Up Markets, Vancouver Magazine, September 2001, by Anya Macleod

News flash: Location is important. But how to decide the right location for you? a tour of six very busy neighbourhoods

Commercial Drive/Grandview: The Community

The homes: Character-filled, wrapped in run-down stucco shells and looking for a makeover.

The specs: Lower East Side prices make this area attractive to younger buyers who like the idea of being on the Drive. Yet there’s only so much for sale along the prime corridor, so people must either be willing to wait up to a year for something to become available, or move further east towards Renfrew, or west to Mount Pleasant. This area is attracting mainly young Caucasians seeking character houses at affordable prices. A willingness to renovate is crucial, as prices vary wildly depending the state of the home (from $250,000 for a dilapidated place to $500,000 for a renovated character home; $350,000 is average). One subgroup of buyers is second-generation Italian-Canadians whose parents left the Drive for Burnaby in the ’70s. Now they’re looking to reclaim their roots and a sense of European-style community.

The deal: On Woodland Drive, a three-bedroom home recently sold for $350,000.

The prediction: An increasingly popular choice for mid-income couples who like convenience mixed with bohemian ambience. Urban renters seeking a real neighbourhood, and escapees from the isolation of the suburbs, are all headed this way.

False Creek Flats: The Mix

The homes: Glassed-in highrise living where you least expect it.

The specs: This area—extending south from Science World to Mount Pleasant—is arguably the strongest up-and-comer in Vancouver proper. Why? Mostly, it’s the high-tech developments taking shape near Terminal Avenue; this activity is in turn attracting other enterprises, such as the Costco planned for Beatty Street between Dunsmuir and the Georgia Street viaduct. And the International Village corridor looks like it’s achieving liftoff after years of sluggish growth. One notable trend is Chinese-Canadians moving into the towers along Main and Quebec streets to be close to Chinatown. Eventually, the neighbourhood will see a mix of people priced out of tony Yaletown; here, they can afford space to stretch out while still being close to downtown amenities. Also in the forecast: office workers, people in social housing, fans of the new urbanism, and high-tech employees who want to walk to their cubicles.

The deal: A 15th-floor Quebec Street condo with two bedrooms and more than 1,000 square feet recently went for $234,000.

The prediction: Obviously, a lot is still riding on the tech sector getting through its slump. But right now, this neighbourhood is improving faster than any other in the city.

West Vancouver: The Ritz

The homes: High-end, baby, the million-plus club. Lots of new construction here means more and more named and gated estates.

The specs: Long a grillionaire enclave, West Van is now seeing a new influx of out-of-towners flush with cash from the boom of yesteryear. Top area realtor Malcolm Hasman estimates that 30 to 40 percent of his up-market sales (a Toronto couple paid $3.2 million for their new pad) are going to this group. So whence the newcomers? While some hail from Western Europe and Eastern Canada, predominantly they’re Americans who decided to get out before the predicted U.S. economic downturn becomes an ugly reality. They tend to be young (aged 30 to 45), both couples and families, seeking safety, sanity and that durn Canadian wholesomeness in West Van’s stately hills.

The deal: If you don’t mind the commute, there are still some reasonably priced digs in Caulfield, but supply is limited. One four-bedroom Caulfield home overlooking Fisherman’s Cove recently sold for $719,000. The prediction: Competition is ferocious and bidding high. With 31 properties already under his belt, Hasman expects to rack up $55 to $60 million in sales this year.

Mount Pleasant: The Bargains

The homes: First, this area is home to what one realtor calls the “meat-and-potatoes” condos east of Main along Great Northern Way. The buildings average 25 years in age, they don’t tend to leak—and best of all, they’re usually under $100,000. Second, it boasts coveted early-1900s homes in need of paint and landscaping, in the pocket east of Main between 12th and 16th avenues.

The specs: Entry-level buyers fed up with paying high rents on the West Side—but not willing to move too far east—gravitate this way. The condos draw young singles and common-laws, aged 25 to 35; here they can find a good one-bedroom, possibly with a view, for about $70,000. Thanks to low interest rates, their mortgage payments are usually less than their former rents, and they don’t mind leaving the beach lifestyle if it means affordable ownership and proximity to downtown.For the detached homes in Mount Pleasant, it’s mainly young professional couples who’ve had enough condo living but want to stay close to the
centre. That West Siders are crossing Main to buy is further proof the middle class continues its eastward creep.

The deals: A small one-bedroom condo in a 30-year-old building recently went for $59,800; on Prince Albert Street, a three-bedroom house with a second suite went for $230,000.

The prediction: Get ’em while they’re hot: this area is on the brink of taking off. Don’t be surprised if the renovated houses double in value within five or 10 years, while the plain-but-wholesome condos hold firm.

North False Creek, including Concord Pacific: The Comfort Zone

The homes: Condos with mid-range prices, but high-class feel.

The specs: A mix of people, including retirees and first-time buyers, are attracted by bargains as the original owners offload their property. With ultra-high density, it’s like the land is almost free. Sales here have increased nearly 50 percent over this time last year, with places under $350,000 selling well. It’s possible to find a two-bedroom apartment for as low as $200,000. Couples
moving here usually have two steady incomes and no qualms about taking on a large debt; of course, it helps that mortgage rates and down payments are a bargain right now. Meanwhile, retired apartment buyers have made a comfortable profit on the West Side house they no longer want to maintain. If these middle-class purchasers had more dough, they’d join the Americans and head to Coal Harbour for better views and easier access to Stanley Park.

The deal: You’ll pay extra for location: a 33rd-floor Concord Pacific two-bedroom-plus-den recently sold for $250,000.

The prediction: More purebred dogs on the seawall.

The Elite: Point Grey

The homes: Gracious, rambling ’50s houses, and new digs built with front-porch nostalgia in mind. Smaller lots preferred to minimize yardwork.

The specs: For the respectable, small “r” rich; this area is the leader in high-end sales for Vancouver proper. One experienced agent notes an interesting trend here: baby boomers whose parents have passed away and left them a lot of money. Living in the upper income brackets means more cash for maintenance and renovation, and members of this group will gladly pay somebody else to do the work.

The deal: A five-bedroom home on West Ninth recently went for $470,000.

The prediction: A strong surge in the million-plus price range as empty-nesters move downtown to more manageable places, and younger boomers move in.

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