Metro Vancouver & Fraser Valley's First Time Buyers Hottest Hood's
(June 15, 2015
)
It’s official. The Metro Vancouver and Fraser Valley housing market is crazy hot and getting hotter. We had a record spring and are having a record summer for home sales in over a decade, according to the BC Real Estate Association – and prices are at record highs.
However we can tell you from life times of real estate experience in the lower mainland that not all neighbourhoods are equal, which makes deciding where to purchase a daunting task – especially for first-time buyers. Our local BCHH experts offer just a few of their top picks for neighbourhoods where you can still get great value and get your foot on the property ladder.
Heading East
Coquitlam and Maple Ridge are high on our team and Michael Ferreira’s list as managing partner at housing research company Urban Analytics Inc. “Maple Ridge is still predominately a single-family destination, and you have to be willing to drive,” he says.
Booming Burnaby
“Still a great opportunity to get in on the ground floor,” is how Barrett Sprowson, Intracorp’s director of sales, describes the residential evolution Shape Properties is bringing to Brentwood Town Centre. Our real estate team recently sold a fabulous top floor unit at Epta's Madison project on Hastings where that sought after project sold out.
And although it’s a number of years out, Shape will ultimately bring a similar multi-tower redevelopment to Lougheed Town Center on the border of Burnaby and Coquitlam. “Lougheed is a great opportunity because it’s still a Burnaby address, new transit is well underway, but prices haven’t exploded yet,” says Bill Szeto, president of Otezs Project Marketing. “In 10 years, I think this area will see the same kind of appreciation we saw first at Metrotown and now on other significant transit nodes.”
Cambie and its Eastern Neighbours
As our Vancouver clients know we are definative experts in Vancouver and particular the west side and downtown. That said, the Cambie Corridor is steadfastly maintaining its rank as a white-hot opportunity to own prestige homes with a Westside Vancouver address. But it’s the neighbourhoods like Hillcrest, Fraser and Little Mountain located just east of the main corridor that are attracting new attention with more affordable pricing and still easy access to transit and the Cambie Corridor’s other amenities.
Upscaling North Vancouver
Still appealing to active outdoor enthusiasts, North Vancouver is poised to see two large-scale master planned developments bring a new village-style development. Harbourside by Concert Properties is in advanced planning for an eight-acre, mixed-use community located just blocks from Capilano Mall. Plans include an innovative partnership with Hawkers Market to create Hawkers Wharf – a foodie destination for events and new food industries.
Still discussion is an ambitious plan to transform the aging motels and retail at Marine Drive and Capilano into an urban hub with the proposed name of Marine Drive Village. LoLo and mid Lonsdale are seeing significant growth and detached home sales are brisque while resale condo sales continue to not fair as well.
Don’t Dismiss Downtown
Although she acknowledges it’s an “unobvious” choice, Simone Gardezy of our BCHH Kerrisdale office is still a fan of downtown Vancouver. “It’s one of the unsung options. People will always want to live downtown, and with so few sites available for development it will always be on the right side of the supply and demand curve.”
Burrard Gateway will relieve some of the dearth in new supply and several other smaller infill/mid-rise projects are anticipated. “And you can find projects like Addition that used creative design to bring prices into the $700 per square foot range – lower than many parts of the Cambie Corridor.”
What About that Down Payment?
Of course, our passionate real estate team members and yourself have decided which neighbourhood is best for you, you’ll still have the thorny issue of raising a down payment to put on your first home.
Our in-house analyst, Robert Pybus and BCREA agree,
this spring’s elevated level of buying activity will push 2015 home sales to their highest level since 2007. With more than 46 percent of British Columbian's believing 2016 will see home prices increase and interest rates continuing to be at a record low.
However we can tell you from life times of real estate experience in the lower mainland that not all neighbourhoods are equal, which makes deciding where to purchase a daunting task – especially for first-time buyers. Our local BCHH experts offer just a few of their top picks for neighbourhoods where you can still get great value and get your foot on the property ladder.
Heading East
Coquitlam and Maple Ridge are high on our team and Michael Ferreira’s list as managing partner at housing research company Urban Analytics Inc. “Maple Ridge is still predominately a single-family destination, and you have to be willing to drive,” he says.
"But for people who want to escape into a beautifully natural, quiet setting at the end of the day, it’s extremely appealing and very affordable.” The West Coast Express, Golder Ears and connector make transiting areas quite painless.
On the multi-family side, Ferreira says Coquitlam Centre – whether new or resale – currently represents one of the best values in Metro Vancouver. Hard hit in the 2008/9 downturn, he notes this area’s supply is beginning to dwindle, meaning prices may soon rise – good news for people who are able to purchase now. And don’t forget, the Evergreen Line is arriving soon.
Life on the River
Many industry watchers are keeping a close eye on Wesgroup’s newly developed River District in south Vancouver, along the Fraser River towards Boundary Road. According to BCHH and Urban Analytics’ research, prices for these riverside homes are averaging in the mid to high $500s/square foot range, a significant difference from the $700/square foot commanded just west at Cambie and Marine. However, buyers will need to consider commute time since River District isn’t yet on a rapid transit route.
Fraser Valley Still Very Strong
In the Fraser Valley, Mandeep Sendher, sales manager at our White Rock and South Surrey office states with renewed confindence that demand for townhouses in the Willoughby/Yorkson neighbourhood are unbridled.
On the multi-family side, Ferreira says Coquitlam Centre – whether new or resale – currently represents one of the best values in Metro Vancouver. Hard hit in the 2008/9 downturn, he notes this area’s supply is beginning to dwindle, meaning prices may soon rise – good news for people who are able to purchase now. And don’t forget, the Evergreen Line is arriving soon.
Life on the River
Many industry watchers are keeping a close eye on Wesgroup’s newly developed River District in south Vancouver, along the Fraser River towards Boundary Road. According to BCHH and Urban Analytics’ research, prices for these riverside homes are averaging in the mid to high $500s/square foot range, a significant difference from the $700/square foot commanded just west at Cambie and Marine. However, buyers will need to consider commute time since River District isn’t yet on a rapid transit route.
Fraser Valley Still Very Strong
In the Fraser Valley, Mandeep Sendher, sales manager at our White Rock and South Surrey office states with renewed confindence that demand for townhouses in the Willoughby/Yorkson neighbourhood are unbridled.
"Every project has sold so rapidly that construction has had to be accelerated,” he says, adding he sees little indication this will change in the foreseeable future. There have been some growing pains with local schools. Detached homes and land sales are extremely sought after and this will continue stronger than ever in 2016 and beyond.
Booming Burnaby
“Still a great opportunity to get in on the ground floor,” is how Barrett Sprowson, Intracorp’s director of sales, describes the residential evolution Shape Properties is bringing to Brentwood Town Centre. Our real estate team recently sold a fabulous top floor unit at Epta's Madison project on Hastings where that sought after project sold out.
And although it’s a number of years out, Shape will ultimately bring a similar multi-tower redevelopment to Lougheed Town Center on the border of Burnaby and Coquitlam. “Lougheed is a great opportunity because it’s still a Burnaby address, new transit is well underway, but prices haven’t exploded yet,” says Bill Szeto, president of Otezs Project Marketing. “In 10 years, I think this area will see the same kind of appreciation we saw first at Metrotown and now on other significant transit nodes.”
Cambie and its Eastern Neighbours
As our Vancouver clients know we are definative experts in Vancouver and particular the west side and downtown. That said, the Cambie Corridor is steadfastly maintaining its rank as a white-hot opportunity to own prestige homes with a Westside Vancouver address. But it’s the neighbourhoods like Hillcrest, Fraser and Little Mountain located just east of the main corridor that are attracting new attention with more affordable pricing and still easy access to transit and the Cambie Corridor’s other amenities.
Upscaling North Vancouver
Still appealing to active outdoor enthusiasts, North Vancouver is poised to see two large-scale master planned developments bring a new village-style development. Harbourside by Concert Properties is in advanced planning for an eight-acre, mixed-use community located just blocks from Capilano Mall. Plans include an innovative partnership with Hawkers Market to create Hawkers Wharf – a foodie destination for events and new food industries.
Still discussion is an ambitious plan to transform the aging motels and retail at Marine Drive and Capilano into an urban hub with the proposed name of Marine Drive Village. LoLo and mid Lonsdale are seeing significant growth and detached home sales are brisque while resale condo sales continue to not fair as well.
Don’t Dismiss Downtown
Although she acknowledges it’s an “unobvious” choice, Simone Gardezy of our BCHH Kerrisdale office is still a fan of downtown Vancouver. “It’s one of the unsung options. People will always want to live downtown, and with so few sites available for development it will always be on the right side of the supply and demand curve.”
Burrard Gateway will relieve some of the dearth in new supply and several other smaller infill/mid-rise projects are anticipated. “And you can find projects like Addition that used creative design to bring prices into the $700 per square foot range – lower than many parts of the Cambie Corridor.”
What About that Down Payment?
Of course, our passionate real estate team members and yourself have decided which neighbourhood is best for you, you’ll still have the thorny issue of raising a down payment to put on your first home.
Here’s where mortgage programs specifically designed for first-time buyers come in – BCHH work with some of the finest mortgage professionals in all corners of the lower mainland and BC – to help you raise that all-important lump sum.
Don't hesitate to call, text or email us anytime, 604-767-6736.
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