It’s in the real estate and Homes sections.
Evidence: Downtown Vancouver a money magnet …
Investors may have generally cooled on offices, but downtown markets remain hot. “[The assets] are owned by a very few. They don’t change hands that often. If something is brought to market, there’s great interest.
“On the flip side, the suburbs, or somewhere remote as an office location, are out of favour. Vancouver is on the transit-and-bike warpath,” says MacCulloch, himself an avid cyclist. “We’re seeing transit become a hot item. If your office is in the suburbs, not near train or transit, people are leery of getting into that product.”
Developers are also factoring in Generation Y, or the millennials, “who tend to walk to work – or skateboard.”
More evidence: Downtown condos a big draw
“For people thinking 20 years down the road to when they are 80, they can walk to anything,” he said.
“I think for a lot of people after they retire there is the adjustment of ‘now what do I do,’ and for those who have chosen downtown condo living, like we find in Vancouver, there is always something to do that is within walking distance.”
Walkability is also an increasing need for younger adults who are choosing a car-free lifestyle.
Watt said he sees more and more people choosing to live without a car, which he said can be beneficial both economically and health wise.
“There are so many people now that don’t have cars and rent out their spots,” he said.
“They walk to work and maybe once a month rent a car. There are so many people like that. Before it was a detriment if a building didn’t have parking, but now there is always someone who doesn’t want to have a car.” While more people of all ages are being drawn to condo living, Watt said it is important to know about the restrictions and demographics of the building that buyers may be considering.