Most people understand the differences in price, and neighbourhoods, between the Eastside and Westside of Vancouver. Many families these days are holding off on their dream of owning a detached home in Kitsilano, or another Westside neighbourhood and are looking east of Ontario St where prices are lower and the chance to renovate a single family detached home with a yard is possible thanks to a large number of older homes.
Builders and Developments have also realized this trend, and are starting to grab lots in East Van to build houses and duplexes for the Buyers who want a turnkey, modern home.
Assessed Value of Homes in Vancouver
The Globe and Mail recently released an article with great visuals detailing the assessed values of homes in Vancouver, comparing the Eastside to the Westside.
Though assessed value doesn’t determine the asking price of home listed for sale, it’s a good indication of where the market sits when comparing one neighbourhood to another. As you can see above, there is a divide when it comes to the city’s assessed value of homes, and that line the same line dividing real estate in Vancouver East and Vancouver West.
It will be interesting to see how East Van grows in the next few years. I imagine it will start to get a wider variety of assessed values similar to what Vancouver West has in the above map. Never fear, the prices won’t reach $5-million, though there will be a big difference between $1-million, $1.5-million, and $2-million assessed values in East Van and where those houses are found.
The Future of East Van Real Estate
Keep in mind that East Van is in a state of flux right now, with more and more Buyers looking to settle down in the area. That increase in demand, along with an increase in the number of families that can afford a home upwards of $1-million (yet not at the $2-million prices in Vancouver West) will drive the prices up in East Van, especially in the more desirable areas (close to Vancouver West) of Mount Pleasant, Main and areas around the good school districts (near Charles Dickens Elementary) in Knight.
After these Buyers, typically professionals with young families, move in East Van, the businesses follow. With an increase in fantastic restaurants and amenities in the area, we’re also seeing that the only Vancouver Porsche and Mercedes Dealerships will be located in East Van on Terminal Ave.
Keep in mind that East Van still has a large number of older homes (many of them Vancouver Specials) that will require a renovation, or complete re-build, so the area still has much change ahead of it. Expect the curb appeal in many neighbourhoods to improve (though slowly). East Van is a great area of town where investors, or young professionals can set down some roots and watch their investment grow. If you purchase a land now that’s priced at lot value, that is close to some of the planned future development in East Van (near Kingsway, or Commercial Drive and Broadway, or the Main Corridor) you could see that investment double or triple in the next couple of years.
It will be interesting to see the maps above a year from now to see how the assessed values of homes changes in East Van. We’ll keep you posted!