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Real-estate sales are up, housing starts are up, and experts believe the era of $599,000 homes in Vancouver is probably over.

 

 

A flurry of publicity arose when a 600-square-foot renovated home at 2622 Clark Dr. was recently listed for $599,000 — Vancouver’s cheapest detached home — with a pending offer now in place.

 

Next in line in the affordability sweepstakes was a $628,000 listing at 3447 William St.

 

But you’re also too late for that 700-sq.-ft., two-bedroom, one-bathroom home on a 33-foot lot just off the Trans-Canada Highway — it sold for $609,000.

 

“I got a lot of calls on it,” saidRe/Max Select realtor Ron Basra. “A builder bought it. It’s a teardown. “He’s going to build a house with a legal suite, and a coach house. He can live there, and get income from renting the suite and the coach house.”

 

Basra said low carrying costs are attracting buyers at the lower end of Vancouver’s real-estate market.

 

“Interest rates are low, and no one knows how long that will last,” said Basra, a realtor for 17 years. “Anything under $1 million is selling right now.”

 

From those two properties there’s a significant jump to 823 McLean Dr., where a sizable 1,750-sq.-ft. home with two suites is listed at $668,000.

 

It’s not for everyone — just off busy Venables Street on an alley connecting nearby businesses — but it has easy access to downtown Vancouver.

 

Right now it’s a healthy market,” said Sumal Inde, vice-president of residential mortgages with RBC. “More houses have been sold this year, housings starts are up.”

 

Read the full article here.

 

Till next time ...

 

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