Today's real estate market is characterized by one undeniable truth—it's unpredictable. Naturally, this gives potential buyers pause before understanding all the potential risks and challenges they may face while navigating the complexity of the real estate market.
Amidst the curveballs that this past year has thrown, one thing has always rung true: the Vancouver Real Estate market is one of the most uniquely positioned markets in the world and possesses strong fundamentals that should give Buyers entering the market – even an uncertain one – great confidence.
In Vancouver, as in any city, certain neighbourhoods stand out when making an investment or choosing a place to call home.
VANCOUVER’S WEST SIDE: AN ENDURING INVESTMENT
One such area of opportunity? Vancouver’s West Side. Known for its premium offerings and prime location, Vancouver West is one of the highest-valued submarkets within Greater Vancouver. With its location right at the cusp of nature and city living, it’s no wonder this neighbourhood is sought after by many.
Standing out as a focal point for livability, the West Side offers its residents the best of both worlds. Parks such as Oak Meadows and Queen Elizabeth offer natural growth, wooded areas, and an open meadow perfect for picnics, playdates, and neighbourhood gatherings – with a breathtaking mountain view. For everyday conveniences, the area is surrounded by vibrant urban hubs like Cambie Village and Oakridge, bustling with numerous shopping and dining options. The area is also home to top-ranked schools, in an ideal catchment, offering the best opportunities for kids to learn and play.
For those looking for a stable investment, Vancouver West has long proven its durability. Over the past three months, townhomes in the area have seen a 2.6% decrease in benchmark price, however, prices are only 5.1% below the all-time peak. As such, benchmark pricing for townhomes continues to remain stable, increasing 1% year over year, regardless of the fluctuations within the year. The same can be said for sales activity, which increased 18.4% year over year as of October 2023. This goes to show that, while it may experience short-term variances, the area tends to trend positively in the long run.
Vancouver West currently boasts 13 actively selling townhome developments that launched in 2022 or later. There was a total of three townhome launches in Vancouver West for October, bringing an additional 92 units into the market, making it one of the busiest months for Vancouver West townhomes in the last two years. Recently launched programs targeted an estimated blended price per square foot in the range of $1,450 to $1,700. Amidst the influx of developments cropping up in the area, some stand out more than most.
PROJECT SPOTLIGHT: YORK BY LISTRAOR
York by Listraor is a collection of 29 functional family townhomes at the corner of Willow & 37th, fronting Oak Meadows Park. These unstacked townhomes offer private, peaceful living while being conveniently located a stone’s throw away from the vibrant South Cambie streets and the dynamic atmosphere of Oakridge Park.
Along with its unique New York-inspired architecture, York also offers private rooftop decks and a central community courtyard for dedicated outdoor spaces parallel to the park, separated only by tree-lined streets. Unique architecture and purposeful floorplans keep with Listraor's legacy of exceptional craftsmanship. The respected developer has specialized in townhomes for almost 3 decades, well-known on the West Side with projects including Boden and Perron.
Despite its ebbs and flows, the Vancouver Real Estate market stands out as a resilient and promising opportunity for buyers. Its strong fundamentals, including a low percentage of mortgages in default, a history of housing under-supply, and a stable unemployment rate, make it an attractive choice.
The West Side of Vancouver particularly shines with its premium offerings and prime location. So, if you're considering an investment or settling down in Vancouver, this one is an area worth exploring.
