East Vancouver home's $1M listing price could 'cause a riot,' realtor says
The unusually low listing price for a detached home in East Vancouver that features both a basement suite and laneway house is raising eyebrows online.
The six-bedroom, six-bathroom property on Fleming Street is being advertised for just $1 million – something local realtor Jimmy Ly said would likely attract a frenzy of desperate prospective homeowners.
"What the sellers are doing to this house is going to cause a riot," Ly said in a viral TikTok video.
"Like I understand listing below market value, but this?"
The property is located in the Kensington-Cedar Cottage neighbourhood in East Vancouver, where the benchmark price of a detached home was $1.74 million last month, according to the Real Estate Board of Greater Vancouver.
That benchmark is just below the home's appraised value, as of the most recent assessment.
The listing, which was posted last week by YVR International Realty, promises "high rental income and cash flow" between the basement unit and laneway house.
It also boasts some unique bells and whistles, including an eye-catching mural on the front of the property from local artist Juan Pablo Zamudio Cazares.
In another TikTok video, Ly suggested listing the home at $1 million could contribute to what he sees as an erosion in the public's trust in realtors.
"My problem with this is that it wastes so much of people's time and it gives us realtors – who already have a bad rep with the public – an even worse reputation," Ly said.
"At this point, they might as well list it at 100K, 500K, doesn't even matter."
Speaking to CTV News on Thursday, Ly stressed that he didn't post the videos to criticize a particular realtor, but to highlight what he believes is an issue within the industry.
"This type of practice creates kind of a false narrative about the real estate market's prices, and it really leaves buyers disheartened, disappointed – hopeless, really," he said.
Based on his experience, he estimated the property could easily sell for double the listing price.
"If I were to buy it, hypothetically, I would pay $2 million," Ly added.
The realtor from YVR International Realty who represents the listing declined an interview with CTV News, but said the property attracted more than 200 groups at an open house last weekend.
While real estate prices in B.C.'s Lower Mainland remain high, the market has been cooling over recent months following a series of interest hikes from the Bank of Canada.
Home sales in the Vancouver area last month were down 9.8 per cent from August, and down a whopping 46 per cent compared to September 2021.
Compared to the 10-year average for the month, they were down 37.5 per cent.
The benchmark price for all types of property was around $1.16 million, which represents an 8.5 per cent decline over the past six months, according to the Real Estate Board of Greater Vancouver.
With files from CTV News Vancouver's Lisa Steacy
CTVNews.ca Top Stories
Half of Canadians have negative opinion of latest Liberal budget: poll
A new poll suggests the Liberals have not won over voters with their latest budget, though there is broad support for their plan to build millions of homes.
opinion Why you should protect your investments by naming a trusted contact person
Appointing a trusted person to help with financial obligations can give you peace of mind. In his personal finance column for CTVNews.ca, Christopher Liew outlines the key benefits of naming a confidant to take over your financial responsibilities, if the need ever arises.
'One of the single most terrifying things ever': Canadian couple among tourists on sinking sailing boat tour abroad
A Toronto couple are speaking out about their “extremely dangerous” experience on board a sinking tour boat in the Dominican Republic last week.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
Ottawa injects another $36M into vaccine injury compensation fund
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
An Ontario senior called Geek Squad for help with his printer. Instead, he got scammed out of $25,000
An Ontario senior’s attempt to get technical help online led him into a spoofing scam where he lost $25,000. Now, he’s sharing his story to warn others.
Accused of burglary at stepmother's home, U.S. senator says she wanted her father's ashes: charges
A Minnesota state senator and former broadcast meteorologist told police that she broke into her stepmother's home because her stepmother refused to give her items of sentimental value from her late father, including his ashes, according to burglary charges filed Tuesday.
Twins from Toronto were Canada's top two female finishers at this year's Boston Marathon
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.