Vancouver Neighborhoods Lead Country in Price Appreciation Despite Slowdown

A recent study revealed that there were neighborhoods in the Lower Mainland that saw price increases in the last year. Century21 commissioned the cross-Canada study to find the best performing neighborhoods in the country. Despite the slowdown in our local real estate market, Vancouver had three regions represented in the 21 hottest neighborhoods over the past year.

Areas in Langley and Richmond were hottest, but the Coal Harbour and West End neighborhood of Vancouver led the city. This area saw average prices of $561,198 in April 2009 which was an increase of 15.12% over the average $476,331 in March 2009 and an increase of 0.34% over the $559,314 in April 2008.

“The message for homeowners is that Canada’s housing markets are comprised of thousands of individual neighbourhoods that often perform differently from average prices in their cities or their provinces or the country,” said Lawby (President of Century 21 Canada) in this press release.

“In the Lower Mainland and elsewhere across the country, homeowners should avoid relying on city, provincial or national averages to gauge their local housing markets. Instead, sellers should monitor selling prices of similar homes in their own neighbourhoods. Buyers should monitor selling prices of typical homes in the neighbourhoods where they want to live,” said Lawby.

The study specified the top-ten areas of Vancouver that were red-hot. Other areas of the city that did not see annual price increases, but are hot month-to-month include Kitsilano (FSA: V6K) where prices are up +20.28% (from March to April 2009) and Kitsilano/Arbutus Ridge and west Fairview (FSA: V6J) where prices are up 15.79% (from March to April 2009).

The Century 21 research looked at price performance within Canada Post postal code areas where there were 30 or more sales.

You can read more about the study in this article from the Vancouver Province.

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On June 22nd, 2009 I will be attempting to break the record for the most ascents of the Grouse Grind for charity. The Royal LePage Shelter Foundation is an incredible organization which is there to help women and children suffering from domestic abuse. Of every dollar donated, 100% goes directly to those in need (Royal LePage covers all administrative costs of the charity).