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The cheapest home in Vancouver is this $199,000 condo, but is it worth it?

And is it really $199,000?

Vancouver housing costs are notoriously high, so why is a condo on East Broadway going for a mere $199,000?

On top of that, two neighbours in the multi-building condominium complex are also selling their places for under $300,000; the trio are the three lowest-priced homes on the market in Vancouver right now according to REW.

What's even more interesting is the unit selling for $199,000 was last assessed at $257,000 by BC Assessment; often assessments are much lower than sale prices in Vancouver these days. The other two units are both selling for near, but above, what they were assessed at.

All three are two-bedroom, two-washroom condos with around 1,000 square feet of space (the smallest is 850 sq. ft.). They also have access to a communal pool, fitness centre and ping pong room.

But Vancouver's cheapest homes aren't necessarily that cheap, and come with a hitch. A couple, actually.

For those around Vancouver in the 90s and early 2000s, hearing a condo is cheap probably conjures the term "leaky condo," and that's on the mark here. All three condos are in an often reported-on complex called Gardenia Village. Two are in 2468 East Broadway, one is in 2428 East Broadway.

Perhaps the biggest catch is the levy, which is actually more than the purchase price in the case of the lowest-priced condo. While the buyer will pay the owner $199,000 for the condo (or whatever they agree upon), a levy of $201,299.45 needs to be paid as well.

Another significant catch is that buyers will have to pay in cash; there won't be any mortgages for the leaky condos. That means paying $200,000+ for a condo that will require another payment of about the same afterwards.

That's true for the entire complex, which has more units for sale (they just aren't priced as low). REW shows a total of eight units in Gardenia Village right now, ranging from $199,000 to $575,000. All but one show a $200,000+ levy will be the responsibility of the buyer and all but two have been on the market for less than two months.