The city in British Columbia is popular as ever.
Vancouver, British Columbia, on Canada’s west coast, consistently ranks as one of the world’s most livable cities and has one of the hottest global real estate markets. Well-known affluent neighborhoods in the city include Shaughnessy Centre and Kerrisdale Park. But other areas have been flagged as up-and-coming. Here are three luxury Vancouver real estate markets to keep your eye on.
“Point Grey is probably the most luxurious area in Vancouver,” says Gary Wong, real estate agent and author of The Book on Vancouver Real Estate: How to Buy It, Sell It, and Profit From It. Mr. Wong notes that the area is “very family friendly,” and most of the homes are detached houses.
This is a relevant distinction in a city that is running out of land for development and is therefore seeing skyrocketing home prices. Vancouver has a lot of townhouses and, of course, massive condo development. But Point Grey has very few townhouses and apartments, Mr. Wong says.
In Point Grey in 2016, on average, 45% of homes sold in 10 days or fewer, and the average sold price was $2.9 million Canadian dollars, according to Zolo, a Canadian brokerage.
Ramona King, Zolo’s director of content, says this is great value in Vancouver. “Luxury markets in the West End usually tip out at C$3 million, so it’s a good value in the luxury market sphere.”
The west side neighborhood is right beside the University of British Columbia. In the area, you will find private schools and two popular beaches, Jericho Beach and Spanish Banks, as well as Point Grey Village, a main commercial strip, with shops and restaurants along West 10th Avenue.
Ms. King also points to large property sizes. “Sometimes, you’ve got one acre with one house on that lot. That’s unheard of in Vancouver,” she says. “This is an ultimate spot.”
Kitsilano, or Kits, is a former hippie hub and a famous cross section of attractions—beach, parks, residential streets, and commercial districts. (It also borders Point Grey.)
On average, in 2016, 41% of Kitsilano homes sold in 10 days or fewer for an average of C$1.2 million.
“You’ve got a lot of condos and town homes, which bring the average price down,” Ms. King says. There are detached homes on the high end, “and they’re very attractive in terms of price,” she says.
“It’s right by Granville Island. You’ve got easy access to great restaurants and local stores. It’s got a happening city vibe, and yet there is a residential feel,” Ms. King adds.
Kitsilano is the birthplace of global yoga-wear brand Lululemon Athletica. And it’s also where you’ll find Lululemon founder Chip Wilson’s house, which is the most expensive home in Vancouver. Mr. Wilson’s property was recently valued at C$75.8 million.
For reference, Point Grey Road runs through both Point Grey and Kitsilano, and boasts 14 of Vancouver’s Top 100 Highest Valued Properties, according to the B.C. Assessment Authority, a corporation that assesses property throughout British Columbia.
“A lot of Vancouver is being rezoned to allow condo development, due to the lack of land,” Mr. Wong explains. “And Vancouver’s City Hall is creating official plans to develop specific communities. One of these is False Creek.”
You might remember False Creek as the Olympic Village that housed the 2010 Vancouver Winter Olympics athletes. Ms. King describes the area as “industrial” before the games.
“But once it was built, people were like, ‘Oh, hey, this is kind of close to downtown.’ It’s right on the waterfront. Funky businesses and restaurants started moving in,” Ms. King continues. “And now it’s coming up. Developers are coming in and realizing there is opportunity to build not just entry-level family townhomes, but also luxury townhomes and condos.”
Mr. Wong notes that it has become a hip and trendy neighborhood for young families and professionals.
“False Creek is close to downtown, and central in terms of transit. And it’s ideal for those who live an active lifestyle. A walking pathway has been extended from False Creek all the way to the sea wall, so it’s great for walking, cycling, and rollerblading,” he says.
On average, in 2016, 44% of homes sold in 10 days or fewer for an average price of C$1 million. “It’s already considered an upper-class condo area,” Mr. Wong says. And it looks like it’s only a matter of time before False Creek becomes true luxury.
3 Hot Neighborhoods in Vancouver by Elizabeth Bromstein | Mansion Global