Ah, the three-storey walk-up …
The nadir of architectural design in the 20th century, built by the hundreds (if not thousands) in Vancouver from about 1945 to 1955.
According to the Goodman Report, the newsletter of the dominant realtor for these buildings in the region, the typical 15-to-20 suite apartment currently sells for between $100,000 to $190,000 per unit, depending on location – or appoximately $2 million.
For the last three decades, these buildings have been a reserve of lower-middle-income affordable rental housing. And since they were built as rental units, they can’t be converted easily to condominium – and indeed, can’t compete with the newer housing stock that provides built-in laundry, parking for every unit, lots of electrical outlets, decent plumbing, etc. This combination had kept a ceiling on the rents achievable by landlords, who, so long as they get a reasonable cash flow, have had no incentive to sell since they would then incur a capital gain.
When the real-estate market was hot in the late 1980s, these buildings were being targeted for demolition and replacement by luxury condos. In Kerrisdale, the eviction of long-term elderly tenants created a political nightmare for the NPA under Mayor Gordon Campbell. Low-rise apartments were being replaced by highrise condos with less units. Result: population density reduced, housing affordability lost, views compromised, tenants distressed, neighbours angry, politicians unhappy. Pretty much a lose-lose all the way around.Read more »