Another day, another heaping pile of debris sold for the price of $250,000 Netflix subscriptions in Vancouver.
Such is the state of property values in Vancouver, the world’s third-least affordable housing market: a home that is by all accounts the mere skeleton of a livable structure has sold for $2.4 million.
Even more shocking than the fact it was listed in the first place is that it sold for $80,000 over its asking price.
Given that the average price of a single-family home in the area is around $2.5 million, this shouldn’t come as a surprise. But that doesn’t make it any less outrageous – just look at this wreckage…
The value, of course, lies not in the home but in the property itself, which has a mountain view and sits in Vancouver’s posh Point Grey neighbourhood. One real estate agent not connected to the home called the festering arrangement of scraps a ‘knock-down’. The new buyer will have just 10 metres of width within which to build their dream home.
Much of Vancouver’s skyrocketing real estate prices can be attributed to foreign ownership, which has created a hyper-inflated market. The growing number of offshore buyers racking up property in the city has directly impacted the cost of homes over the past several years at an unparalleled rate.
The Canadian Real Estate Association yesterday reported that the average price of a house in Vancouver had jumped by nearly 40 per cent in the last year, compared to a national average of 17 per cent.
The cost of a home in the city went from $828,000 in January 2015 to just over $1 million in 2016.