Video by Sam Batson on Pexels
Vancouver is taken into account some of the fascinating—and some of the costly—locations to reside in Canada. It’s a coastal metropolis and a significant vacationer vacation spot, related to the northern and southern ends of British Columbia by the Sea-to Sky-Freeway, and to japanese B.C. through the Trans-Canada Freeway. The western a part of town is house to Stanley Park, the Robson and Alberni road procuring districts, and Davie Village (the guts of town’s homosexual group). On the east facet lies the third-largest Chinatown in North America, the Predominant Road and Hastings Road procuring districts, and the neighbourhood of Mount Nice. And within the metropolis’s north finish, by the port district, rests downtown Vancouver.
Vancouver rivals Toronto in being essentially the most carefully watched actual property market in Canada. So, for the 2022 version of The place to Purchase Actual Property in Canada, MoneySense partnered with Zoocasa—a full-service tech brokerage—to spotlight the highest Vancouver neighbourhoods by which to purchase property, based mostly on worth and the potential for worth development.
If you happen to’re keen to purchase or relocate outdoors of Vancouver, our information additionally features a nationwide rating of cities and areas, in addition to info on the highest neighbourhoods in 12 different markets throughout Canada (discovered by tapping or clicking on the menu above). The rankings are based mostly on information collected on the finish of March 2022, and interviews had been performed in March and April. Learn extra about our methodology.
You’re 2 minutes away from getting the perfect mortgage charges in CanadaReply a couple of fast inquiries to get a personalised price quote*You may be leaving MoneySense. Simply shut the tab to return.
The place to purchase actual property in Vancouver
To view all the information within the desk, slide the columns proper or left utilizing your fingers or mouse. You possibly can filter or rearrange the rankings by utilizing the search software or clicking on column headings. You too can obtain the information to your machine by tapping on the Excel, CSV or PDF icons.
The way to learn the desk:
- Benchmark worth 2021: The composite benchmark worth as of Dec. 31, 2021. It represents all property sorts, together with hooked up and indifferent houses, townhouses/row items and condominium items. Examine how benchmark costs are calculated.
- 1-year, 3-year and 5-year development: The proportion improve or lower within the composite benchmark worth (all property sorts) over every timeframe.
- Worth, economics and accessibility: These neighbourhood traits are every scored on a scale of 5, with 5 representing essentially the most worth to your cash, excessive ranges of earnings and training, and ease of journey by foot, bike and public transit. To see how we decide these scores, learn our methodology.
- Youngsters: The neighbourhood’s share of households with youngsters.
Why we’re watching Vancouver
Vancouver is a vibrant metropolis of round 630,000 individuals, and it has a lot to see and expertise. It’s house to a number of seashores and the Stanley Park Seawall, a part of the longest uninterrupted oceanfront path on the planet. Vancouver has many alternative walkways and greenways, making it very pleasant to pedestrians. And it’s simple to get across the metropolis with the TransLink public transportation community, which incorporates the SkyTrain fast transit system and SeaBus passenger ferry service. Vancouver can also be a significant immigration hub: 42% of town’s residents are immigrants, and that quantity is predicted to proceed rising.
Earlier than the pandemic, Vancouver was infamous for having Canada’s highest housing costs, and it was incessantly among the many most costly markets globally. That is due partly to excessive immigration ranges but in addition to its status as a frontrunner within the tech, well being care and repair industries. Town is house to a thriving movie trade, too, and it usually seems in motion pictures and TV reveals. A geographical problem has additionally contributed to Vancouver’s costly housing market: Bordered by water and mountains, town has restricted area to accommodate the fast-growing inhabitants. Because of this, 61% of dwellings within the metropolis are flats.
“Earlier than COVID struck, new measures had been launched to assist stabilize the speed of development in house costs,” explains B.C. realtor Casey Archibald. “There was the overseas consumers’ tax, the empty houses tax and an out-of-province hypothesis tax. The federal mortgage stress check was initially launched in 2016 for insured mortgages and expanded to all mortgages in 2018. This required debtors to qualify for a mortgage price a lot greater than what they had been really getting, which took a toll on the area as nicely.”
By Might 2019, these measures had led home costs to drop in East and West Vancouver, and in early 2020, the pandemic contributed to an extra stalling of the market. Nonetheless, by June 2020, the market had recovered—and it hasn’t appeared again since. In March 2022, the benchmark worth of a house was $2,677,500 in Vancouver West and $1,469,200 in Vancouver East. “With the record-low variety of homes available on the market, there was lots of upward worth strain within the final two years,” says Archibald.
Vancouver’s future actual property outlook
The housing provide stays extremely low in lots of components of the nation, main house costs to skyrocket as consumers compete over restricted choices. Vancouver is not any exception, and costs are anticipated to proceed rising within the brief time period till provide returns to regular ranges.