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A lot of the cheaper detached inventory in Van is pretty shitty. Anything in that 1.1-1.3 range is likely in pretty bad condition, 2 beds up / 2 bed down (basically 2 suites), < 2000sqft, 80+ years old and/or or facing a main road / skytrain tracks.
If you want a decent place with more flexibility (ie. 3 bed/2bath up and > 1200sqft), in a nicer neighborhood with curb appeal you're going to need 1.4+ and that's before another 300k in renovations.
To make matters worse, 1.1-1.5M detached is the hottest market segment.
Adding: An unrenovated, average 40-50 year old Vancouver special will run you 1.4-1.5M before renos.
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