A Vancouver apartment recently sold for under $400,000, and if you’ve ever wondered what affordability looks like in this city, here it is.
Initially listed for $388,000, 410-1330 Hornby Street sold for $10,000 more, with a final price of $398,000. It features 421 sq ft of space and was part of a RoomVu curated list of the cheapest listings in Vancouver last month.
According to Zealty, the listing was only up for six days before someone snatched it.
Virani Real Estate
This Vancouver home was built in 1986 and last sold for $220,000 in 2007, which means that its sale value went up by $178,000 in 17 years. The most recent assessed value of the unit was $395,000.
The property’s assessment history reveals that this apartment was assessed at its highest point in 2019 when BC Assessment valued it at $433,000.
Virani Real Estate
Meanwhile, as of this May, the benchmark price of an apartment in the city was $776,200.
Virani Real Estate
The buyer gets some decent amenities, including a cute little patio in their studio home.
Virani Real Estate
While the unit is quite cozy, the building does offer some amenities, like a gym and a shared common area on the rooftop.
Virani Real Estate’s listing describes the “charming” Vancouver apartment as the “perfect blend of convenience and comfort.”
Virani Real Estate
The location is hard to beat. The apartment is a short walk to Vancouver’s best beaches and Granville Island. It’s also near many good restaurants and cafes.
If you were able to buy a home at this price with a 20% down payment, your monthly payments would be roughly $1,800, which is lower than the average one-bedroom asking rent in the city, according to Rentals.ca.
Looking further back into this property’s sale history, it sold for a mere $99,000 in 2003.
Do you think this relatively low-cost apartment is worth it in this city that is not known for affordability? Let us know in the comments.