$1,198,000

4 Bedrooms

4 Bathrooms

1,407 Square Feet

Year Built: 2020

East Vancouver

Brand new 4 level with legal basement suite front 1/2 duplex featuring the ideal floor plan with 4 Bedrooms and 4 Bathrooms. Upstairs consists of 3 bedrooms with 2 bedrooms on the second floor and the third bedroom on the 3rd floor. Arrive through the front secured gate into your private front yard that is ready for you to enjoy during summer! Once you enter the main floor you will notice 9 foot ceilings with an open concept kitchen, living room plus a cozy feature fireplace. Legal 1 bedroom basement with separate entry. Convenient location offers a quick walk to parks, schools and transit!

AFFORDABILITY

Townhouses and duplexes that have income suites like this one become much more affordable than properties without them. Let’s look at two examples:

Scenario 1: At a price of $1,198,000 a monthly mortgage payment works out to be $3,440 with 20% down. As the property is a half-duplex, there are no monthly strata fees, and the duplex has a rental suite which brings in $1,000/month. This means the homeowner is paying $2,440/month in housing expenses.

Scenario 2: At a price of $750,000 a monthly mortgage payment works out to be $2,153 with 20% down, and the property would have a strata fee of about $400/month, making total monthly expenses $2,553.

In Scenario 1, the buyer ends up paying less each month, and would get about a property with almost twice as much square footage. Over the 5-year term of the mortgage, the buyer in Scenario 1 also builds $126,000 in equity, compared to $79,000 in Scenario 2 at no extra monthly expense to them. That’s 60% more equity over the term.

ABOUT THE AREA - EAST VANCOUVER

East Vancouver has a strong geographic and community identity. This identity is about a diverse community living together within a dynamic urban neighbourhood. This diverse identity is strengthened by many active ethnic communities, a vibrant artistic presence, and a politically engaged youth population.

The artistic identity is reinforced by events at the Vancouver East Cultural Centre, a community poetry anthology ("East of Main"), the Eastside Culture Crawl, and "the Drift", an annual event where local artists present their work centred around Main Street.

Mayor Sam Sullivan's plans for increased population in Vancouver with "ecodensity" includes coach houses and densification plans via zoning changes mainly for the East Side.