It's a leasehold.

Any idea why? Is it a bad neighborhood or something?

I went to daycare apparently down the street from this house lol.

Champlain heights was/is considered one of the bad hoods social housing of east van.

Dt, Killarney yo. Where dem crazy car killers come from.

I think it's a lease from the city? Not sure about this though. I know that area is mostly leasehold so obviously it's the people who can't afford freehold. I wonder when the lease ends. But would you really want to own a 50y old townhouse, you're just asking for special levies and everything is so dated. Also no resale, appreciation.

Oh shit.

I remember a kid in my class threw another kid off the top of the jungle gym. That explains that.

Hmm well that's good, it seems then I have acquired some street credits, for going to daycare in a bad neighborhood!!

At Telus I worked a lot in Champlain, that area with that duplex is pretty ghetto. Lots of that type of old development, long time residents, horders, just generally run down developments approaching the end of life.

That one in the listing is day is one of the better developments in the area with more normal people

Champlain and Skeena -- Vancouver's only actual "hoods".

The thing with older developments, and older leasehold strata developments, the entry price is low. Back 50 years ago, SFH in the area would have been cheap for today's prices, that townhouse would probably carry a mid 5 digit sale price, possibly lower. It attracts a certain crowd.

Historically there are also quite a few foreclosures in the area. We looked at one in around 2015 when we were looking to buy our first place. IIRC the asking price was 220k, but the unit was gutted and in very poor state. I can't imagine having some one like that as a neighbour

https://www.ctvnews.ca/vancouver/art...s-up-for-sale/

For 11 years, she probably pays less than $2k to rent the whole house....it's time to gtfo and work like the rest of us, hon.

The article is kinda misleading. Even if she didn't sign the agreement, they could've still served her notice for 3 month eviction, 1 month free rent anyway. It's not really buying her that much time. And the new owners only have to wait 6 months to relist for rental, but that place looks like a damn tear-down anyway.

The new owner must actually live in the property for at least 12 months, or be subject to 12 month rent compensation penalty

I don't see any benefit to tenants voluntarily moving out on notification that their house is selling. At best the new owners may not want to move in, at worst, like you said they're out in 3 months anyway (which only begins after sale agreement is finalized, all conditions fulfilled and subjects removed).

That being said, the comments of the TRAC lawyer in the article bother me:

Saying tenants "have leverage" is stupid. It implies they can somehow stop or mess up the sale, or prevent the new owners from moving in, or make compensation demands greater than what's allowed in the RTA.
Provided everything is done by the book between the former and new owners, the tenant has no leverage in the situation.

He wants to make sure he gets paid a little each time a tenant consults him. Sounds like wants to encourage more of an unofficial "buyout" for the tenant to leave earlier than necessary.

https://www.rew.ca/properties/1115-e...-vancouver-bc#

lol "needs painting, bathroom, etc...." I also like how they used a scanned photo from the 90s

Handyman special! It's also directly T-intersection with Ross Street, so terrible for Feng Shui.

Wonder what Hondaracer thinks of this place... :lol

holy crap.. that place looks like a dump LOL...

Can't tell what's more janky. The house? Or the real estate agent's description.

Why would you even bother with photos?

Interior aside, it seems like a pretty good deal for $1.5m in the middle of Vancouver and it being only 30 years old. Tear down 70-90 year old buildings are asking just as much

Typical Guangdong hoarder house !!! Argh I can smell the sui yok fan permeated walls from here.

Cleaning my grandparents house was so bad, found so many unused towels and bedsheets/blankets when the same old ones were reused for decades. Likewise for random utensils and pots/pans. Also, carpets are brutal, clothing moths were everywhere.

It's a court order sale