There are relatively affordable neighbourhoods in Vancouver
Posted March 11, 2015 7:26 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – You don’t often hear the words ‘screaming deal’ and ‘Vancouver real estate’ in the same sentence, but MoneySense Magazine has ranked the top neighbourhoods in Metro Vancouver when it comes to relative affordability and growth and found there is still some value out there.
The cities of Port Moody and Burnaby both score big, with four out of the top five neighbourhoods.
“We looked at value, momentum, economic strength or the local economy, and the potential to earn income through rent,” says MoneySense Senior Editor Romana King.
“One of the things we found — and no surprise probably to most people — is that when you move out of the city, you start getting some great deals.”
At the top of the list is Port Moody Centre, with its small town feel and accessibility, both by transit and road.
“It’s got great schools, it’s got great parks, super close access to the water, great hiking and outdoor activities and, on top of that, great value,” explains King.
The average price for a home in 2014 in Port Moody Centre was $689,100 with the price of a home increasing by more than 26 per cent over the past five years.
You might be surprised to see more than a few Vancouver neighbourhoods on the list, with Cambie sitting at the number four spot.
“I’m not saying it’s cheap,” says King. “Cheap doesn’t always equate to safe, it doesn’t always equate to future appreciation or that you’re going to get good tenants. Value is when you can get a good price for a home and you are going to get some stability.”
At just over $1.7 million for the average Cambie-area home, let’s remember we are talking ‘relative’ affordability.
“You need some money to get in, but it is actually 75 per cent cheaper than the immediately surrounding areas in Vancouver West. If you are looking to live on the west side, Cambie is the place to be looking,” says King.
A few neighbourhoods in East Vancouver and a handful in Richmond also made the grade.
For the full list, click here.
