Vancouver isn't exactly known for its affordable real estate, especially with home prices having skyrocketed even further during the pandemic. Some neighbourhoods, however, were affected significantly more than others, seeing immense appreciation in home values.
A new report from Properly took a look at which neighbourhoods in particular have seen home prices jump the most over the past two years. Overall, prices across the city have risen 18% since early 2020, the report found.
"In 2020, the median sale price of a Vancouver-area home was roughly $920,000, compared to today’s median Instant Estimate value of $1.4M," the report reads. "What does this tell us? In mid-2020, at the cusp of the pandemic housing boom, Vancouver residents were increasingly likely to trade in their downtown properties to embrace more space in the suburbs."
Indeed, the list of highest appreciating neighbourhoods is filled with Vancouver's more residential areas offering more space than downtown. The neighbourhood that has seen the biggest change in home prices is Hastings Sunrise, where prices have grown a staggering 36% since 2020. Hastings Sunrise was closely followed by South Vancouver where home prices have ballooned 35%.
The full list of top appreciating Vancouver neighbourhoods is as follows:
- Hastings Sunrise (36%)
- South Vancouver (35%)
- Killarney (34%)
- Renfrew (32%)
- Knight (31%)
- Victoria (24%)
- Collingwood (23%)
- Grandview Woodlands (23%)
- Point Grey (22%)
- Main (21%)
In their report, Properly also looked at what Vancouver suburbs became the most popular during the pandemic. Prices in Maple Ridge grew the most by far, rising 49% over the past two years. Squamish also saw increased interest, with prices there jumping 40% to a new average of $1.36M. In North Vancouver, prices are up 27% to a new average of $1.2M.
But this trend of more residential Vancouver neighbourhoods and outer suburban areas becoming increasingly popular is likely on its way out, the report says.
"As the market rebounds and pandemic restrictions lift, many residents are now seeking closer ties to the city’s day and night life, which ultimately drives up demand, and value, in the city core," the report reads. "That could be why we’re seeing a renewed interest in, and higher valuing of, homes in downtown Vancouver neighbourhoods."
According to Properly’s Pricing Manager Arieh Dales, "the price difference between downtown and suburban homes will likely widen again in the coming months."
