Vancouver real estate: century-old Downtown Eastside SRO listed at $1.4M
Real estate agent says the 2,600 sq. ft. home at 320 Union St. has 'development possibilities'
A 110-year-old character home with a single room occupancy designation in the Strathcona neighbourhood of Vancouver's Downtown Eastside is on the market and listed at $1.4 million.
The 2,600 sq. ft. house at 320 Union Street has been vacant for the past decade and is in need of major renovations.
However, Stonehouse Team Real Estate agent Shawn Gregory said the home has development possibilities.
"A lot of people come to buy these homes that are in need of some attention and make them modern inside."
Gregory said the neighbourhood is changing and people are taking notice.
"I think a lot of people are moving into this neighbourhood because it is a hidden gem and people are now discovering it. It's absolutely booming."
Up-and-coming neighbourhood
Strathcona Residents Association chair, Elana Zysblat, said the listing doesn't surprise her.
"I'm not shocked. It is in line with recent prices we've seen in the neighbourhood."
She added that developments such as Tinseltown and the proposed relocation of St. Paul's Hospital have pushed land prices up.
"It's becoming unaffordable for new families to come in and it's hard for families to maintain their mortgage."
Zysblat hopes anyone who purchases the house will keep the SRO designation to help the area remain affordable.
Vancouver's Downtown Eastside stretches from Victory Square to Clark Drive, according to the City of Vancouver.
The term "SRA unit" is more encompassing and inclusive than "SRO unit" as the former includes non-market units and small self-contained units.
With files from the CBC's Tina Lovgreen