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.
3280 East Georgia Street is priced $1,098,800.
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.
This seven-bedroom, three-bath single-detached home at 531 Fourteenth Street is on the market for $1,125,800.
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?”
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
