"What's with those low PRICES?": Understanding the value of Musqueam Leasehold

Home is an expense FIRST, and an investment SECOND

With this quote in mind, it's easier to understand the unique value proposition of these properties (prepaid and non-prepaid Musqueam Leasehold houses). 

*SCROLL DOWN TO VIEW CURRENTLY AVAILABLE HOMES*

By purchasing this type of ownership, it's reasonable to think of it as creating your own flexible-term decades-long tenancy at a somewhat 'fixed' and inflation-protected low rental rate.  This means potentially massively lower downpayments and monthly payments versus what is typically needed to purchase and own a similar 'Freehold' home in Vancouver.  The suggestion is that this creates significant opportunity for investing elsewhere (call me biased, but how about cash-flowing investment real estate...)

How does it work? Well, this depends on whether you're purchasing 'prepaid' or 'non-prepaid' leasehold. Let's break down the differences:

  • Prepaid Section: south of the Shaughnessy Golf and Country Club, along Yuculta and Staulo Crescent, Musqueam Drive, and the west side of 6303 to 6598 Salish Drive. The leases here all expire in 2073 with NO monthly or annual lease payment, as they have all been 'prepaid'. You will pay annual property taxes that are roughly in line with what a similar freehold property on the westside would pay. Numerous major banks will conventially finance these with similar terms to those offered on freehold properties. Price ranges for these properties in the early 2020's range from about $1.1m to $2m.
  • Non-prepaid Section: between the golf club and S.W. Marine Drive, along Salish Drive (4107 to 4450) and on 5 crescents (Halss, Tytahun, Tamath, Sennok, and Semana), plus along Kullahun Drive. The leases here all expire in 2064 with annual lease payments of roughly $22,000 to $28,000. You will also pay annual property taxes as the Prepaid section does. HISTORICALLY, getting conventional financing has been very difficult; however, I have personal experience obtaining this, so do ask me how one may qualify if curious. Prices for these properties in the early 2020's have ranged from about $500k to as high as $1.7m.
*NOTE: there are only a few hundred homes in this very unique neighborhood, therefore it is not unusual to see no active listings at times. Please reach out for a list of recently sold homes if you would like to get an idea of current market prices.

Prepaid and Non-Prepaid Leasehold houses at UBC

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  • 4106 STAULO Crescent in Vancouver: University VW House for sale (Vancouver West) : MLS®# R2905897

    4106 STAULO Crescent University VW Vancouver V6N 3S2
    Main Photo: 4106 STAULO Crescent in Vancouver: University VW House for sale (Vancouver West)  : MLS®# R2905897
    $1,850,000
    Residential Detached
    Status:
    Active
    MLS® Num:
    R2905897
    Bedrooms:
    5
    Bathrooms:
    6
    Floor Area:
    4,313 sq. ft.
    Every once in a while you find a true gem on a corner lot with great privacy. Large principal rooms with special details including wainscoting, gorgeous flooring, beautiful lead glass windows, fireplaces all make this your dream home. Living room with large bay window, formal sized dining room, sunken family room, and kitchen with slider doors opening onto a large east facing deck. Enjoy the stunning landscaped gardens in both front and back. S/S appliances, granite counters, large pantry and laundry/mud room. Plenty of space on 3 levels with 5 bedrooms, 6 bathrooms, nanny/in-law suite and double garage. Located close to Dunbar and Kerrisdale shopping districts, great schools, UBC and Pacific Spirit Park walking trails. Prepaid Lease until 2073. More details
    Listed by Dexter Realty
    ERIC COULOMBE
  • 4288 MUSQUEAM Drive in Vancouver: University VW House for sale (Vancouver West) : MLS®# R2895797

    4288 MUSQUEAM Drive University VW Vancouver V6N 3R7
    Main Photo: 4288 MUSQUEAM Drive in Vancouver: University VW House for sale (Vancouver West)  : MLS®# R2895797
    $1,798,000
    Residential Detached
    Status:
    Active
    MLS® Num:
    R2895797
    Bedrooms:
    3
    Bathrooms:
    2
    Floor Area:
    2,062 sq. ft.
    Pretty SOUTH facing, designer landscaped. Renovated home on a LARGE 80 x 117 sqft lot. Executive Rancher. Spacious rooms, private & bright all on 1 level! New windows, doors, driveway, garage door, pot lights, newer asphalt roof, 2 fireplaces, renovated bathrooms w/Kohler fixtures. Well maintained, renovated & features an updated kitchen, w/ high end wood cabinets, 3 large bedrms (1 bedrm does not have a closet), dining room, eating area, expansive living/family rooms. Fabulous south facing garden, red cedar fence, perfect for gardening & entertaining, or relax in your outdoor covered porch. Close to UBC, Crofton, St. Georges, Shaughnessy Golf Course, Pacific Spirit Park & Kerrisdale. Point Grey catchment. Quiet location. Pre-paid lease until 2073. More details
    Listed by RE/MAX Crest Realty
    ERIC COULOMBE
  • 4161 YUCULTA Crescent in Vancouver: University VW House for sale (Vancouver West) : MLS®# R2868231

    4161 YUCULTA Crescent University VW Vancouver V6N 4A9
    Main Photo: 4161 YUCULTA Crescent in Vancouver: University VW House for sale (Vancouver West)  : MLS®# R2868231
    $1,980,000
    Residential Detached
    Status:
    Active
    MLS® Num:
    R2868231
    Bedrooms:
    4
    Bathrooms:
    3
    Floor Area:
    3,295 sq. ft.
    Step inside this mid-century modern inspired 4 bed, office and 3 bath backing onto Shaughnessy Golf course. Beautifully updated while balancing the exquisite design of the past with a Poggenpohl kitchen, wood vaulted ceilings and carefully placed window details to capitalize the natural light and lush green surroundings. Catch the golfers walk by while sitting on your deck taking in the tranquil scenery. Crofton and St. George's not far away, driving ranges, parks, UBC the list goes on. Double car garage with additional parking available and plenty of storage. More details
    Listed by Homelife Benchmark Realty Corp.
    ERIC COULOMBE
  • 5 TAMATH Crescent in Vancouver: University VW House for sale in "MUSQUEAM PARK" (Vancouver West) : MLS®# R2865134

    5 TAMATH Crescent University VW Vancouver V6N 2C8
    Main Photo: 5 TAMATH Crescent in Vancouver: University VW House for sale in "MUSQUEAM PARK" (Vancouver West)  : MLS®# R2865134
    $1,290,000
    Residential Detached
    Status:
    Active
    MLS® Num:
    R2865134
    Bedrooms:
    9
    Bathrooms:
    5
    Floor Area:
    4,630 sq. ft.
    Located at safe Musqueam Band lease land. Well maintained 4600 sqt 2 level home with more than 300' updates include: fully renovated kitchen with Mele appliances, new flooring, new entrance door, New mater bathroom. painted exterior. Dining room opens to large sundeck & garden. Kitchen with centre island & eating area 3 bedrooms two full bathrooms on the main floor. Separate entrance suites for grown up children on the basement . Close to Shaughnessy golf club. Easy access to UBC campus. Lease non prepaid till 2063. Open house Sunday May 26th 2:30 ~4:30. More details
    Listed by Royal Pacific Tri-Cities Realty
    ERIC COULOMBE
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Data was last updated July 17, 2024 at 04:10 PM (UTC)
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