It’s no surprise when we tell you Vancouver real estate is grossly expensive. Right now, one of the cheapest properties for sale in the area is a $50,000 Yaletown parking spot. We aren’t making this up. For an insane amount of money, this parking spot can be yours.
Vancouver has a massive housing crisis. It’s nearly impossible to find any cheap apartments or houses for rent in Vancouver and if you do, it sells incredibly fast.
We did a little digging and found out that one of the cheapest properties for sale right now in Vancouver isn’t actually a house or an apartment.
The listing states that one of the cheapest properties in Vancouver is actually a parking spot.
Going for a whopping $50,000, this 150 square foot parking space is located right in the heart of downtown.
According to the listing, this is a “very rare” opportunity to own a freehold strata parking spot in the middle of Yaletown.
The wonderful part is that strata does not require the owner to live in the building which means it can be rented or sold to literally anyone with some spare cash lying around.
Purchasing this parking stall means you will “never worry about parking downtown again.”
In order to purchase this space, you will need a down payment of $10,000. There will also be an additional fee of $45 for strata maintenance.
If this isn’t an example of how unaffordable real estate is in Vancouver, then I don’t know what is.
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The listing states that you will be purchasing lot number 77 right by the wall. So try not to swing your door open too wide.
If you're from the city, then you'll know this isn't completely uncommon. Parking spaces are coveted real estate in the city as street parking is expensive and many landlords refuse to rent out their parking spaces when leasing apartments.
The sad thing is that this isn't even the first time someone has sold a parking space in Vancouver.
On the same listing website, someone was selling a parking space for $50,000 back in July.
Anyone interested in this space was going to have to cough up an extra $276 in property taxes and another $47.20 in maintenance fees.
This parking spot was also in Yaletown. It looks like it was a good deal for someone as the listing is no longer on the website.
Our city literally has one of the worst housing markets in the whole world for 2019. In fact, housing in Vancouver is so expensive that it is literally cheaper to buy a private island.
To put things into perspective, we looked up what you would have to pay for one of the cheapest properties in Vancouver that is not a parking spot.
If you happen to find yourself with $108,000 you can buy a tiny piece of land. In fact, the land is so tiny that you can’t even build a house on it.