Since the onset of the pandemic, we have seen rising house prices everywhere, but these neighborhoods are the five highest. Properly recently released a new report that shows data on a city wide level. The estimated values of homes in these five East Vancouver neighborhoods increased by more than the average 18%. The largest increases could be seen east of Main Street.
Why Does It Increase?
The city is becoming more and more desirable as the pandemic restrictions lift and life is getting back to some resemblance of normalcy. People want to experience the day and night activities of the city, and this is driving up demand as well as value.
The increases seen here show a 36% jump in prices. Information from a 2016 census indicates this area was already seeing high housing costs before the pandemic. The housing stock found in this area includes townhouses, detached homes, as well as low-rise apartment buildings.
You find a low proportion of renters here, with just 41% of households rented, compared to 53% across the city.
This neighborhood can be found south of 41st Avenue. Here saw increases of 35%. This area as shown in the report does not correspond with an area that the city tracks demographics for, so we couldn’t add information on historical demographic data.
This neighborhood is also located south of 41st Avenue. The increases here were close behind South Vancouver at 34%. This area was historically family oriented and very ethnically diverse. The stock here includes duplexes and detached homes. The renters rate here is lower than the citywide average. The 2016 census shows that there are more seniors living alone in his area than in the past.
This area saw an increase of 32% above previous prices. This area does not correspond to a city defined neighborhood, so there are no supporting demographics for the area.
This area saw house price increases of 31% and is another area with no city-defined neighborhood.
We are still just watching the market and don’t know if prices will continue to rise, as they have been doing throughout the pandemic. Many experts are predicting a downturn of the market in the near future, and buyers are hoping for this.
We have become so used to the record breaking prices, bidding wars, and low time on market these days, nothing comes as a surprise. Now there are increasing interest rates, as well as changing buying and selling behavior. We are all hoping for a more balanced market and hoping this will arrive soon.
Don’t Be Outbid – Let’s Build You A Home
It’s true that prices are rising everywhere, in every sector and in every industry, but you don’t have to throw away your dreams of owning a home. Here at SilverBeam Homes, we can help you build the home you need from the ground up. Give us a call and let our team take you through the process of building your home with us.