Image: Kyle Pearce / Flickr
We’re all pretty familiar with at least some parts of Vancouver, now. After hosting the Olympic Games in February, Canada’s attention was focused on the country’s third largest for two solid weeks.
But although we enjoyed the stunning views and the thrilling medal wins, how much do we really know about Vancouver? And if you were thinking of buying in Vancouver – what do you need to know? I’ll try to give a brief overview of the city, and what you should look out for if you decide to buy here.
Vancouver’s Amenities
Vancouver is consistently ranked one of the most livable cities in Canada and the world. It has beautiful skylines, green streets, and has plenty of public transportation and bicycling trails. It has a very mild climate, particularly in comparison to the rest of Canada: snow rarely falls here. The mild climate and scenery means that there are a lot of outdoor activities to do in the city. It is also home to a wide variety of cuisine, particularly the burgeoning local foods movement.
Although it may not have the excitement of some of the cities further east, Vancouver certainly has plenty of reasons to draw people to it. After Toronto, it is the second most popular city for new immigrants to Canada.
Vancouver’s Real Estate Market
Vancouver is notorious for having the most expensive housing market in the country. Although prices continue to fluctuate, the average home price in the Greater Vancouver Area in December 2009 was above $550,000. However, this figure is somewhat misleading. Although two-storey homes are astronomically expensive in Vancouver – in Greater Vancouver they were nearly $750,000 in December – most people in the city live in condominium apartments. And the average price for those units was the more reasonable (but still expensive) $470,000.
These prices are high, and have been rapidly growing for the last twenty years. Over the five year period from 2004-2009, prices in Greater Vancouver rose 60%. And this is largely due to the physical constraints of Vancouver. Like New York or Hong Kong, Vancouver is situated on a narrow peninsula and space for new growth is limited. The result is a very dense city: Vancouver is the most densely populated city in North America after New York and San Francisco.
Some people think that the market is eventually going to collapse. However, with the city’s growth expected to jump 5% in 2010, housing prices will likely continue their upward climb in the near future.
Where to Live
If you are thinking of living in Vancouver, the best places to live are in the downtown area, and on the other side of the Burrard Inlet, in North Vancouver and West Vancouver. It is also a good idea to check out the suburbs, such as Burnaby, Coquitlam and Surrey.
However, out-of-towners also need to be careful: Vancouver does have some crime problems. The Downtown Eastside is the most notorious, but there are pockets of crime and gang violence throughout the suburbs. Do a thorough visit before you choose any place to live.
Nelson Goulart
Broker of Record with Signature Service GMAC Real Estate
www.ssgmac.ca
