Home prices and affordability have been a prevalent topic in 2022. Prices reached a peak this year in February but have been slowly declining ever since. It is expected that the decline will continue into 2023, according to the BC Real Estate Association.
Using Zealty Online Search Inc., an online portal that maps out homes on the market, Glacier Media put together a list of some of the cheapest homes sold in Metro Vancouver this past year.
Single-family homes
In Vancouver there were three homes that sold for under $1.1 million. Two at $1.08 million and one at $1.09 million. The house priced at $1.09 million, was move-in ready with some renovations and touch ups required. The two-storey home has a basement, with three bedrooms and two bathrooms. One of the homes priced at $1.08 million was located in the Downtown Eastside and was marketed as a development opportunity.
Among the cheapest homes in Vancouver, leasehold homes on Musqueam land were the lowest priced. One in particular was sold for $505,000 on Dec. 19, 2022, for a three bedroom, four bathroom, 2,970 square-foot home.
Five homes in Surrey were sold for prices between $713,00 and $900,000 throughout the year. The best price per square foot was for a "BC box house" priced at $900,000. The two-storey home is 1,962 square feet with the potential for another suite.
Aldergrove in Langley saw a notable concentration of homes sold at a cheap price with 11 homes selling for under $900,000. The most notable is a 1,627 square-foot, two-storey house, fully renovated with three bedrooms and three bathrooms. The house sold for $897,000 in August 2022.
Apartments
The cheapest apartment in Metro Vancouver was sold for $197,000 in Delta. Located on the top floor, the penthouse is a studio apartment and was sold in March 2022.
The most economical one-bedroom apartment, located in Surrey, cost $230,000 and was sold in February.
In Vancouver, the cheapest unit was sold for $250,00 in the South Main area. It was also a studio apartment. When it comes to one-bedroom apartments, Vancouver’s cheapest was sold on East Hastings Street for $333,000.
Townhouses
The cheapest town or row houses in Vancouver were priced under $700,000.
For two-storey townhouses, the cheapest was sold for $625,000. Located near Southeast Marine Drive, the unit is 918 square feet, with two bedrooms and two bathrooms. The cheapest one-storey townhouse was priced at $533,000 and located near Hastings-Sunrise. The unit is 569 square feet and is listed as a studio but has a flex space that provides two sleeping areas in addition to an outdoor patio space.
The cheapest townhouse in Metro Vancouver was priced at $440,000 for a two-storey, two bedroom and two bathroom unit.
Mobile Home
The cheapest mobile home was sold for $85,000 in the Newton area of Surrey. It has two bedrooms and one bathroom.
