A recent report highlights Canadian housing unaffordability by showing how it is “almost impossible” to find a home for less than $200,000.

“Although not the lowest figure, $200,000 (about one-quarter of the average national home price) is a suitable reference point to gauge the share of what is now referred to as an ‘affordable listing’,” Point2 Homes noted in its May 24 report.

The Saskatoon-based digital platform for real-estate searches stated that the “reality is that $200K isn’t enough to land a home in almost any of Canada’s most coveted cities”.

“In fact, only about 10% of all homes for sale in Canada are less than $200K — and very few of them are in major cities, where median home prices are exploding,” Point2 Homes reported.

Moreover, “data shows that housing options for less than $200,000 are incredibly scarce in the top 50 largest and most expensive cities”.

“These needles in the haystack account for less than 1% of the entire stock for sale,” Point2 Homes stated.

There is none in Vancouver and Burnaby.

In Surrey, homes priced at less than $200,000 account for just 0.46 percent of homes for sale, and Point2 noted that most of them are manufactured homes.

In Abbotsford, it’s 0.26 percent, and in Richmond, it’s even less at 0.17 percent.

The Straight went looking for the needle in the haystack, and found one in Richmond.

That would be Sussex Square, a low-rise development in Richmond’s Granville neighbourhood.

It's a complex of three-storey buildings located at 7180-7280 Lindsay Road.

Sussex Square was built in 1974, and it has 216 units, based on information from the condos.ca site.

Ownership is leasehold, which means that the owner can use the property for a long, but limited, period of time.

The lease has also been pre-paid.

In the case of Sussex Square, the leasehold has been paid in advance until 2087.

On May 4 this year, a one-bedroom unit at the building listed for $199,000.

The 208-7220 Lindsay Road condo spent seven days on the market, and it sold on May 11 for $194,000.

“This is one sweet suite!” the listing said about the 634-square-foot overlooking a neighbourhood school park.

Previously, on March 3, another one-bedroom unit at Sussex Square at 108-7280 Lindsay Road sold for $190,000.

This 622-square-foot unit is located on the ground floor, and it had an asking price of $197,000.

Prospective buyers may want to check out 106-7240 Lindsay Road.

The one-bedroom unit listed on May 17 with an asking price of $199,000.

This Sussex Square offering expires on August 15, 2022.

There are also two-  and three-bedroom units at the condo building, and are available for less than $300,000.

In a previous interview, Vancouver realtor David Hutchinson indicated that leasehold offers a more affordable way of getting in the real-estate market.

“What’s a good deal?” Hutchinson asked in a July 11, 2021 report by the Straight. “It all goes into doing your due diligence, and finding the right fit for you and your budget, and how much you'd like to take on.”

When told about Sussex Square, the Sutton Group-West Coast Realty agent noted that leases at this building expire in 2087 compared to 2073, the year when most leaseholds expire in the West End neighbourhood of Vancouver.

The West End is home to many leasehold properties in Vancouver.

Hutchinson also noted that prices in Richmond are a lot more affordable compared to Vancouver.

“It really depends which location works best for you because both options provide affordability in an expensive market,” Hutchinson told the Straight.

To show an example, Hutchinson cited the March 22, 2022 sale of 1003-1330 Harwood Street in the West End.

The studio property measuring 430 square feet sold for $302,888.

The monthly maintenance fee for 1003-1330 Harwood Street is $321.80.

The maintenance fee for 208-7220 Lindsay Road is higher at $450.56, but covers property tax, water, heat and hot water.

“I have many clients that have bought and sold West End leasehold properties because they're affordable, and also provide a good return as an investment,” Hutchinson said.

Hutchinson also mentioned another thing to consider about leaseholds.

“Typically, banks require a higher down payment for leasehold properties, which is normally about 35 percent down,” Hutchinson said.

Bottom line: “Leaseholds aren't for everyone, but they can work quite well for the right buyer.”