Contents 9 sections
If your house was built before 1980, it may be worth very little on paper, because on most Vancouver lots the land holds almost all the value. That doesn’t mean you have to rebuild. A renovation costs far less and is much faster. But if the house needs major work, rebuilding can make more sense, especially as a duplex or multiplex.
What we found
We looked at every R1-1 lot on the 2026 assessment roll, and every house renovation permit since 2017:
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51%
Of Vancouver R1-1 properties have a house worth less than 10% of the total. The land is the rest.
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$37,000
Is the median assessed value of a house built in the 1940s or 50s. The land under it is worth far more.
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$946,000
Is the median value of a house built from 2000 to 2019. Newer houses still hold real value.
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$55,000
Was the median value of a house renovation permit from 2024 to 2026. 1 in 10 was $314,000 or more.
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47 days
Was the median wait for a house renovation permit in 2026. A new house took 142.
What is your house worth on paper?
Your assessment splits your property into two parts: the land and the building. For most older Vancouver houses, the building part is surprisingly small.
On half of all R1-1 lots, the house is worth less than 10% of the total, and on a third it’s less than 5%. For houses built in the 1940s and 50s, the median house is valued at just $37,000.
- Built before 1980
T-City analysis of City of Vancouver open data: property tax report, 2026 roll · 61,095 R1-1 lots with a year built · BC Assessment values as of July 1, 2025
A low number doesn’t mean your house is bad. BC Assessment values an old house for what it adds to a sale, and buyers of older Vancouver houses are often paying for the land. But it does tell you something useful: money spent on an old house may not raise its value much.
When does renovating make sense?
- The house is newer or solid. Built after 1980, with good bones, a dry basement and a sound roof
- You want to stay put. A renovation lets you keep living there, or move out for a shorter time
- The work is focused. A new kitchen, bathrooms or a suite, not the whole house
- It’s a character house. Vancouver gives extra floor area for keeping one, and lets you add infill homes
- You want to start soon. A renovation permit took a median of 47 days in 2026
When does rebuilding make sense?
- The house needs major work. Foundation, roof, wiring, plumbing and windows all at once
- It has hazards. Asbestos, old oil tanks or vermiculite insulation are costly to fix. See what demolition costs
- You want more homes. A duplex or multiplex can turn one house into two to six homes
- The layout doesn’t work. Low ceilings, small rooms or a dark basement are hard to fix
- You plan to stay a long time. A new home costs less to heat and maintain for years
How do the costs compare?
Here’s what the main options cost on Vancouver permits and in our research:
| Option | Typical cost | Median permit time, 2026 |
|---|---|---|
| House renovation | Median $55,000 permit value. 1 in 10 over $314,000 | 47 days |
| Add a secondary suite | Median $71,000 permit value | 56 days |
| Add a laneway house | About $350,000 to $600,000 all-in | 99 days |
| Build a new house | About $1.0 million to $1.6 million, before land | 142 days |
| Build a duplex | About $1.2 million to $1.73 million, before land | 130 days |
Permit values are owners’ and builders’ estimates, so real costs usually run higher. They still show the scale clearly: even a big renovation costs a fraction of a rebuild.
Is there a middle path?
Yes. You can keep your house and add homes behind it or below it. A house can have a suite and a laneway house, which makes three homes on one lot, and you never have to move out. See adding a suite and what a laneway house costs.
If your house is a character house, Vancouver lets you add infill homes and split the old house into several homes. You keep the house you love, and add value around it.
Questions to ask before you decide
- How old is the house, and what shape are the foundation, roof and pipes?
- Do you want more homes on the lot, or just a better home?
- Can you move out for a year or more?
- How long do you plan to stay?
- What does your assessment say the house is worth on its own?
- Is it a character house the City wants to keep?
A lot check answers most of these questions. We tell you what the lot allows, and roughly what each path would cost.
Sources
Every outside figure traces to one of these pages, all opened on October 19, 2026. T-City’s own analysis uses the City of Vancouver open datasets. Rates and fee schedules change, so we recheck them for your lot during feasibility.