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Vancouver real estate listing has parking lot for sale...at $45,000

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Normally, real estate property listings include homes or condos, but in this case someone is looking to sell a different type of property: a parking lot.

The listing on Realtor.ca says the commercial parking lot is located near Rogers Arena, in downtown Vancourver, B.C., for a whopping price tag of $45,000. And you don’t have to be owners of any building in order to buy this space.

“I’m not surprised parking lots are for sale,” Andrey Pavolv, a professor at Simon Fraser University’s Beedie School of Business, told CTV News. “I’m a little bit surprised by the price […] I think it’s clearly way above construction costs.”

While the price may be high, the reality is that parking spaces are a hot commodity in the city.

“It’s quite an anomaly actually,” Richard Collins of Prompton Real Estate, the agency overlooking the sale, told CBC News. “I think it’s taken people by surprise that there is actually a market for parking stalls.”

Collins told CBC News it’s not unusual for parking spaces in Vancouver to sell for up to $50,000, with luxury spots going up to $120,000.

The current trend indicates that people living in the downtown core choose to leave their car behind to help subsidize astronomical real estate costs. As a result, many are selling their parking spaces.

And just like homes it’s all about the location.

According to CTV News, the higher up and closer the parking lot is to the garage door the more its worth.

“Because of course you are out in two minutes as oppose to out in four minutes,” Collins told the news outlet. “That sure is a selling feature.”

And just a heads up for the new owner: the maintenance fees and taxes will need to be covered by you.