Photos: cottage-style home in Vancouver gets 26 offers and sells $580,000 over asking for $1.83 million


2 of 7
  • This residence at 950 Ringwood Avenue has a 2022 assessment of $1,362,600.

Vancouver realtor David Hutchinson says representing buyers these days can be tough.

To illustrate, the longtime Sutton Group-West Coast Realty agent related that he has been working with a couple since late last year.

 
 

Husband and wife are both professionals with high-paying jobs.

The two currently rent, and they want to purchase a piece of Vancouver real estate with enough space before they have children.

 

“They have a healthy budget, but it never seems to be enough, no matter how much they offer,” Hutchinson told the Straight in a phone interview.

Recently, Hutchinson and his clients placed an offer on a detached Vancouver home that was listed on January 10, 2022.

 

The four-bedroom and two-bath residence at 950 Ringwood Avenue had an asking price of $1,249,800.

The place looks good, and Hutchinson noted that it “attracts eyeballs”, especially with its red colour.

“My clients put in what they thought was a good offer: almost $300,000 over the asking price,” Hutchinson related.

Guess what happened?

“We all crossed our fingers, and waited for the results, only to be disappointed,” Hutchinson said.

His clients got outbidded.

The Chow & Kai Group worked as the listing agent for 950 Ringwood Avenue.

That’s Danny Chow and Salina Kai, both with rennie.

Kai told the Straight in a phone interview Friday (January 21) that the property received 26 offers.

The realtor said that home was sold for $1,830,000.

This means that the three-storey residence went $580,000 over its asking price.

What does this say about the Vancouver real estate market?

“As we all know, inventory is at an all-time low,” Kai said in the interview.

In addition, Kai noted that a “lot of families during this pandemic are looking for more space and owning a piece of dirt is, you know, more desirable than ever”.

Plus, 950 Ringwood Avenue has an attractive “price point”.

“More people can afford this price at under $2 million,” Kai explained.

Kai also observed from the sale of this Vancouver real estate that buyers and their agents came well prepared.

“Everyone was doing their due diligence,” the realtor said.

The property got 16 pre-inspections.

“That’s a record for me,” Kai said.

The listing by the rennie agents described 950 Ringwood Avenue as a “perfectly quaint cottage style home”.

It’s “nestled on one of the best streets in Fraser”, and it’s only one block long.

The home sits on a 26-foot by 91.85-foot lot.

The property has a 2022 assessment of $1,362,600.

Meanwhile, Hutchinson and his husband-and-wife client are scheduled to look at three other properties today (January 21).

“I couldn't imagine the stress of being first-time buyers in the market while juggling two professions and trying to start a family,” Hutchinson told the Straight.



Follow Carlito Pablo on Twitter @carlitopablo
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Wonderful view, top floor unit, new flooring & paint. The Pinnacle in the heart of Yaletown has everything Floor to ceiling windows allow bright natural light and overlook a vibrant city & mountain view, as well as brand new park on Smithe Street. Extensive amenities include an indoor pool & hot tub, gym, library, guest suites and concierge. Steps away from endless shops & restaurants. 1 parking+ 1 Storage. 24-hour notice. Buyer to verify. Strata plan 771 sq ft. Measured by Absolute Measurements 795 sq ft. Parking stall 23/Storage locker 244. Concierge, 3 elevators, free wifi in library room on third floor. Excellent location steps to all Yaletown has to offer! OPEN HOUSE SAT/SUN 1-3 PM.
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Open House on Sunday, January 9, 2022 1:00PM - 3:00PM www.vancouversutton.com Call Hannah: 604-505-3217
Wonderful view, top floor unit, new flooring & paint. The Pinnacle in the heart of Yaletown has everything Floor to ceiling windows allow bright natural light and overlook a vibrant city & mountain view, as well as brand new park on Smithe Street. Extensive amenities include an indoor pool & hot tub, gym, library, guest suites and concierge. Steps away from endless shops & restaurants. 1 parking+ 1 Storage. 24-hour notice. Buyer to verify. Strata plan 771 sq ft. Measured by Absolute Measurements 782 sq ft. Parking stall 23/Storage locker 244. Concierge, 3 elevators, free wifi in library room on third floor. Excellent location steps to all Yaletown has to offer! Open House Saturday 2 30 - 4 30 pm/Sunday 1 - 3 pm.
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Wonderful view, top floor unit, new flooring & paint. The Pinnacle in the heart of Yaletown has everything Floor to ceiling windows allow bright natural light and overlook a vibrant city & mountain view, as well as brand new park on Smithe Street. Extensive amenities include an indoor pool & hot tub, gym, library, guest suites and concierge. Steps away from endless shops & restaurants. 1 parking+ 1 Storage. 24-hour notice. Buyer to verify. Strata plan 771 sq ft. Measured by Absolute Measurements 782 sq ft. Parking stall 23/Storage locker 244. Concierge, 3 elevators, free wifi in library room on third floor. Excellent location steps to all Yaletown has to offer!
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Real Estate News

VANCOUVER
REAL ESTATE NEWS

The $2 Million Dollar Home? Average Prices in Vancouver Set to Jump in 2022

PUBLISHED: 11:03 AM DEC 27, 2021

Detached house prices in Metro Vancouver will go up by 15% in 2022, predicts realtor Bryan Yan, whose end-of-year predictions in past years have held up. The general industry feeling is that prices will keep rising due to another COVID wave, as well as low interest rates, a general fear of missing out, and the fact that sellers are making so much money that they’re either buying up or downsizing.

“It’s a rising tide lifting all boats — everyone is making so much money on their other stuff they sell it to buy something, or they downsize,” says Yan. “They sell something for $8 million and buy something else for $5 million. Basically, what we are seeing is multi offer situations. Prices are going to come up, if they don’t do anything about interest rates they will come up 15% this year.”

Even in the dead of winter, Yan says the Vancouver market is non-stop. About 80 to 90% of buyers are locals, he says, and the hottest properties are turnkey houses under $2 million, which aren’t easy to find. He predicts that the average price of any decent detached house in Metro Vancouver will be priced at around $2 million by the end of 2022.

READ: BC Real Estate Poised to Have Another White-Hot Year in 2022


The growth in house prices has been dramatic in recent years. In 2006, urban planner Andy Yan created a map of Vancouver that delineated the pricey west side from the east side with a “million-dollar line.” By 2017, nearly all houses in the city had crossed that line. Only four years later, and a $2 million line is pushing further eastward. In the last year, 37 houses sold in the $3 million to $5 million range, east of Main Street, confirms realtor Bryan Yan. On the west side, in the same period, 557 houses sold in that range. Though the luxury end of the market has not seen the price increases that the middle-income market has seen, he adds.

Royal Lepage recently caused a stir with a New Year forecast that said the median price of a Metro Vancouver detached house would increase year-over-year in 2022 by 12%, to $1.893 million. The report cited lack of inventory as the key cause.

vancouverDetached Homes in Vancouver/Shutterstock

Bryan Yan thinks that figure is conservative, particularly on the east side of Vancouver. Part of the popularity of the east side is that single-family lots are more easily densified, and the market is strong for townhouses and duplexes. City council recently voted in favour of rental buildings on major arterials that can go as high as six storeys (with a share of below-market units), as well as rental buildings up to four storeys that would replace houses on nearby side streets. Yan says this change for more rental density will most impact the east side and help elevate land prices, bringing the average detached house to $2 million.

But, he adds, the detached house market is strong throughout the entire region.

“A house in Richmond had 34 offers, and that was a couple of weeks ago. Can you imagine? This stuff is moving like toilet paper.”

Interest rates were expected to go up in April, but with the arrival of Omicron, the expectation is that interest rates will stay low. That continued low rate motivates buyers to get into the market, as they fear missing out on those record-setting rates.

Yan, who is 56, purchased his first property at age 19. A Metro Vancouver property generally doubles in price every seven years, he says.

Because he can’t gauge the future prices of presale condos, that’s a tougher category to predict, but he says strata units will likely go up at least 10%. He predicts townhouses will go up at least 15% because there’s so much demand for them.

The high-end market is slow because the offshore buyers who drive that market are staying away, he says. Yan’s usual clientele is looking for expensive properties on the west side, but that market has stalled. Some of his buyers are from Hong Kong, looking to buy presales. But they’re not the majority.

“Most people think they can time the market, but you can’t. I will tell my clients, ‘if you can afford it, and the bank will lend you the money, buy it. You won’t get another chance.’ When the banks are willing to lend you money, celebrate. Buy the damn thing.”

A luxury home in Vancouver/Shutterstock

Developer and urban planner Michael Geller, who in the 1970s managed the social housing program at Canada Mortgage and Housing Corporation, says housing prices in Metro Vancouver are a snowball that will only get bigger. Lack of affordable housing will continue to plague the region as demand grows due to immigration.

“I think they’ve doubled in the last six or seven years, and it is crazy,” says Geller.

He cites five reasons why prices will remain high: low interest rates that will stay low, parents financing their adult children with several hundred thousand dollars for down payments, high municipal fees that are tacked onto each project, climbing construction costs, and lack of adequate supply. He doesn’t believe we can simply build our way to affordability because housing demand in markets such as Vancouver and Toronto will stay insatiable. That means the solutions are in the hands of policy makers who can create housing models that are specifically designed for affordability.

“When immigration gets going and students come back, and as we try to make cities more attractive, we are going to start seeing increased demand. And the line I agree with all the time is we aren’t creating the right supply. I agree with that.”

Geller, who has given frequent talks on affordable housing, cites five solutions. Those include giving developers breaks on having to build pricey parking and building better transit options instead, the creation of financing models that already exist in Canada and other countries, government support of the non-profit housing sector, faster permitting approvals times, and freeing up swaths of land that is available to densify but is being wasted as parking lots instead. We could also add onto existing one-storey buildings where possible and create density without tearing everything down.

READ: When it Comes to Purchasing Property as a Group, People in BC are Fearless

In terms of financing models, he cites the shared-equity home ownership programs common in the UK, where banks provide mortgages to non-profit housing groups. For example, a person purchases one-third of a condo from a non-profit developer and property manager who retains ownership of the remaining two-thirds. Over time, through rent, they acquire more of the unit until they own it outright.

It’s better known as “stair-casing,” because you are climbing the stairs to ownership.

Another model is the shared appreciation mortgage (SAM), whereby a person shares the appreciation of the property with the lender upon selling, in addition to paying off the mortgage. This arrangement works for buyers who can’t afford the upfront cost of the down payment. Typically, homebuyers pay a reduced interest rate on the loan.

“The interesting thing is that this is a model most developers use when they create developments. With only a couple of exceptions, all of the projects I did were developed with other people’s money. I paid a higher interest rate, but they didn’t get [their money] back till the end, and I gave them a percentage of the profits. You can do the same thing with homebuyers.

“If a family member came to me, I might say, ‘I will lend you $300,000, and you don’t have to pay interest now, but it will accumulate, and in five years, when you sell it, it will be worth more, and you will pay me the interest plus a percentage of the increased value. That is happening. It’s quite common in the states.”

Written By
Kerry Gold

Kerry Gold has written about real estate and housing issues for a variety of publications, including a weekly real estate column for the Globe and Mail since 2008. She also writes investigative pieces for the Walrus, and has written for Maclean's, MSN, Yahoo, MoneySense, BC Business, the Toronto Star, L.A. Weekly and Variety.

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Across the street from Vancouver’s iconic main library on West Georgia Street is an equally unusual building that has left many downtown residents wondering what the architects were consuming during the conceptual stage. It is so weird that Apple has decided to make it the home of their new local head office. The Deloitte Summit office tower is 24 storeys high, with alternating glass cubes. It required special metal fabrication to support the giant glass structure, which will also have lush green walls peeking out from the abstract geometrics.

Best reminder to be nice with licensing authorities

It doesn’t hurt to be pleasant. Especially with people who grant professional accreditations. A man wanting to renew his broker’s licence with the then–Real Estate Council of B.C. doomed his application because of his behaviour. The regulatory body described it as something that “went beyond mere rudeness”. The person, whose identity was redacted in a decision, called the head of the council at the time, Erin Seeley, the “Worst CEO in History”. Even worse, the guy also claimed in an official communication that Seeley is a friend of disgraced Hollywood producer and convicted sexual offender Harvey Weinstein. Moreover, the applicant called another staff member, the RECBC’s legal counsel, a “piece of shit”.

Best pockets of housing affordability in Vancouver

Adam Major, cofounder and CEO of real-estate information site Zealty.ca, lists neighbourhoods in Vancouver that may be considered as rare pockets of housing affordability. For the West Side of the city, Marpole is the most affordable neighbourhood for condos or apartments, with a median price as of September 2021 set at $653,000. Marpole is the also cheapest area for detached homes on the West Side, where the median price is $2,445,000. As for the East Side, Major said that apartments or condos are most affordable in Hastings-Sunrise, with a median price of $521,500. For detached homes in East Vancouver, Collingwood is the place to go, where the median price is $1,570,000.

Best proof that some kids are luckier than others

Being born to a well-to-do family fetches a lot of advantages. These extend to homebuying in adult life. A CIBC report estimates that Canadian parents gifted more than $10 billion to help their children buy homes during the past year. In Vancouver, the manna from mom and dad in the first quarter of 2021 averaged $180,000 each for first-time homebuyers. The amount is even larger for mover-uppers, or those moving to bigger properties. In the first quarter of 2021, these Vancouver buyers got an average of $340,000 each.

Best method to tear down a house

There’s a way of taking down a house that is Earth-friendly. Unbuilders is a Vancouver-based company specializing in deconstruction and salvage. The company unbuilds homes piece by piece, reclaiming reusable materials, particularly wood. It means that Unbuilders is able to divert about 50 tonnes of material from the landfill on every residential job. In addition, the company works with Habitat for Humanity Greater Vancouver, a nonprofit that helps people build affordable housing. The way this works is that a homeowner will donate wood reclaimed from their old house to the nonprofit. The wood’s value is appraised by a third party, and Habitat for Humanity issues a tax receipt in return.

Best local end to the Trump era

The all-caps name is still up at the now-closed TRUMP Hotel on West Georgia Street, but there are signs of change in the air. Yellow tape and covered windows adorn the entrance to the former guy’s namesake. No doubt the residents of the luxury apartments would like a rebrand not negatively affecting the first impression of a potential buyer.

Best evidence of a class bias in housing

Manufactured homes nowadays are superior in design and durability compared to the trailers made during the 1960s and 1970s. They are also more affordable than conventional homes. However, governments don’t seem to like them. Al Kemp, executive director of the Manufactured Home Park Owners Alliance of B.C., says it’s a form of “class bias”. As Kemp observed, “You talk to politicians and many in the media and all they can think of is, you know, Trailer Park Boys or trailer trash, that sort of thing.”

Best proof that when it comes to Vancouver real estate, everything sells

Here in Vancouver, people buy and sell not only homes but parking spaces and storage rooms. Even condos in a declared leaky development on East Broadway changed hands, although no financing is available for such properties.

 

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Please visit our Open House at 707 1177 HORNBY ST in Vancouver.
Open House on Sunday, November 14, 2021 1:00PM - 3:00PM
London Place in the heart of downtown, steps to the West End and English Bay. This fantastic one bed and den, corner unit in London Place. Maple floors throughout, nice kitchen and bathroom cabinets, open floorplan with electric fireplace. Large wraparound, oversized windows. Free laundry on the same floor. Great building - updated lobby and media room, healthy contingency, 4 elevators, gym, bike room, visitor parking, rooftop hot tub and patio with BBQ area. Convenient location in the heart of Downtown, walking distance to everything you need! 2 storage lockers and 1 parking. OPEN HOUSE SUNDAY 1-3 PM
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I have listed a new property at 707 1177 HORNBY ST in Vancouver.
London Place in the heart of downtown, steps to the West End and English Bay. This fantastic one bed and den, corner unit in London Place. Maple floors throughout, nice kitchen and bathroom cabinets, open floorplan with electric fireplace. Large wraparound, oversized windows. Free laundry on the same floor. Great building - updated lobby and media room, healthy contingency, 4 elevators, gym, bike room, visitor parking, rooftop hot tub and patio with BBQ area. Convenient location in the heart of Downtown, walking distance to everything you need! 2 storage lockers and 1 parking.
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David Hutchinson

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Sutton Group West Coast
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Vancouver, BC
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Sutton Group West Coasts David Hutchinsons listings appear on 850+ websites. Averaging over 3 million visits per month. Vancouvers hardest working, award-winning Realtor with more than 4 million viewers, and Juwai which is visited by buyers each day from over 315 cities throughout China. Including the very best professional photos & Interactive 3-DDD TOURS, and NY TIMES advertising that drive Buyers to your property to sell your home for the best price possible!


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Canadian real estate professionals advising clients to sell this winter

Nov 1 2021, 9:41 am

An overwhelming majority of Canadian real estate professionals would advise their clients to sell their properties this winter rather than waiting until spring, according to a new report from Royal LePage.

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In a survey of 950 real estate professionals across Canada, 79% said they would recommend selling this winter, given the current strength of the seller’s market. This is 15 points higher than the 64% who recommended listing in the winter before the pandemic.

There’s a commonly held belief, the report says, that it’s best to wait out the winter and list your property in the spring. But market conditions during the pandemic have totally changed that.

Of those who recommended selling, 82% cited the main reason as the lack of housing supply in their region coupled with high demand — a perfect storm that creates a very strong seller’s market.

“Last year, we saw one of the busiest winter markets in our history, and with demand continuing to climb, this winter will be another very active market in British Columbia and across the country,” said Adil Dinani, a sales representative with Royal LePage West Real Estate Services in Vancouver. “Our housing supply is terribly inefficient and simply can’t keep up with demand. Even if there are fewer buyers in the winter, it is unlikely there will be enough inventory on the market to satisfy demand.”


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The recommendations to sell were strongest amongst respondents in British Columbia (93%), Quebec (87%), and Atlantic Canada (85%). Out of Canada’s largest cities, Greater Vancouver had the highest number of respondents urging sellers not to wait. But it’s not the only urban market where potential sellers may want to consider listing.

“When deciding the best time of year to list your home, there are many important factors to consider. But if you are not under any time constraints, current market conditions in the Toronto area are favouring the seller, which is not typical most winters,” said Tom Storey, real estate agent, Royal LePage Signature Realty in Toronto. “While we expect another brisk spring market in 2022, homeowners today have a lot of flexibility as demand continues to significantly outstrip supply.”

Laura HanrahanLaura Hanrahan

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These Vancouver homes are all listed for $600K, which one would you want?

Oct 29 2021, 5:00 pm

You can’t buy a house in Vancouver for under a million dollars, at least. But if you’re looking for something that’s at least a realistic purchase – there are still lots of homes on the market you don’t have to be a millionaire to afford.

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These Vancouver homes are listed for just under $600,000 – which one do you like the most?

208 – 2556 East Hastings Street

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Exp Realty

  • Asking price: $599,000
  • Neighbourhood: Renfrew/East Hastings
  • Studio
  • One bathroom
  • 905 square feet
  • Other features: Mountain views, built in 1995, shared rooftop garden.

316 – 933 Seymour Street

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Oakwyn Realty Downtown Ltd.

  • Asking price: $599,900
  • Neighbourhood: Downtown
  • One bedroom
  • One bathroom
  • 663 square feet
  • Other features: office/solarium, New York style warehouse loft bedroom, building has storage, garden, and club house.
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105 – 2250 West 43rd Avenue

Vancouver homes

Oakwyn Realty Ltd.

  • Asking price: $599,800
  • Neighbourhood: Kerrisdale
  • Three bedroom
  • One bathroom
  • 1,254 square feet
  • Other features: co-operative housing, modern bathroom, quiet location, corner unit, no rentals and no pets.

PH6 – 2733 Chandlery Place

Vancouver homes

Keller Williams Elite Realty

  • Asking price: $599,900
  • Neighbourhood: River District
  • Two bedrooms
  • Two bathrooms
  • 767 square feet
  • Other features: South-facing corner penthouse, across the street from a golf course, air conditioning, two private and double-gated parking stalls.

2005 – 1308 Hornby Street

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Exp Realty

  • Asking price: $599,900
  • Neighbourhood: Downtown
  • One bedroom
  • One bathroom
  • 471 square feet
  • Other features: Den, floor-to-ceiling windows, pet-friendly, building has a fitness centre, social lounge, and rooftop garden.

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Sarah AndersonSarah Anderson

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What rooms look like inside Canada's first all-inclusive mountain resort (PHOTOS)

Oct 19 2021, 9:59 am

Canada’s first-ever Club Med resort is scheduled to open this winter, offering an all-inclusive mountain getaway in Charlevoix, Quebec, and the first look of its rooms has been revealed.

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The brand’s first resort in the country is a four-season all-inclusive ski resort scheduled to open on December 3, 2021.

The all-season experience will offer a diverse portfolio of activities for a mountain resort surrounded by Quebec’s gorgeous outdoors.

In an email shared with Daily Hive, Club Med Québec Charlevoix says the 302-room resort honours the land on which it resides with unique interiors that pay tribute to its Canadian heritage.

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The Club Med Québec Charlevoix resort will feature breathtaking waterfront views, ideal for skiers and snowboarders, and accommodations will be open for families, couples, singles, and friends.

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Club Med Québec Charlevoix will feature 302 rooms, 25 suites, a 23-metre-long heated pool, spa amenities, and all the downhill skiing winter fans could ask for.

Guests will be offered international delights at three “signature dining concepts,” the main restaurant, Le Marché, the family restaurant, Terroir & Co, and the gourmet lounge, Le Chalet.

Passes are available now, and resort-hopefuls can choose from two-night, three-night and seven-night packages, including ski passes, ski lessons, Kids Clubs, and unlimited access to après ski activities.

The Club Med website says its Charlevoix location will offer the “most spectacular skiing east of the Rockies” and have an “extensive portfolio” of dogsledding, snowmobiling, ice-fishing, and ice-canoeing.

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As of now, rates start at $210 per adult a night, all-inclusive.

Located just 90 minutes away from Quebec City (in the Le Massif de Charlevoix region), the four-season all-inclusive mountain resort is spread across over 300 acres of a preserved natural landscape. It features sweeping views of the scenic St. Lawrence River.

Spread out across Exclusive Collection Suites, Deluxe, and Superior Rooms, here’s what the interior of the majestic resort looks like.

Exclusive Collection Suites

Club Med

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Toronto And Vancouver Real Estate Is Now Much Less Affordable Than LA, New York


Think Toronto or Vancouver real estate is too expensive? Then consider more affordable places like Los Angeles, New York, or San Francisco. Oxford Economics released its North American Housing Affordability Index (HAI) for Q2 2021. The global forecasting firm found affordability has deteriorated across North America. Toronto and Vancouver real estate were in a league of their own though. The cities are now less affordable than traditional expensive global power cities, like Los Angeles and New York.

The Housing Affordability Index

The HAI measures the cost of carrying a home, in contrast to the borrowing capacity of a median household. It uses a point system, where higher numbers mean less affordable, and 1.0 means the full budget. An index of 1.0 means a home costs the maximum budget a median household can afford. If it’s 0.75, the household’s maximum budget is 25% higher. Similarly, an index of 1.25 means a median household needs 25% more than they earn to afford a home. Each city’s score is based on regional incomes.

At first glance, a 1.0 score might seem ideal. However, the more a household spends on housing, the less they have to spend on other areas of the economy. This results in slower economic growth at the expense of real estate. If a region isn’t a luxury region like Monaco, it might have a tough time keeping younger people. Not an issue for wealthy regions with a well-managed tax base. A huge problem for regions dependent on younger people to carry the tax base.  

Housing Affordability Fell Across North America

In general, housing affordability fell across English-speaking North America. The US saw its index rise to 0.77 in Q2 2021, up 3 basis points (bps) from the previous quarter. In other words, the cost of housing was 23% lower than the maximum local incomes could support. An obvious culprit here is home prices rising much faster than incomes. Less obvious is mortgage costs creeping back up to higher and more natural rates.

Canadian real estate affordability deteriorated much faster, and started in a worse place. Canada’s index reached 1.35 in Q2 2021, up 5 bps from the previous quarter. Housing costs are 35% higher than the typical household can afford, and are projected to get worse. Not due to rising home prices, which the firm sees hitting a plateau soon. Affordability is set to deteriorate as rates begin to normalize from stimulus-driven levels. Rising rates also tend to push prices lower though, so we’ll see how this goes.

Vancouver Real Estate Is The Least Affordable In North America

Vancouver is once again the king of unaffordable real estate in North America. The index for the City reached 1.71 in Q2 2021, up 3.4 bps from the previous quarter. A median household needs 71% more income than they make to carry homes at these prices. The firm sees rising mortgage rates adding another 6 bps to the index by the end of next year. Good for Vancouver. It needed the win after losing the top spot on the UBS Global Bubble Index.  

Toronto Real Estate Is The Third Least Affordable City

Toronto real estate came in third — more affordable than Vancouver, but less than New York City. The city’s index reached 1.56 in Q2 2021, up 3 bps from the previous quarter. The analysts see the index rising another 9.6 bps by the end of next year. A median household needs 56% more income than they make, and that’s going to hit 65.5% by next year.

Toronto recently claimed the spot of the second largest bubble in the world. A real accomplishment, considering it wasn’t considered a bubble city just 5 years ago. That’s some exuberant home price growth. 

Los Angeles Real Estate Is The 8th Worst Market For Affordability

Los Angeles real estate came in 8th, looking like a deal in contrast to Vancouver. The city fell to 1.45 in Q2 2021, up 2.7 bps from the previous quarter. It’s forecast to rise another 4.7 bps by the end of next year, still more affordable than Toronto is today. 

Ottawa Real Estate Is The 9th Worst Market For Affordability

Canada managed to squeeze in another real estate market with dwindling affordability — Ottawa. The index reached 1.39 in Q2 2021, up 2.1 bps from the previous quarter. Already 39% more expensive than the median family can afford, the firm expects a whopping 17.2 bps climb by next year. That would put Ottawa at Toronto’s affordability level today. Canadian politicians will totally do something, they just need to check the price of their home first.

Montreal Real Estate Is Equally Affordable To Miami, NYC, And Seattle

Montreal real estate used to be known as a place with cheap housing — but you might as well move to NYC at this point. Montreal, Miami, and New York City (NYC) all ranked 1.04 on the index in Q2 2021. Seattle, which is undergoing a notorious housing crisis, was just a hair higher at 1.07. The forecast has Montreal becoming more expensive than NYC on a relative basis by next year. Which makes sense, since Greater NYC’s GDP is the size of Canada’s whole GDP, but Montreal has better bagels. Checkmate. 

North American real estate prices are rising at a rapid rate, and it doesn’t matter where — prices are soaring. Boise real estate is now the second least affordable market in North America, if you can believe it. This isn’t a result of fundamentals by any measure, it’s an intended consequence of policy decisions. 

There’s no other way to read the flood of mortgage liquidity at a time when home sales were at record highs. The resulting inflation is now trickling into other areas of the economy. This will push rates higher, regardless of whether economies are ready or not. If rising rates don’t trigger a correction, affordability deteriorates further.

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Real estate bargains in Metro Vancouver? If there are any left, here's where to begin your search

Holywell Properties’ real-estate information site, Zealty.ca, helped the Straight take a good look across the region and into the Fraser Valley

2 of 3
  • Areas like Collingwood, which is home to Rupert Street, are among the last affordable real-estate pockets in Vancouver. Photo by Janet McDonald.JANET MCDONALD

When it comes to housing in Vancouver, many believe that affordability has long left the building.

So if that’s the case, why even bother talking about it?

 

As realtor Adam Major explains in a phone interview with the Straight, it’s because people require homes, no matter what.

“Individuals need to look at what is affordable for them and decide what they want to do,” Major said.

 

They can either buy or rent, and that’s entirely up to them.

“It’s okay to be a renter,” noted Major, who is a managing broker with Holywell Properties.

Now for those looking to buy, there are neighbourhoods in and around Vancouver that may be considered as pockets of affordability.

 

The Straight asked Major to identify some of these areas because of his access to granular data.

In addition to his title of managing broker, he is also the cofounder and CEO of Holywell Properties’ real-estate information site, Zealty.ca.

To digress a bit, Zealty started in 2006 as a virtual map of homes for sale on the Sunshine Coast, where the brokerage is based.

Major’s colleague, Gary Little, wrote the computer program. Little is also a realtor and he previously worked in Silicon Valley. He cofounded Zealty with Major, and serves as its chief technology officer.

The map has since grown into a rich online resource, which includes listings and sold properties, as well as fine-grained data like price per square foot, days on the market, and so on.

Zealty uses data from the real estate boards of Greater Vancouver, Fraser Valley, and the Chilliwack district. The site is updated several times a day.

To zero in on these pockets of housing affordability, Major used median price or the middle point for prices as main parameter.

“Median price gives you the broadest sense of what’s happening in that neighbourhood and what can you buy in that neighbourhood,” he explained in the phone interview.

He also separated detached homes from condos or apartments, because if one combines these two types of properties, this will make a big difference in overall median price.

For the search, Major looked at all sales from January to September 2021.

And so, the area with the lowest median price is where buyers may want to look into, if affordability is what they are after.

Vancouver

For the West Side of Vancouver, Major said that the most affordable neighbourhood for condos or apartments is Marpole. It has a median price of $653,000 as of September 2021.

Major suggested that the best value for money is Downtown and the West End because of their location. The median apartment prices are $690,000 and $692,750, respectively.

However, he observed that condo units in these two places are generally smaller, which does not work for families.

For detached homes, the cheapest neighbourhood in the West Side of Vancouver is also Marpole, where the median price is $2,445,000.

On the East Side of Vancouver, apartments or condos are most affordable in Hastings-Sunrise, with a median price of $521,500.

Major noted that neighbourhoods in East Vancouver like Victoria, Killarney, Grandview, Fraserview, and Collingwood have apartments averaging less than $600,000.

“Main Street is now $885,000—thank the hipsters,” Major said.

For detached homes in East Vancouver, Collingwood is the most affordable place, with a median price of $1,570,000.

“Strathcona, which used to be an island of affordability, has gone full gentrification and is now almost $2 million for a detached home,” Major noted.

Burnaby and New West

Past Boundary Road and into Burnaby, the Zealty CEO noted that the best deal for apartments is in the Cariboo neighbourhood near the Lougheed Town Centre. The median price is $425,000.

One can also look along East Hastings Street in the Capitol Hill area, where the median price is $512,000 as of September 2021.

“A lot of the new buildings near Brentwood and Metrotown have the effect of pushing up the median price in those neighbourhoods,” Major noted.

In Brentwood, the median price for condos is $717,000. In Metrotown, it’s $673,400.

For detached homes in Burnaby, Major said that the most affordable neighbourhood is Greentree Village near BCIT. The median price is $1,398,900.

Farther east, Major described New Westminster as a “good place to find an affordable home”.

“It is a smaller municipality, but there are several neighbourhoods where the median price is around $450,000,” he noted.

The cheapest apartments can be found in the city’s West End neighbourhood, where the median price is $380,000.

Meanwhile, New Westminster’s Uptown is the best for detached homes. The median price is $1,105,000.

Realtor Adam Major notes that all markets usually overcorrect in the opposite direction.Realtor Adam Major notes that all markets usually overcorrect in the opposite direction.

North Shore and Richmond

The Straight also asked for Zealty data about the North Shore, which is North Vancouver, District of North Vancouver, and West Vancouver.

Major noted that the best deal for apartments or condos is in the Cedardale area of West Vancouver. The median price is $572,500.

“For detached, nothing on the North Shore is cheap, but West Lynn is likely the best bang for your buck,” the Holywell Properties executive noted.

The median price in West Lynn is $1,695,000, or $135,000 cheaper than neighbouring Lynn Valley. “And you can still ride your bike to Fromme,” Major said, referring to one of the North Shore mountains and a popular destination for hiking and biking.

Richmond lies to the south of Vancouver.

In Richmond’s Granville neighbourhood, Major said that the median price for an apartment is a “surprisingly affordable” $280,000.

“Pro tip: if you buy an apartment on the second floor or above, you don’t have to worry about global warming,” Major joked.

For detached homes, the most affordable neighbourhood in Richmond is East Cambie. The median price is $1,543,500 in this area.

Outer suburbs

Coquitlam, Port Coquitlam and Port Moody make up the Tri-Cities.

“For apartments, Central Coquitlam, along Austin Avenue, is the best deal,” Major said. The median price is $402,500.

For detached homes, Major noted that the neighbourhood of Meadowbrook is cheaper than the median price for the rest of Coquitlam.

“Just up the Lougheed Highway, to the right of the old Riverview Hospital, the median detached price in Meadowbrook is $1,030,000,” he said. The realtor explained that it is significantly below the overall median price for Coquitlam of $1,535,000.

Going to Surrey and Delta, Major stated that Annieville could be the best place to look for an apartment or condo. The median price is $405,000.

“Older neighbourhoods, which were known for cheaper housing, like Whalley, have seen so much development that they have actually pushed the median price up,” he noted.

In Surrey’s Whalley area, the median price is $428,000.

For detached, the neighbourhood to go to is Bridgeview, which is near the Patullo Bridge. The median price is $1,050,000.

“There are some very expensive neighbourhoods in White Rock and South Surrey, where the median price is well over $2 million,” Major noted.

To the east in the Langley area, the Zealty executive noted that the median price in the city of Langley for an apartment is $433,000.

For detached homes, Major said that nothing is under $1 million. The city of Langley and Aldergrove offer the most affordable, with a median price of $1,160,000 and $1,021,750, respectively.

This week's cover of the <em>Georgia Straight</em> was illustrated by Shayne Letain and designed by Miguel Hernandez.This week's cover of the Georgia Straight was illustrated by Shayne Letain and designed by Miguel Hernandez.

Fraser Valley

For homebuyers who do not mind driving a lot if they work in or near Vancouver, Major said Chilliwack offers the “cheapest housing in the Lower Mainland”.

The median price for an apartment in downtown Chilliwack is $265,000.

For detached homes, $825,000 is the median price in all of Chilliwack.

“To get below $800,000, you have to go all the way to Hope, where the median price is $623,750,” Major said.

Now for the big picture, the Zealty cofounder shares a basic formula on how home prices increase as one gets closer to Vancouver from the suburbs.

“There is about a 20 percent increase in median detached prices as you drive along the Trans-Canada Highway, and go from town to town,” Major said.

Let’s start from Chilliwack, where the overall median price for a single-family home is $825,000.

Major pointed out that the price increases by 20 percent in Abbotsford ($1,092,000), then another 20 percent in Langley ($1,395,000), and only slightly in Surrey ($1.4 million).

By the time one gets to Burnaby, it’s $1,765,000.

When a homebuyer reaches Main Street in Vancouver, the median price is $2,150,000. In Shaughnessy, the median price hits $5,850,000.

Major noted that things level off a bit as one heads further west. Median prices of detached homes in Kerrisdale and Kitsilano are $3,105,000 and $2,816,500, respectively.

The same thing happens with apartments or condos. However, Major stated that the rate of increase is lower at 15 percent as homebuyers drive from town to town.

To illustrate, Major noted that one can start with the median price for an apartment in Chilliwack at $299,950, and then get to $750,000 when one arrives on the West Side of Vancouver.

Again speaking about the big picture, Major noted that the median price of a detached home for all of Greater Vancouver, Fraser Valley, and Chilliwack is $1.5 million.

For apartments or condos, it’s $590,000.

And for all types of houses in these three real-estate markets, including townhomes, the median price as of September 2021 is $851,000.

In the phone interview, Major told the Straight that there are several reasons why homes have become very expensive.

“The causes for the affordability crisis are many, but I think these can be boiled down to a collective failure at all levels of government for the last couple of decades,” he said.

There’s one prospect that frightens Major, who has been with Holywell Properties since 2006.

“All markets, whether they be housing, the stock market, et cetera, eventually revert back to the mean, and often overcorrect in the opposite direction,” he said.

Major continued: “The housing bubble in Vancouver has gotten so big and gone on for so long, it’s scary to think what a correction could look like.”

Follow Carlito Pablo on Twitter @carlitopablo.
 

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I have sold a property at 3296 TURNER ST in Vancouver.
Good, solid house in a great central location steps to everything Vancouver has to offer. Steps to the PNE; Hastings Community Centre & Gym; Dr. A.R. Lord Elementary School; transportation line to UBC; the highway to Whistler and Kelowna; Hastings East Village shops and restaurants; Burnaby Heights; New Brighton Park & swimming pool; minutes to downtown/Yaletown Vancouver. All this convenience in a 4-bedroom/2-bathroom house with mountain view, and an in-law suite downstairs in a cozy, little village-style neighbourhood. The home has been in the family for years featuring a garden of fig trees and roses. Professionally measured by Keyplan. Buyer to verify all property details and measurements.
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I have sold a property at 1304 1238 BURRARD ST in Vancouver.
Excellent value 2-bedroom, 2-bathroom corner suite one floor below the penthouse at the Altadena with views to everything Vancouver has to offer! This bright home features gas fireplace, a large solarium/office, and a flex room/den. Engineered hardwood oak flooring Excellent separation of bedrooms provide for an efficient layout. PETS/RENTALS/Airbnb OK. Re-piped in 2017, and updated common areas. 1 parking, storage locker, and visitor parking. Amenities include renovated gym with steam sauna, theatre room, bike room, and lounge with outdoor patio. Located in the heart of the city & steps to all the wonderful amenities of Vancouver from Vancouver House to local beaches! Onsite caretaker. 24-hour notice required. Buyer to verify all measurements. Measurements by Absolute Measuring.
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I have sold a property at 205 15272 19 AVE in Surrey.
Wonderful White Rock location! Large 2-bedroom/2-bathroom facing beautiful Bakerview Park in a quiet cul-de-sac. No pets allowed. Rentals allowed, but max of 6 (rentals are currently maxed). No age restrictions. Very pro-active strata - building was rain screened with new cement fibre siding in 2013. New roof was completed in 2019. Great building amenities include club house with piano, hot tub and exercise center. Quick possession available. Walking distance to restaurants and shopping! Buyer to verify all measurements. BC Assessment 885 sq ft. Professionally measured by Keyplan Measuring 1055 sq ft including enclosed solarium.
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Here is how much you'll pay for a one-bedroom apartment in Metro Vancouver this October

The city continues to see some of the most expensive rent in Canada.

Vancouver apartment prices have levelled off in October following a sharp increase in cost, according to a new report. 

Liv.rent, a rental platform based in Vancouver, creates monthly rent reports for the region and finds that most areas of Metro Vancouver haven't seen an increase in prices.

Overall, the average rent for an unfurnished apartment in October in the Metro Vancouver region is $1,800, according to the latest report

 
 
 
 
 
 

Surrey and Coquitlam offer the most affordable places to rent in October, however. In contrast, West Vancouver saw a spike in rent for unfurnished one-bedrooms, with an increase of 14.53 per cent from September to October. 

Interestingly, Metro Vancouver has been seeing lower prices for furnished apartments in comparison to unfurnished ones in areas such as Burnaby, Surrey, Richmond, West Vancouver, Coquitlam and New Westminster. 

The report authors say this trend has "been happening for several months now in Toronto" and that a similar one could start occurring in Vancouver, where furnished units are cheaper than unfurnished.

Report authors also note that rent has "cooled off slightly" in Downtown Vancouver after rising last month. This trend was observed for both furnished and unfurnished units.

Data gathered on renters’ income-to-rent ratio quarterly shows that Vancouver renters who use liv.rent pay, on average, 35.25 per cent of their income toward rent.

"While traditional financial advice would be to spend no more than 30 [per cent] of your income on rent, this advice is perhaps not well suited to the realities of renting in cities like Vancouver," reads the report.

In October, the most affordable places for square footage are Surrey and Coquitlam while the most expensive is Downtown Vancouver.

Overall, rent per square foot in Metro Vancouver is $2.57 while in Toronto it’s $2.20.




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Please visit our Open House at 3296 TURNER ST in Vancouver.
Open House on Saturday, October 2, 2021 2:00PM - 3:00PM 778-839-5442 to make an appointment.
Good, solid house in a great central location steps to everything Vancouver has to offer. Steps to the PNE; Hastings Community Centre & Gym; Dr. A.R. Lord Elementary School; transportation line to UBC; the highway to Whistler and Kelowna; Hastings East Village shops and restaurants; Burnaby Heights; New Brighton Park & swimming pool; minutes to downtown/Yaletown Vancouver. All this convenience in a 4-bedroom/2-bathroom house with mountain view, and an in-law suite downstairs in a cozy, little village-style neighbourhood. The home has been in the family for years featuring a garden of fig trees and roses. Professionally measured by Keyplan. Buyer to verify all property details and measurements.
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I have sold a property at 404 1534 HARWOOD ST in Vancouver.
Gorgeous, renovated 1-bedroom and one-bath leashold condo in a fantastic West End location One block to Beach Ave & English Bay on lovely tree lined street. Renovated, open plan with hardwood and tiled floors. Quiet & peaceful location. Steps to beach, Seawall, Stanley Park, shopping & restaurants. Parking $120 (16) & locker $40 (404) rental can be assigned. Concrete leasehold prepaid until Dec 31, 2073. Well maintained, friendly building. Over the years upgrades include: elevator, roof updated, piping. All details are not to be relied on, and are to be confirmed with the property manager. Maintenance fee: taxes, heat, hot water, gardening, and management. Buyer to verify measurements. Professionally measured by Keyplan.
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I have listed a new property at 3296 TURNER ST in Vancouver.
Good, solid house in a great central location steps to everything Vancouver has to offer. Steps to the PNE; Hastings Community Centre & Gym; Dr. A.R. Lord Elementary School; transportation line to UBC; the highway to Whistler and Kelowna; Hastings East Village shops and restaurants; Burnaby Heights; New Brighton Park & swimming pool; minutes to downtown/Yaletown Vancouver. All this convenience in a 4-bedroom/2-bathroom house with mountain view, and an in-law suite downstairs in a cozy, little village-style neighbourhood. The home has been in the family for years featuring a garden of fig trees and roses. Professionally measured by Keyplan. Buyer to verify all property details and measurements.
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I have sold a property at 2558 WILLIAM ST in Vancouver.
Charming family home on one of the prettiest tree lined streets in one of the best locations in East Vancouver. Cozy 4-bedroom/2-bathroom house steps to all Vancouver has to offer in a very quiet, residential location. Large south facing back patio and backyard with garden. Wonderful neighbours, and steps to school, parks, and shopping along not only vibrant Hastings Street, but also the local shops and cates along Nanaimo Street. As Is Where Is. Measurements from Absolute Measuring, and BC Assessment. Buyer to verify all details and measurements.
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Rising Vancouver home prices narrow “once great divide between East and West into thin, fine line”


2 of 3
  • A home at 6676 Doman Street (left, centre) sold for more than one at 857 West 10th Avenue even though the East Side house sits on a lot with a frontage that is only about half that of the West Side residence.

Late last spring, realtor David Hutchinson pointed to a “new phenomenon” in Vancouver’s housing market.

It’s about homes on the traditionally more affordable East Side of the city getting to be as expensive as those on the affluent West Side.

 
 
 

It seems that in a number of cases, the line dividing the two sides of the city has “blurred”, Hutchinson, a realtor for almost two decades and agent with Sutton Group-West Coast Realty, told the Straight in June this year.

 

The long-time realtor was reminded of the phenomenon when he drove across Vancouver this weekend.

“As I traveled Saturday through the leafy, tree-lined streets of Vancouver West to the beaches, one can understand the high cost of housing in those neighbourhoods,” Hutchinson related to the Straight on Sunday (September 26).

 

From there, he went downtown and then through Gastown, proceeded to the East Side of Vancouver, past a busy beer garden at the Parallel 49 Brewing Company and a pop-up concert near Commercial Driveto.

Hutchinson then made his way through the quiet streets of the Hastings-Sunrise neighbourhood and proceeded south to Killarney, where residential lots are often bigger than the usual 33-foot lots.

From there, he pushed down to the new River District, where a complete community is taking shape.

“I realized that every neighbourhood in Vancouver has its own quality and experiences, and that translates into value for different people,” Hutchinson noted.

“But wherever you see that value, the borders between these neighbourhoods are certainly getting blurred in price,” he added.

A scan of recent sales provided by Hutchinson could illustrate what is happening.

On September 8, an East Side property at 6676 Doman Street sold for $2,828,000.

The Killarney area home sits on a 34-foot lot, which was about half of a 55-foot lot at 3857 West 10th Avenue.

The said West Side property sold on August 26 for less or $2,750,000 to be exact.

Take note that this 3857 West 10th Avenue residence is located in the highly desirable Point Grey neighbourhood of the city.

“The once great divide between East and West is narrowing,” Hutchinson said.

Another example is 3578 Monmouth Avenue on the East Side neighbourhood of Collingwood.

The property sold on September 3 for $2,750,000.

That’s $540,000 more than the sold price of a West Side property at 6457 Ontario Street.

The West Side home in the Oakridge neighbourhood of the city went on September 1 for $2,210,000.

The East Side property at 3578 Monmouth Avenue (left) sold for more than $500,000 compared to the West Side residence at 6457 Ontario Street.The East Side property at 3578 Monmouth Avenue (left) sold for more than $500,000 compared to the West Side residence at 6457 Ontario Street.

“With increasing home prices on the East side, the gap is turning into a thin, fine line,” Hutchinson said.

Still, the conventional split between East and West holds true generally.

In its latest report, the Real Estate Board of Greater Vancouver (REBGV) noted that the benchmark price of a detached home on the East Side of Vancouver increased to $1,689,700 in August 2021.

Meanwhile, a typical detached home on the West Side of the city in the same month was $3,462,200.

Based on year-over-year increases, prices of single-family homes on the East Side grew at a slightly higher rate of 12.4 percent compared to 12.2 percent on the West Side.

Another example of an East Side home selling for more is 4184 Slocan Street.

The Renfrew Heights residence sits on a 60-foot lot, and it went to a new owner on September 18 for $2,613,000.

Meanwhile, a West Side property in the Southlands neighbourhood sold for less even though it has a bigger lot with a frontage of 65.99 feet.

The said West Side home sold on September 1 for $2,465,500.

The property at 4184 Slocan Street (left) on the East Side sold for more money than 3583 West 50<sup>th</sup> Avenue.The property at 4184 Slocan Street (left) on the East Side sold for more money than 3583 West 50th Avenue.

“With still relatively more affordable prices and close-knit neighbourhoods, the East Side of Vancouver continues to attract families, where they can get a little more bang for their buck, and grow some tomatoes and figs in their backyards, or make some wine in their basements, all to share with their neighbours,” Hutchinson said.

“But with the prices between East and West starting to tighten, one has to wonder where this is all going,” Hutchinson added. 

Follow Carlito Pablo on Twitter at @carlitopablo