03/14/2016 06:36 EDT | Updated 03/15/2016 11:59 EDT

Fire-Damaged Vancouver Home Hits The Market For Nearly $2 Million

A burnt-out home in East Vancouver that isn't even safe to enter has hit the market for almost $2 million.

east van fire house

The house caught fire at around 4:30 a.m. on March 4, reported CTV News. It was vacant at the time, and firefighters saved the structure from collapse.

Its listing, however, still comes with a "do not enter" warning — and confirmation that the seriously damaged three-bedroom house will be knocked down by its buyer.

east van fire house (Photo: YouTube)

The value of the property comes with its 6,000-sq.-ft. corner lot, which is a stone's throw from the bustling Commercial Drive area as well as several schools.

The land had an assessed value of $1.4 million in January, while the house itself was worth about $63,000.

Record-shattering real estate

The B.C. Real Estate Association said the average residential price in the province went up to $769,400 in the first two months of 2016 — an increase of nearly 24 per cent.

"Housing demand is now at a break-neck pace,'' said Cameron Muir, the association's chief economist.

More homes were being built across B.C. in February, but Muir estimated a record pace for housing starts would not outstrip demand any time soon.

With files from the Canadian Press

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