Exactly, which is why the $5M house in East Van makes no sense whatsoever.

We would have said the same thing about $1.5 million East Vancouver specials 10 years ago, but look where we are now. Value means different things to different people.

Even in this thread, a City of Vancouver postal code means a lot to more than a few people. People get excited over strata-titled duplexes that are under $2 million, where you could buy a proper detached house on a 5000 square foot non-strata titled lot a half-hour car drive away for similar prices.

But does that 5000sf house have a room like this though:

https://assets-listings.rew.ca/brc_i....1&w=560&dpr=2

actually we crossed the $7M mark last year :troll:


https://www.redfin.ca/bc/vancouver/5...home/155846261

https://www.realtor.ca/real-estate/2...h-place-surrey

Something like this, not saying it looks good but you can be Tony Montana and still have change Vs the Vancouver house to park like a F40 or Countach up front.

7000+ sq house on a 7885 sq lot. :suspicious::ahwow:

Im going to conveniently ignore that one lol.

Someone should share this to the Building Inspectors at CoV. I don't think a crawl space can be converted into a habitable space...

100%. More important to have a place to store the $20k carbon fibre bicycle.

I’m going to venture a guess and say that house cost $400-500/sqft to build. In the burbs it might cost 20% less.

That fuckin pile would be 4 million in the burbs?! Man fuck this place.

If COV started going after secondary suites that didn't meet all applicable codes, there would be a LOT of people out of their homes...

I can't speak for all burbs, but here are a couple of examples from my little pocket of the burbs:

https://www.rew.ca/properties/389284...t-coquitlam-bc
https://www.rew.ca/properties/401220...e-coquitlam-bc

These are the standard spec mcmansion homes that south Asian builders build for resale here. I'm your standard nosey neighbor so I've spoken to a bunch of builders here, and the general consensus prior to/at the start of covid was low $200's (I'll call it $225) / sqft to build something like this, or $1.25m.
Slap on the post covid tax, and buildings costs are now mid to high 200s (let's say $270), or $1.5m. That's with your standard spec home quality & finishings (which IMO, are cheap and poor quality).

So if these spec piles are selling for low 3m's, then yeah, a house like that in my pocket of the burbs will go for 4m :pokerface:

If you've got the ability to purchase a home in the 4M range, it seems like purchasing a late-90s/early-2000s luxury spec home to renovate on a 10K square foot lot would be a better deal. Something like this, but probably in a more central location:

https://www.zealty.ca/mls-R2671223/3...-Coquitlam-BC/

Open floor plans with 'great rooms', large windows, stucco finishing, tile roofs, pex plumbing, ducting throughout and likely better framing. Aside from dated interior materials like dark granite and tile in wet areas, I can't see many downsides.

That's not a bad idea for AirBnB. It's an upgraded capsule hotel. :badpokerface:

Agreed 100%. You'll get a layout that wasn't designed with "how much rental income can I squeeze out" in mind. If you can afford $4M, you don't need the rental income.

Get out of here Kevin

You may not need it but why would you not take it?

Lifestyle

Some places design the rental space so it's not really a good living space for the homeowner - it's there strictly to get rental income and not intended to be a nice place to live. Eg. the bedrooms are only JUST big enough for someone to live in and have cheap ass closets. Or they shrink the living space so that they can squeeze in a second bedroom or there's simply no living space, it's just a kitchen.

There can be a much better balance - I've seen places where the second bedroom of the suite can be kept by the owner and is big enough to be a media room. Or the space is designed for multi-generational living so the suite is the same quality as the rest of the house and better laid out.

Here’s one, owned by the Catholic Church it was listed here for 7.3 in 2018, recently it was listed in 2021 for 5.3 where both listings were terminated before sale. So either a private deal happened or the Catholic Church is now developing their properties for profit lol. Hard to compete with the church!

https://i.imgur.com/qVct3QE.jpg

https://i.imgur.com/Mdnf2td.jpg

https://i.imgur.com/spoGhdL.jpg

https://i.imgur.com/lM33xxk.jpg

^ Churches are a business, so no surprise

The sales history makes it look like they wanted to do anything but have to do it themselves lol

Make sure to email transfer Jesus when it sells.

Have a cousin who moved here from India less than 15 years ago. Worked his ass off as a roofer and now owns 2 houses in Surrey. First house is now 100% rented main floor and a suite. The rent pays mortgage. The second house he bought is newer and way bigger. It has 2 suites and they cover the mortgage and he lives on the main floor with his wife and kids. he is killing it right now.


Forget a 5 million dollar house. 24 town homes for sale in fort st john for 3.6 million.

https://multifamily.ca/properties/grandview-townhomes

With the lower mainland becoming so expensive I can see more people moving to other parts of BC increasing prices.