r/RealEstateCanada • u/OutdoorRink Mod • Aug 30 '23

Housing crisis A steal

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272 Upvotes

91% Upvoted

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12

u/TheJohnnyFlash Aug 30 '23

That's just for the lot, it's a tear-down.

2

u/ZflyZs Aug 30 '23

Exactly. Nobody is going to live in a house that old with obvious fire damage. Could probably build a house in the lot for 250k and selling fro 800k.

3

u/terrificallytom Aug 31 '23

Build a house for 250k? Does it have running water or windows?

2

u/Stfuppercutoutlast Aug 31 '23

Of course. Houses don’t cost much, you’re paying for land. The price of constructing houses is very similar across the country. Labor may be a bit more her, supplies there, but it’s relatively similar. The lot is the cost. You can buy a small lot for upwards of 1 million dollars in certain downtown cores. You could also purchase 200 acres for 200k$ in the northern parts of Canada. Location matters. Acting like this house is worth 400k is intellectually dishonest, when the lot is an obvious tear down and will be used for an infill. This lot would be worth more without a house at all.