Short term rentals allowed in downtown Vancouver condo sparks local debate

In Vancouver, Canada, a condo unit located at 188 Keefer Place was recently sold after being on the market for just 37 days. This two-bedroom unit, measuring 908 square feet, was purchased by a young family in 2011 for $498,000. The family decided to sell their unit to upsize within the same building, which is known as Espana. The sale was finalized on September 4, 2024, for $878,000, demonstrating a significant increase in property value over the years. Buyers were particularly attracted to the building due to its allowance for short-term rentals, a rarity in the Vancouver real estate market. Listing agent Ian Watt noted that this feature significantly increased interest among investors who are keen on generating cash flow. Although the property may require some cosmetic updates, its well-designed floor plan and advantageous location near the Stadium SkyTrain station contributed to its desirability. The Espana building was constructed in 2009 and offers various amenities including 24-hour security, a pool, hot tub, gym, and pet-friendly policies. It has become a preferable choice for investors seeking to capitalize on rental opportunities, especially as cash flow avenues in Vancouver have become increasingly limited due to stricter regulations on rentals. The building's ability to permit platforms like Airbnb under specific conditions only enhances its appeal. Despite the perks, it's worth mentioning that many potential investors still face challenges in maximizing their returns due to the high costs associated with Vancouver's real estate market. The significant drop from the initial asking price of $898,898 to the selling price indicates pricing volatility as well. As the urban landscape continues to evolve, the demand for properties like this one serves as a barometer for the overall housing market health in Vancouver.