Craigslist ad offers 'free' home in Shangri-La tower in Vancouver, but there's a catch

A Craigslist ad promises to turn over a unit in the Shangri-La tower in downtown Vancouver to anyone willing to assume the mortgage debt.

Vancouver — An unusual Craigslist ad promises a "free" home in the Shangri-La tower in downtown Vancouver, but it comes with a pretty huge catch.

The one-bedroom, one-bathroom unit is said to be 677 square feet and located on the north side of the luxurious Alberni Street skyscraper. It also apparently comes with a parking stall.

And according to the Craigslist post, someone can take over the home for "no money down" – provided they assume all of the current owner's debt.

"There is essentially no equity left," the ad reads. "However, if someone wants to simply assume the debts I am happy to give the unit away."

Conspicuously, the post does not specify how much debt there is, only that the owner has multiple mortgages.

It's also unclear whether the offer is real. The poster has not responded to multiple requests for comment from CTV News, and the attached pictures are generic images of the Shangri-La.

Even if the ad is legitimate, Vancouver realtor Steve Saretsky said anyone interested in taking over the unit should definitely do their homework.

"Obviously it's nice to assume the property," Saretsky said. "I just don't think there's any such thing as a free lunch."

It's possible the debt outweighs the value of the home, or that there's a private mortgage with a higher interest rate attached.

The realtor noted there's also the property transfer tax to consider, which is determined by the home's market value and not the sale price.

"You can assume you're still going to have to pay your fair portion of property transfer tax," said Saretsky, who estimated it could be around $18,000.

The ad specifies "no brokers, no agents, no time wasters," but Saretsky encouraged anyone seriously considering the offer to consult with a professional.

"Obviously you're going to need a lawyer to review the title and check out the valuation," Saretsky said.