Which are Vancouver’s Most Expensive Neighbourhoods?
June 22nd, 2009 Categories: Real Estate
When searching for a Vancouver home, buyers often have to adjust their criteria list and settle for a less expensive neighbourhood. Let’s take a look at which are Vancouver’s most and least expensive neighbourhoods and which have performed the best and worst over the last 1 and 5 years.
For Detached – based on the Real Estate Board’s benchmark price, Shaughnessy is The Most Expensive neighbourhood in Vancouver, clocking in at $2,016,725 and it has appreciated 94% over the last 5 years. Quilchena comes in second at $1,600,000 and appreciated 77% over the last 5 years. McKenzie Heights third at $1,538,887 appreciating 71% over the last 5 years. Fourth is South Granville at $1,493,374 (55%) , followed by Arbutus at $1,430,598 (57%) . Kerrisdale at $1,393,456 ( 66%) and Point Grey at $1,357,088 (74%).
Best value for Vancouver Detached is Marpole at $788,331 (46% increase over last 5 years), then Cambie at $964,518 (62%), Kitsilano at $1,005,685 (27%), Oakridge at $1,028,576 (39%), Dunbar $1,117,763 (55%), S.W. Marine at $1,125,000 (58%) and Southlands $1,233,965 (52%).
Over the last year, Shaughnessy depreciated the least of Vancouver’s neighbourhoods at only 5%, followed by Quilchena and Arbutus. Oakridge depreciated the most at 21%.
Quite a difference in price and appreciation over 5 years and depreciation over the last year. Why such a variance?
For Condos – False Creek North clocks in as the most expensive neighbourhood with a benchmark price of $678,365,followed by Coal Harbour at $561,092, Kerrisdale at $499,582, Oakridge $487,871, Fairview $431,596.
Best value for a Vancouver condo is Downtown with a benchmark price of $364,864, followed by Kits at $387,421 and the West End at $421,224
Best appreciation over the last 5 years was Cambie at 58% (effect of the Canada Line?). Followed by Kerrisdale at 57%, Fairview 51%, Oakridge 50%, West End at 46%, Kits and False Creek North 42%, Coal Harbour 35% and Downtown 32%.
Over the last year, False Creek North depreciated the most at 19%, followed by Downtown at 16%, Kits and West End at 12%, Cambie at 11% and Coal Harbour at 10%. Best performing Vancouver condo neighbourhoods over the last year were Cambie and Fairview with only an 8% depreciation.
So all neighbourhoods perform nearly the same! Are you surprised by the above stats? What would you have thought would be the best and worst performing neighbourhoods? Going forward which will be the best performers and why?
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