Scroll through the photos above and you’ll find a really old Burnaby house with a décor that is straight out of the 1960s – and not in a good way.
But you wouldn’t realize from these photos that this house on McKay Avenue in Metrotown was a secret cash machine that somebody just snapped up for $2,520,000 – which was $240,000 over the original asking price.
This after just 13 days on the market.
The reason why it’s so popular is because it’s not just a duplex – it’s actually got four total suites in it that rake in more than $75,000 a year in rental income. And, according to the listing, that income is on the low side because the tenants are long-term residents. The listing hints that an owner could easily make about $15,000 a year more if they secured new tenants at a higher monthly rent.
Of course, that means evicting the existing tenants.
The house, which is 54 years old, sits on a giant lot that is nearly 11,000 square feet so if the new owner doesn’t want to be a landlord, they could just tear the place down and build a ginormous house on the property.
The Real Estate Board of Greater Vancouver says there were 3,232 home sales last month, which equates to a 34.1% decrease from April 2021 and a 25.6% drop from the 4,344 homes sold in March of this year.
According to the report, some categories of housing saw small increases in price in Burnaby while others actually saw a decline.
Residential houses in Burnaby East hit a benchmark price of $1,276,000 last month, which equates to a 0.5% decline compared to March.
Burnaby North is at a benchmark price of 1,285,500 (+1.9% in one month) while Burnaby South comes in at $1,207,900 (+1.3% in one month).
When it comes to single-family detached homes, Burnaby East hit a benchmark price of $1,750,800 (-1.4% in one month), while Burnaby North and South both are more than two million dollars at $2,048,300 (+1.3% in one month) and $2,127,700 (+2.9%) respectively.
Two Burnaby areas saw a drop in townhouse prices with Burnaby East at a benchmark price of $816,500 (-1.5% in one month) and Burnaby South at $878,500 (-1.4% in one month).
Burnaby North saw an increase of 4.9% in one month with a benchmark price of $983,000.
- With additional reporting by Jess Balzer
Follow Chris Campbell on Twitter @shinebox44.
