"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 typically massively lower downpayment and monthly payments versus what is typically needed to purchase a similar 'Freehold' home in Vancouver.  This then 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... HOWEVER, getting conventional financing is extremely difficult (BUT, do ask me how one may qualify for this). Prices for these properties in the early 2020's range from about $400k to $1.3m.
*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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  • 4288 MUSQUEAM Drive in Vancouver: University VW House for sale (Vancouver West) : MLS®# R2869288

    4288 MUSQUEAM Drive University VW Vancouver V6N 3R7
    OPEN HOUSE: Apr 21, 2024
    12:00 PM - 01:00 PM PDT
    Open House on Sunday, April 21, 2024 12:00PM - 1:00PM
    Main Photo: 4288 MUSQUEAM Drive in Vancouver: University VW House for sale (Vancouver West)  : MLS®# R2869288
    $1,848,000
    Residential Detached
    Status:
    Active
    MLS® Num:
    R2869288
    Bedrooms:
    3
    Bathrooms:
    2
    Floor Area:
    2,062 sq. ft.
    Executive rancher on large, private treed 80 x 117 foot lot. This contemporary, newly renovated home features spacious & bright main rooms, on 1 level. Three bedrooms: primary, 2nd B/R, & 3rd large B/R without a closet however has a cozy wood burning fire place, & walk out to backyard garden oasis. Newly renovated kitchen with solid wood kitchen cabinetry & quartz counter tops, 2 luxury bathrooms with wall to wall porcelain tile, Kohler fixtures, glass enclosed showers, dining room with porcelain tile, large entryway, expansive carpeted living room with Salish rock fire place. This impeccably maintained home boasts new windows & contemporary exterior lights, paver driveway, no front steps, new garage door with smoked glass windows, professionally designed 4 season garden, red cedar fenced & enclosed back yard. Fabulous south facing level backyard is perfect for gardening & entertaining, or relax in your outdoor covered porch. Pre-paid lease until 2073. Open House Sun Apr 21st 12-1pm 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
  • 4151 MUSQUEAM Drive in Vancouver: University VW House for sale (Vancouver West) : MLS®# R2867144

    4151 MUSQUEAM Drive University VW Vancouver V6N 4A8
    Main Photo: 4151 MUSQUEAM Drive in Vancouver: University VW House for sale (Vancouver West)  : MLS®# R2867144
    $1,498,000
    Residential Detached
    Status:
    Active
    MLS® Num:
    R2867144
    Bedrooms:
    2
    Bathrooms:
    2
    Floor Area:
    2,675 sq. ft.
    Executive home at UBC. Spacious principle rooms and hardwood floors, fireplace in living room plus den. 2 bedrooms upstairs and 1 down with rec room and sauna. Kitchen with island and laundry on main floor. Double attached garage and large deck overlooking garden space. Lots of golf courses nearby and excellent private schools. More details
    Listed by RE/MAX Select Properties
    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
    $1,450,000
    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 More details
    Listed by Royal Pacific Tri-Cities Realty
    ERIC COULOMBE
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Data was last updated April 21, 2024 at 02:10 PM (UTC)
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