceeds and retire to Mexico. Currently, the home has multiple renters and has, at times, collected about $10,000 a month in rents, according to Mr. Sodhi. For an investor, it’s turnkey, but given its age (built in 1952) and layout, if a family wanted it, there might be more work required.
“If someone were to get the permits, you could build a massive house and a huge backyard; it could easily be done,” said Mr. Sodhi.
Investors have been eyeing this six-bedroom home for its potential as a redevelopment property, but it’s in better shape than some other comparable Vancouver houses.Macdonald Realty Westmar
1708 Prestwick Dr., Vancouver
Asking price: $1,700,000
This six-bedroom house near the south side of Vancouver is in better shape than a lot of other homes in the city listed for more money, though it is something of a time capsule from when it was built in 1990.
“The sellers reached a point where they don’t need that much space any more; their kids are already grown up [and] they all live away from Vancouver,” said Kenneth Pestano, realtor with Macdonald Realty Westmar, of his clients who are in their eighties. “Just to maintain the house alone, they have their own landscaper and cleaner. It’s too much.”
A few years ago this kind of house was more like $2-million, but even though prices have dropped, it’s still not to the point that all of Mr. Pestano’s first-time-buyer clients are ready to purchase – unless they have the backing of family money, that is.
Investors have also been interested in the property for its rental potential, its redevelopment potential or its multigenerational potential. “For example, a couple might need a mortgage helper, and down the road … when the family gets bigger, they take over that space,” Mr. Pestano said.