In the spring of 2020, a property on a quiet, tree-lined street in Vancouver sold mostly for its land value.

The real estate at 2956 Waterloo Street had a home that was built in 1927 with four bedrooms and two baths.

The Kitsilano area residence sold for $1.9 million, with the listing highlighting the “potential to hold or build your new dream house”.

And indeed, the old home was demolished and a brand new dwelling was completed the following year in 2021.

In that same year, 2956 Waterloo Street returned to the market with an asking price of $3,999,900.

The said listing expired in January 2022.

The home was relisted on April 13 for the same price of $3,999,900, and it sold seven days later for $4.3 million.

Based on tracking by real-estate site Zealty.ca, the April 20, 2022 deal was the fourth sale for the property in the past seven years.

The sales history shows that 2956 Waterloo Street sold in May 2015 for $1,838,000.

A month later in the same year, it changed hands for $2,130,000.

The Vancouver real estate sold for the third time in May 2020 for $1.9 million.

The new house was built the following year, and per B.C. Assessment, the dwelling has five bedrooms and six baths.

The fourth sale at the price of $4.3 million happened on April 20, 2022.

The property with a 33-foot lot has a 2022 assessment of $3,045,000.