Vancouver Real Estate Market

The Vancouver real estate market has remained relatively level for the better part of eight months or so, but there are areas of the market that have still been booming, and the latest statistics reveal a trend toward increased sales, benchmark prices and number of listings.  Last April, Vancouver real estate sales and housing prices reached record highs, leveling off by the summer and for the most part remaining that way until recently.  As reported by the Real Estate Board of Greater Vancouver, last month sales in Greater Vancouver of detached, attached and apartment properties increased by over 70% since January 2011 and by 42.6%, 17.5% and 101.2% respectively from this time last year.  Benchmark prices increased slightly across the board, and the new listings for Greater Vancouver homes increased by 23.6% from this time last year and 18.6% since January 2010 to 5,693.  These numbers indicate a lot of options for home buyers but also a high demand, thus the Vancouver real estate market presently benefits home buyers and home sellers alike. 

Detached Properties in Richmond and Vancouver West Luxury Homes in High Demand

The Real Estate Board of Greater Vancouver also reported the most movement in Richmond and Vancouver West, noting that detached homes are the most in demand.  The benchmark price of detached homes in Richmond and Vancouver West rose from around the $200,000 mark in November 2010 to above $1million last month. A recent article in the Vancouver Sun maintains that luxury homes (many of which are located in Vancouver West) remain in high demand (which pushes up the statistics of the city and the province as a whole).  In 2010, reports the Vancouver Sun, 375 Vancouver homes (of those 50 were Vancouver condos) sold for over $3million, breaking the previous record of 209.  75 of those Vancouver luxury homes sold for over $5million, and the most expensive sold for $17.5million.  According to the Sun, these sales reflect an influx of home buyers from the global market, especially Chinese investors, to which our home prices seem relatively inexpensive for the standard of living Vancouver provides.  Because sales of luxury homes are expected to rise even further, soon $3 million may “no longer be considered particularly expensive,” and people will look to the $5 million mark for luxury properties in Vancouver.

While the Vancouver real estate market in general has been somewhat stable since last summer, the market for detached properties continues to boom, especially in suburban areas like Richmond, and the Vancouver luxury home market, most of which is concentrated in Vancouver West or  Downtown Vancouver condos, is at present extremely hot and especially appealing to foreign investors.

Point Grey, located between Kitsilano and UBC, boasts some of the most prestigious Vancouver real estate.  Bordered on the North side by the spectacular Spanish Banks and Jericho Beach, it is no surprise that this neighbourhood is one of the most sought after in Vancouver, British Columbia, and even Canada.  From the high vantage point many of the Point Grey homes provide, the view of the Pacific Ocean, North Shore Mountains, and downtown Vancouver are unparalleled.

Who Lives There

The average education level and income in Point Grey are much higher than those of Vancouver and Metro Vancouver.  Residents include professionals, University of British Columbia faculty, city dignitaries, and families.  Due to the area’s proximity to UBC, students also reside in the area, most in rental suites in detached houses or apartments in Point Grey Village.  Point Grey is an established, affluent and family oriented community.

Things to Do

Spanish Banks features the longest strip of sandy beach in Vancouver, where one can barbeque, cycle, skimboard, play volleyball, or simply enjoy the magnificent views.  Spanish Banks leads into Locarno Beach and then Jericho, both of which are just as inviting.  Jericho Park (next to Jericho Beach) is home to the Jericho Sailing Centre, Club Locarno, the Royal Vancouver Yacht Club, the Jericho Tennis Club, and the West Point Grey Community Centre.  Members of and visitors to these establishments can dine, swim, kayak, sail, paddle board, wind surf, row, play tennis, badminton, and numerous other activities.  Point Grey offers a plethora of indoor and outdoor activities to suit any interest.  The annual Vancouver International Folk Festival is also held at Jericho Park.

Point Grey village on 10^th Avenue is home to shops, eateries and services.  Provence Restaurant offers fine Mediterranean cuisine, and The Cellar Jazz Club on Broadway and Alma is a good late night spot.  For more lounges and restaurants, one should venture further east along Broadway or 4^th Avenue.

Real Estate

Those in search of a stunning Vancouver home need look no further than Point Grey.  Those looking for waterfront property can expect housing prices in the millions, but will find large, established, detached houses with panoramic views.  Away from the water homes are primarily detached, and while prices still average seven figures for many of these, there are smaller homes and some condos that are more affordable.  Most Point Grey residents own their homes, as it is a great neighbourhood in which to settle down.

Schools and Safety

Elementary schools in the area include, Queen Mary, Jules Quesnel, Lord Kitchener, and Queen Elizabeth.  Lord Byng Secondary, Point Grey Secondary, West Point Grey Academy (Private, Pre-Kindergarten – 12) and West Point Grey School of Music are all in the neighbourhood as well.  Various pre-kindergarten schools are available, and the University of British Columbia borders Point Grey – walking distance from some residences.

Point Grey is one of the safest communities in Vancouver, but as most of the area is residential, residents should exercise the usual caution, especially at night when the streets are relatively deserted.  Some areas are patrolled by security, however, and in general Point Grey is a wonderful place for families.

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