Ever wonder what it's like to lose $1 million dollars? Well, let me show you how... Here in Vancouver, a 60 year old tear down shack can often sell for $1.4 million or more, so I thought I would regale you with a tale of some who bought an average home, in an average neighbourhood and lost $1 million dollars!
For many years, the Vancouver housing prices looked like this: the single detached prices are the blue graph on the top.
But, for those who bought recently, the party seems to be over.
Let's take a look.
This home at 6210 Buckingham Drive, isn't even in one of the coveted neighbourhoods like West Vancouver or Shaunessey, in fact it's in Burnaby, just a few miles from Metrotown.
Built in 1967 this home sits on a 10,800 sq foot lot and was bought on April 26, 2016 for $3.11 million dollars.
It was sold recently in 2019 for $2.1 million dollars. This is a loss of over $1 million. The loss is even more when you factor in legal expenses and real estate commission.
Many people who bought in 2016 are losing hundreds of thousands of dollars.
Nobody in government or the real estate industry want to consider that the party might be over soon here in Vancouver.
Could you take a $1 million dollar loss on a 52 year old house? What is a house worth where you live?
Put your comments down below on this madness.
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