Enjoying an internationally focussed market with demand from Asia and America, housing prices in Vancouver jumped another 12.2 percent this year, according to recent reports from Canadian Real Estate Association (CREA). That raises the question, what’s the smartest strategy to get into this housing market?
Based on property value, community momentum and economic strength, we’ve identified five neighbourhoods with the most growth potential in Greater Vancouver. So cheer up, house hunter... despite a capricious market, you may still find a real estate bargain in this city!
Splendour in Steveston
3171 Williams Rd., Richmond
Neighbourhoods close to downtown with reasonable commuting times and water views continue to show good appreciation over time. Richmond’s enclave, Steveston, was a safe haven for fishermen in the 1800s and today is a shelter for real estate investors and discerning homebuyers. Consider this classically designed five-bedroom home, with gentleman’s bar and master bedroom with 180-degree ocean views.
Offered at $3,088,000
Contact Ken Cui, New Coast Realty, (778) 987-5877
Views and Value in West Van
2060 Westhill Dr., West Vancouver
Considering the average price of a home is $4 million in West Vancouver, and as high as $23 million, this three-bedroom home on a 12,000-square-foot parklike lot represents real value. It’s a ripe opportunity to take advantage of lower property values in an older neighbourhood, update with a renovation and anticipate future investment returns.
Offered at $2,900,000
Contact Jim Chen, Re/Max Masters Realty, (604) 375-8756
Hasting-Sunrise is an investment hotspot
2484 Wall St., Vancouver
Sure, your friends in Winnipeg may balk if you tell them this is a deal, but seriously, when do you see such extraordinary water, mountain and city views for under $2 million? The Hastings-Sunrise neighbourhood has its fan base of investors who appreciate its strong community network, a mere minutes from Downtown. This three-bedroom home is just shy of 3200 square feet and has ample design potential.
Offered at $1,698,800
Contact Francesco DeFrenza, Sutton Centre Realty, (604) 435-9477
Queen Elizabeth Park still on its way up
466 W 26th Ave., Vancouver
As per momentum, the Queen Elizabeth Park area has been among Vancouver’s best performing neighbourhoods, steadily appreciating in value for the past five years. European craftsmanship is articulated in this spacious custom home overlooking downtown Vancouver. Behind the privacy of a stone wall and hedge, the 4343-square-foot home has a tiled roof, covered patio and triple garage.
Offered at $3,270,000
Contact Bal K Sandhu, Re/Max Little Oak Realty, (604) 773-4989
Renfrew Heights is one to watch on East Side
3323 Worthington Dr., Vancouver
Prices have been steadily rising in the growing Renfrew-Collingwood neighbourhood, thanks to SkyTrain access, new development, and proximity to both Burnaby and Downtown Vancouver. Inventory is low and demand is high, which is pushing up prices. Finished for the discerning buyer, this six-bedroom view home has in-floor heating, surround sound and a chef’s kitchen.
Offered at $2,098,000
Contact Beatrice Consentini, Sutton Group West Coast Realty, (604) 803-3645