This story may likely sound familiar to many, especially in Vancouver.
In June 2018, a modest detached home in the neighbourhood of Grandview-Woodland sold for $1,751,000.
The home was built in 1923, and it features four bedrooms and a bath.
The residence was eventually demolished.
A development permit for a duplex or two homes attached to each other was issued by the City of Vancouver.
In 2021, a new duplex was developed at the 1621 East 11th Avenue address.
On June 3, 2022, the two units came on the market, each asking $1,875,000.
This means that each unit was now more expensive than the original detached home that was purchased at $1,751,000 just four years earlier.
Two days later, the unit at the back or Number 2 sold for $1,818,000.
Number 1, which is the front unit, took a little bit longer.
On July 21, it sold for $1,735,000.
The total sold price for the two duplex units comes to $3,553,000.
For the trouble, the builder more than doubled the original purchase price of $1,751,000.
Each duplex has three bedrooms and four baths.
People generally do not agree if this approach to housing is making Vancouver an affordable place to live.
Some would say at least there are now two households at what was once a single-family residence.More