Cheapest way to own Vancouver real estate: one-car Yaletown parking spot selling for $49,995

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      Everyone knows that real estate in Vancouver doesn’t come cheap.

      However, owning property in the city doesn’t always mean breaking the bank for a detached home, townhouse, or a condo.

      One can buy a parking stall instead.

      Realtor Michael Mihaylov is selling one in Yaletown.

      It’s listed for $49,995.

      “It has its own title, its own assessment, its own property taxes, its own property identification,” Mihaylov told the Georgia Straight in a phone interview.

      Moreover, a buyer doesn’t have to live in the building at 1200 Pacific Boulevard to own the parking stall.

      “You can rent it to anybody you want,” Mihaylov said about parking stall number 77.

      According to Mihaylov, buying a parking stall gives the purchaser the same rights as any homeowner.

      “That’s one of the cheapest to own in Vancouver,” Mihaylov said.

      Realtor David Hutchinson noted that it’s not common to find parking stalls with separate titles.

      According to Hutchinson, parking spots typically form part of a strata property purchase.

      “This is really a recent trend,” Hutchinson told the Straight.

      The realtor noted that it wasn't “too long ago when parking was not at such a premium”.

      “Just look at the 989 Nelson Street condo building; that large tower has absolutely no parking,” Hutchinson said.

      Hutchinson noted that this was the old B.C. Hydro building.

      “Back then, its employees would just park on the street,” Hutchinson said.