If you’re considering buying a home in Vancouver, chances are you’re already familiar with the most expensive areas to avoid looking at. However, there are a few key neighbourhoods to keep an eye out for this year, according to a recent study by Zoocasa and MoneySense.
With a purchase as large as this one, it certainly doesn’t hurt to explore your best options!
Compiled using home price data, value scores, and other neighbourhood economics data, the study ranks the 17 best neighbourhoods to buy a house in the city. Each neighbourhood is ranked based on its benchmark price for 2022, and first, third, and fifth-year growths.
The benchmark price reflects all property types, including attached and detached homes, townhouses/row units and apartment units.
So with that in mind, here are the top Vancouver neighbourhoods for real estate purchases right now.
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As of December 2022, Renfrew-Collingwood, Strathcona, West End, and Mount Pleasant are the most affordable neighbourhoods in the area for real estate, all with benchmark prices under $1 million.
On the other hand, Hastings-Sunrise experienced an increase of 23% in home prices from 2021 to 2022, with a benchmark price of $1,678,699. Though it was the only neighbourhood on the list to receive a perfect value score of 5!
Kitsilano is less family-friendly than Hastings-Sunrise, but home to numerous beaches, dining options, and attractions – giving it a value score of 3.5. At the end of 2022, home buyers could snag a property for an average price of $1,513,935, which increased by 7% from 2021.
2023 predictions
While the market had a slower start this year, it’s clear that activity is slowly but surely picking up. According to the Real Estate Board of Greater Vancouver (REBGV), February and March saw modest month-over-month price gains, with the city’s benchmark home price reaching $1,143,900 in March 2023.
“Many buyers are now of the sentiment that the bottom is behind us, which has led to an increase in activity,” says local real estate agent Casey Archibald. “Highly desirable properties that check a lot of boxes are doing very well in today’s market.”
While low supply remains the biggest challenge for Vancouver’s market, Archibald does not predict any record-breaking price increases this year. So if you’ve been saving up for a down payment, this year could very well be your year!
