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I clearly fail to appreciate the intricacies of the Vancouver real-estate market.

This threw me too when I moved to Toronto. You'll sometimes see places like that on sale for huge sums here as well. It's an interesting example of different assumptions at play. Someone familiar with the UK market will see that and think, what 1M for a hut? A Canadian however will think, 1M for a big building plot. Planning rules are very different here and it's way easier to get permission to build a big f*ck off house in a space where there used to be a bungalow than it would be in the UK. Have a look around this area on street-view to see what I mean - most of these houses would have been built on plots that would once have had bungalows on them but there's a few of the old houses left as well:

street view

Edit: added direct link. Why doesn't <a well known web site that shrinks big urls into small ones> work on here?

Edited by tbatst2000
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