A manufactured home in Metro Vancouver sold for more than half a million dollars, and tens of thousands of dollars over the listing price.
The 36-year-old double-wide mobile home has two bedrooms and two bathrooms and more than 1,600 square feet of living space, according to its listing.
It's situated in Millcreek Village, which is close to amenities such as Ikea, Superstore and Canadian Tire.
The home sold for $520,000 – $70,000 over asking.
Al Kemp, executive director of Manufactured Home Park Owners' Alliance of B.C., said this is the second time he's heard of mobile home being sold for that much.
He said about six months ago, a home in Nanaimo sold for $600,000.
"So what I've been hearing is several sales in the $350-300,000 range. And now I've heard of these two, and I'm sure there are a few more at least, that are up to $600,000 which is really quite surprising," he said.
"These homes sold for this much – they weren't listed for that," he said, adding there is a clear demand.
"Manufactured homes" include both modular and mobile homes, which are typically built in a factory and then assembled on-site. The owners of such homes have to rent or lease their padded lot, which Kemp said ranges from $700 to $1,100 monthly.
"(It’s) sort of the equivalent of the strata fee, but there's no possibility of a levy coming out of the woodwork," he said.
Mobile homes have been an attractive alternative to condos or renting an apartment because they offer the privacy and comfort of a single-dwelling home, but cost less than a condo, Kemp said.
"The way that our market is going, you know, I think the manufactured home market is going to follow the single-family dwelling market in terms of price escalations," Kemp said. "Unfortunately, from the perspective of buyers, it's simply because if I want a home and I can afford it at $500,000, then that's what I'm going to pay because it's still less than anything else."
According to REW, there are three other active listings in Millcreek Village, with asking prices that range from $360,000 to $499,000.
Kemp hopes the high prices he’s seeing will not continue to be a trend, or else people will be priced even further out of the market.
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