Vancouver real estate: detached homes priced below $1.5 million benchmark show some affordability left in market
Realtor David Hutchinson knows the anguish of many buyers who desire a single-detached home Vancouver.
In pre-pandemic times, the narrative was that if one doesn’t have a million dollars, then you might as well kiss your wish goodbye.
COVID-19 arrived, and the new realities brought about by the novel coronavirus drove more demand for freestanding homes.
People wanted bigger and more spacious homes. Plus, interest rates went down to rock bottom. Also, people have more savings because they can’t travel and do many of the things they did before.
As a result, home prices increased.
In November 2020, the value of a typical single-detached residence in East Vancouver rose to $1,533,600.
On the west side of Vancouver, homes of the same type saw benchmark increasing to $3,122,100.
Across the Fraser River, the price of a typical home in Surrey also increased in November 2020. It rose to $1,156,800.
The Straight recently asked Hutchinson about interesting listings of any type of homes,whether it’s a mansion, detached home, townhouse or condo, as the residential market continues to sizzle.
Interestingly, he came back with a number of single-detached homes priced in the neigbourhood of $1 million.
“Detached homes around the magic one-million mark are still available in Metro Vancouver,” Hutchinson said.
This means one thing for those wishing to have a single-detached home.
“There's still affordability in the detached market,” Hutchinson said.
But there’s a condition.
“That is, if you don't mind putting a little elbow grease into it, and getting your hands dirty,” Hutchinson said.
Hutchinson cited 2135 Triumph Street. It’s on the market for $928,000. It’s a reduced price from its original listing of $999,900.
The East Vancouver single-detached home has four bedrooms and two baths. The 1926-era home was built on small lot with a frontage of 24.75 feet. A standard city has a 33-feet frontage.
Hutchinson said that the home is in a good location near Commercial Drive, transit, and parks.
The realtor and avid market observer also found 3824 Knight Street. The detached Vancouver home is selling for $1,050,000. It has six bedrooms and four baths.
Another example is 3280 East Georgia Street. It’s priced at $1,098,800. The freestanding home has three bedrooms and one bath.
“You have to look around for them, and when you find one that's suitlable it may need some TLC [tender loving care] or maintenance,” Hutchinson said.
Owning a detached home is unlike having a condo. With a condo, an owner can call the property manager if there are problems with the apartment.
“With a detached house, you are the property manager,” Hutchinson said.
There are also options east of Boundary Road.
A detached home at 2505 Larkin Court in Burnaby is on the market for $999,000.
Another example is 3735 Parker Street, also in Burnaby. It’s listed for $827,000.
Further east is New Westminster.
A good example is the detached home at 531 Fourteenth Street in New Westminster. The residence features seven bedrooms and three baths. The home sits on a large lot with a 66-feet frontage.
As always, buyers have a choice of what kind of home they will purchase.
“Do you want 489-square-feet of prestigious luxury at Alberni by Kengo Kuma?” Hutchinson said, referring to a Vancouver high-rise condo development currently under construction. The Westbank Corp. project on Alberni Street was designed by Kengo Kuma, a famous Japanese architect.
“Or,” Hutchinson continued, “would you rather have a fixer upper detached house in the suburbs?”