Good luck finding a home for less than $200,000.

As one report had noted, these are “needles in the haystack” that account for less than one percent of residential properties on the market.

The paper was released in May 2022 by Point 2 Homes, a Saskatoon-based digital platform for real-estate searches.

It was a way of highlighting the issue of housing unaffordability in the country.

“Although not the lowest figure, $200,000 (about one-quarter of the average national home price) is a suitable reference point to gauge the share of what is now referred to as an ‘affordable listing’,” Point2 Homes stated.

The Straight reported about this on May 29, went about looking for examples, and found a few at Sussex Square in Richmond.

Sussex Square is a complex on Lindsay Road, which features prepaid leasehold, non-strata apartment units.

[Leasehold properties allow buyers to use the home for a long period of time. Prepaid means the lease has been paid in advance. Non-strata simply means that the ownership is not divided.]

A new search turned up a recent listing in Richmond that is currently available for less than $200,000.

It’s a ground-floor apartment unit at Mayfair Court, a complex of three-storey buildings.

Unit 130 at 8051 Ryan Road came on the market on July 11 for $199,900.

“The most affordable 2-bed bath in Richmond is here!” the listing declared about the 910-square-foot home.

The two-bedroom and one-bath property is newly renovated.

The prepaid leasehold unit is non-strata.

The lease for the Richmond apartment has been paid until 2088.

Tracking by real-estate site Zealty.ca indicates that 130-8051 Ryan Road was last sold on July 26, 2009 for $145,000.

Here’s a look.