Musqueam Overview: June 28th, 2017
Musqueam is a unique area located on the South Western part of Vancouver’s West Side. This section of land is owned by the Musqueam Indian Band. Musqueam is located close to Pacific Spirit Park, UBC, schools, walking trails and Dunbar and Kerrisdale shopping districts. Approximately 10 to 15 minute drive from Downtown Vancouver and 10 minutes to the airport.
Musqueam contains both Prepaid and Non-Prepaid Leases.
Salish Park: Prepaid Leases:
Approximately 144 homes which are prepaid leases. The prepaid leases are leasehold properties with the term of the lease ending in 2073. There are no annual Lease payments. Financing is available from traditional banks or other lending institutions. A minimum down payment required for a prepaid lease would be approximately 30%. The homes in this section are large family homes on large lots, many with pools and provide many of the same features as non-prepaid leases. At this time, the average price range of a prepaid lease is $800,000 to $1,600,000. The prepaid leases are located in the Southern section of the Musqueam Lands with a select few overlooking the Fraser River.
Musqueam Park: Non-Prepaid Leases:
Approximately 74 homes are non-prepaid leases. The non-prepaid leases are leasehold properties with the term of the lease ending in 2064 and are subject to periodic increases every 20 years. The last increase was in 1995 and the following increases will be in 2015, 2035 and 2055. The average lease payment since 1995 for a non-prepaid lease has been approximately $10,000. The new annual lease payments have been recently decided and most homes range from approximately $20,000 to $30,000. It is remains difficult to obtain financing from traditional lending institutions such as banks or credit unions. Most people that purchase non- prepaid leases do so as cash buyers, or through private financing. Non-prepaid leases provide a wonderful standard of living for families at an affordable cost compared to the typical high pricing of freehold properties in Vancouver. Many of the homes are on large lots with big back yards and many with outdoor pools. At this time, the average price range of a non-prepaid lease can fall anywhere from $300,000 to $800,000.
Some key differences between prepaid leases and non-prepaid leases is the term of the lease, whether there is an annual lease payment and the ability to acquire financing.
Access all properties currently for sale in this beautiful neighbourhood, by clicking here.
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