'Like a little condo on the water': A look at the cheapest property on the market in North Vancouver

This photo shows the exterior of a boat that has been converted into a float home. (Image credit: teamtaylorrealty.ca)

At $275,000, it's the cheapest property on the market in North Vancouver right now – nearly a third of what the average condo in the region costs. And it's a detached home with a rooftop deck that's right on the water, literally.

At first glance, the property at Mosquito Creek Marina looks like a boat, but realtor Doug Taylor says it's got no motor or steering wheel and is classified as a float home. With so much of the value in Metro Vancouver's pricey real estate market tied to land, homes on the water are often relatively affordable options.

Another reason this particular dwelling is priced so low is that it's small, measuring just 336 square feet. That puts the price per square foot at about $818. According to the Real Estate Board of Greater Vancouver, the average price per square foot for a condo last month was $937.

Taylor says the boat was renovated by a friend who originally wanted to convert it to an office space, but decided to make it a tiny home instead. A queen bed is tucked into what would have been the boat's bow, there's room for a kitchen table with two chairs, a couch, a TV and a small workspace.

"It's compact, but it's all there on the main floor," Taylor says. "It's kind of like a little condo on the water."

The rooftop deck has been enclosed so it can be used more often in the rainy climate, and there's an electrical outlet to plug in a heater, if needed.

It lacks a couple of the features of a more conventional home, the kitchen doesn’t have a stove or oven and the bathroom only has a shower. Storage is available, but limited. There's no washer or dryer, so laundry would have to be done at the marina's laundromat.

This photo shows the interior of a boat that has been converted into a float home. (Image credit: teamtaylorrealty.ca)

Taylor also notes that buying the float home does come with some additional costs and a couple of caveats. The owner would have to pay a moorage fee of roughly $1,000 a month, which covers the cost of waste disposal, water and hydro. Taxes of $1,666.40 will also be due for 2023.

The moorage agreement has to be renewed annually, and while Taylor says it has been for the past 50 years – he does note it's something any would-be owner should be aware of given that it introduces an element of uncertainty. Financing options are also limited, with only two prospective lenders offering a mortgage.

This photo shows the rooftop deck of a float home in North Vancouver. (Image credit: teamtaylorrealty.ca)

Taylor has lived on a float home at the marina for the last decade and he loves it, which helps when selling the lifestyle to others. Sunset views of Vancouver's skyline, the ocean breeze and daily glimpses of herons, otters and other marine life are some of the perks he points out. But it's also a short walk to Lonsdale Quay and the SeaBus to downtown.

"It's very quiet and peaceful. It really feels like you're at the cottage when you're in the city," he says.

Of the roughly 50 people who live there, Taylor says the majority are "boomers" who have downsized, with a few younger people in the mix. Instead of block parties, they have "dock parties."

"It's a very laid-back feeling, everybody gets along," he says.

While there has been some interest in the listing so far, Taylor says no offers have been submitted. All the furniture is included in the price.