Vancouver’s West End has been named the best place in the city to buy either a condo or a townhome, in a new report by real estate website Zolo.
The rankings were the result of extensive study of all of Greater Vancouver’s neighbourhoods, through which Zolo created a value score for each area based on a series of factors. These included: relative value of an average home compared with surrounding areas and the overall municipality; price appreciation over the past five years; potential for future growth; and the economic strength of the area combined with WalkScores and Transit scores.
Romana King, Zolo’s director of content, said on BTVancouver, “The West End is going to surprise people. It’s right downtown, it’s expensive… Yes, but when we're looking at value, we’re looking at relative value. It has the same access to parks, amenities, transit as Coal Harbour just across Georgia Street, [but is much less expensive].”
At the other end of the scale, Fraserview in East Vancouver was named the “worst” area in the city to buy either a condo or a townhome in 2018.
King wrote in the report, “Value isn’t synonymous with cheap, especially in real estate. Cheaper housing prices can occur for a variety of reasons — not all of them good. Instead, we wanted to find neighbourhoods that haven’t appreciated as much as surrounding communities but have access to the same amenities and social values as these higher-priced neighbouring ’hoods. In essence, we are looking for affordable, good neighbourhoods that are poised to increase in value.”
The West End was named the hottest area in the city, but it wasn't Greater Vancouver's overall winner, ranking second out of the entire region in both condos and townhomes. East Coquitlam was named the region's top area to buy a condo, and Mary Hill in Port Coqutilam was placed highest for townhouses. (Full Greater Vancouver rankings here.)
Check out the infographic below for Zolo’s top 10 areas in Vancouver to buy either a condo or a townhome, and below that, Zolo’s 10 “worst” Vancouver areas to buy a condo or townhome. Do you agree with the results?
Infographic by Zolo
Zolo's 10 Worst Neighbourhoods to Buy a Condo in Vancouver in 2018
1. Fraserview, Vancouver East – average condo price: $498,402
2. Quilchena, Vancouver West – $1,024,445
3. Champlain Heights, Vancouver East – $720,100
4. Grandview, Vancouver East – $543,283
5. Shaughnessy, Vancouver West – $938,820
6. Oakridge, Vancouver West – $1,212,533
7. Hastings, Vancouver East – $536,031
8. Southlands, Vancouver West – $714,000
9. South Granville, Vancouver West – $735,383
10. Collingwood, Vancouver East – $484,743
Zolo's 10 Worst Neighbourhoods to Buy a Townhouse in Vancouver in 2018
1. Fraserview, Vancouver East – $832,603
2. Champlain Heights, Vancouver East – $781,661
3. Grandview, Vancouver East – $1,123,713
4. Downtown, Vancouver East – $1,295,000
5. Quilchena, Vancouver West – $1,609,714
6. Hastings, Vancouver East – $995,586
7. Collingwood VE, Vancouver East – $860,566
8. Fraser, Vancouver East – $1,100,364
9. S.W. Marine – Vancouver West – $1,616,000
10. Shaughnessy – Vancouver West – $2,408,500