A Vancouver home that once sold for a measly $55,500 has now been listed for an amount that no average resident can afford.
Looking at the sales history for most older homes in Vancouver would tell a similar real estate tale.
48 West 45th Avenue, near the Oakridge area, has recently been listed for $2,499,000.
That’s $2,443,500 more than the 1975 sold price of $55,500. It’s also listed for $1,030,700 more than the 2015 assessed value of $1,468,300. According to Real Estate Wire, with a 20% down payment and a 25-year amortization period, you’d see an estimated $11,960 in monthly payments.
Macdonald Realty
The home features three bedrooms, two bathrooms, and 1,379 sq ft of space. The listing says the same owner has occupied the house for over 45 years.
Macdonald Realty
It’s in a premium location, within walking distance of the soon-to-be-completed brand-spanking-new Oakridge Mall development.
Macdonald Realty
It also has a massive backyard.
Macdonald Realty
The home is now 79 years old, and its age is starting to show, but the real estate listing does not mention the property’s development potential. BC Assessment has the land value listed at $2,360,000, with the building worth just $29,200.
Many real estate commentators on social media have been comparing historical values and final sale prices of homes to today’s costs. The story is essentially the same, no matter what part of Vancouver you’re looking at.
This post on X was in response to someone else making the same point about a home in Ohio, but the state of real estate is not quite as bad there as it is in Canada.
This house was bought for $47,500 in 1978
It’s currently listed at $3.5 million
Most will never be able to afford this house now… https://t.co/fAgntvpYNs pic.twitter.com/AX5ynao5OI
— Mortimer (@mortimer_1) April 13, 2024
Don’t you wish we could return the prices to how they were in the ’70s?