Long gone are the days when one can buy a detached home in Vancouver for less than a million dollars.

But if price were the only consideration, a determined buyer can find one below this psychological level.

Let’s take 5 Sennok Crescent as an example.

The property has a 2021 assessment of $2,379,900.

The rancher with basement home recently sold for only $727,000.

Not only does the single-family residence include four bedrooms and four washrooms.

It also comes with a patio, pool and hot tub, which listing agent Dexter Realty described as “perfect for entertaining”.

The property is located near the Shaughnessy Golf and Country, UBC, Southlands, Kerrisdale, and Dunbar.

It was listed on September 24 for $828,000.

What’s the catch?

The listing states that the home is a non-prepaid lease property.

The annual lease payment is $21,008.

As well, the lease is subject to increases in 2035 and 2055.

Was the $727,000 deal a good one considering that the buyer also has to pay an annual lease of $21,008?

Well that depends on who’s talking.

Houses in the neighbourhood that are not on leasehold land list for anywhere between $4 million to $20 million.

The lease for 5 Sennok Crescent ends in 2064.