HOMES IN EAST VANCOUVER UNDER $1 MILLION
Long gone are the days detached homes on the west side were available for under a million and this year detached homes under $1 million in East Van can feel pretty far and few between too, with most detached lots selling well above the $1 million mark in Vancouver proper. Many buyers looking for a detached single family home don't have that pesky 20% down payment, and therefore the lender will require insurance on the mortgage. This insurance comes by way of paying a premium from organizations like the Canadian Mortgage and Housing Corporation or Genworth and they do not insure amounts over $1 million, so this becomes a natural cap for many buyers.
The value with these older East Van homes is mainly in the land, so your best bet is to look for homes on arterial streets or on smaller lots, but remember with that comes smaller floor plans too, and often less mortgage help from a basement suite. Even still, 336 homes have sold under a million in East Vancouver since January 2015 so the opportunities are out there. 91 of these were in Commercial Drive, 62 in the Hastings area and 56 in Mount Pleasant, the hot areas of single family housing demand in East Van.
Here are the active listings currently on market DETACHED HOUSES UNDER ONE MILLION IN EAST VANCOUVER
If you have decided a duplex may suit you better, check these out DUPLEX LISTINGS IN EAST VANCOUVER
Demand is still very high in East Van with interest rates historically low. If you are considering a purchase and need some advice on how to stay under that one million dollar mark, give us a shout HERE
A RECENT SALE FOR $870,000 IN EAST VANCOUVER - 1575 GRANT STREET IN THE GRANDVIEW / COMMERCIAL DRIVE AREA
Now this house needs some tender loving care and is on a small lot, but the location is fantastic just one block from Commercial Drive near Brittania Community Centre with all the shops, amenities, parks, and transit of The Drive only steps away. We are certainly excited to see what the renovator buyer comes up with to revitalize this old timer!
The value with these older East Van homes is mainly in the land, so your best bet is to look for homes on arterial streets or on smaller lots, but remember with that comes smaller floor plans too, and often less mortgage help from a basement suite. Even still, 336 homes have sold under a million in East Vancouver since January 2015 so the opportunities are out there. 91 of these were in Commercial Drive, 62 in the Hastings area and 56 in Mount Pleasant, the hot areas of single family housing demand in East Van.
Here are the active listings currently on market DETACHED HOUSES UNDER ONE MILLION IN EAST VANCOUVER
If you have decided a duplex may suit you better, check these out DUPLEX LISTINGS IN EAST VANCOUVER
Demand is still very high in East Van with interest rates historically low. If you are considering a purchase and need some advice on how to stay under that one million dollar mark, give us a shout HERE
A RECENT SALE FOR $870,000 IN EAST VANCOUVER - 1575 GRANT STREET IN THE GRANDVIEW / COMMERCIAL DRIVE AREA
Now this house needs some tender loving care and is on a small lot, but the location is fantastic just one block from Commercial Drive near Brittania Community Centre with all the shops, amenities, parks, and transit of The Drive only steps away. We are certainly excited to see what the renovator buyer comes up with to revitalize this old timer!
