Inside a $750,000 Vancouver 'starter home'
Published Thursday, November 27, 2014 7:58AM EST
Anyone hoping to get into the Vancouver housing market by finding the cheapest home in the city still needs seven figures to close the deal.
An effort to find the cheapest detached home for sale in Vancouver turned up a mere six listings for homes less than $700,000.
And because the homes could use a lot of work, estimated $250,000 renovation costs could push the price of entry past $1 million.
A two-bedroom home, located near Victoria and Hastings streets in East Vancouver, was listed for $699,000. Its cramped, 500-square foot main floor includes a dated kitchen with a bathroom right off the eating area.
Crammed into the 300 square-feet of space on the top floor are two bedrooms, a tiny bathroom and no closet space.
The basement is unfinished.
The owners received four offers for the home, which ultimately sold for $757,000.
According to the latest statistics from the Canadian Real Estate Association, Greater Vancouver was among the cities to post the biggest gains in home prices year over year, up 6.03 per cent for the month of October.
The average price for a home in the city is $819,336, according to the October statistics.