The Vancouver Sun has published Vancouver’s Million Dollar Map . This series of maps was produced by Acting Director of Simon Fraser University’s City Program Andy Yan, who wanted to understand when real estate prices for single-family homes started to skyrocket upward.
Andy found that in 2006, only 19 per cent of single-family homes in Vancouver were worth more than one million dollars. By 2016, 91 per cent of single-family homes in Vancouver were worth more than one million. And by the way, that figure includes land and improvement values and is based upon B.C. Assessment figures.
Andy Yan states “It’s a convergence of factors . There is a limited supply, low-interest rates, global capital. You also then have this both in Vancouver and outside of Vancouver, a rippling to places like Victoria and Kelowna. You have a real estate market that isn’t isolated, but that is spurring a (wider) land market.”
The map below shows the spread of million dollar residences eastward from 2010 to 2015. Those residences are in blue. It is interesting to see that residences along the commercial arterials were the last properties under one million dollars on the west side in the 2010 map. By 2015, most westside single-family properties were worth over one million dollars.
It’s “interesting” that houses along busy arterials have lower values? I would have thought it was common sense. Most people don’t want traffic whizzing past their front door, particularly heavy trucks and diesel buses. Where the arterial is fronted by commercial buildings the first block of houses has reduced value in recognition of the noise and odours found in commercial alleys, traffic circling the block looking for parking, higher pest population, etc. One must be at least 2 blocks off a commercial street and beyond the shadow of any tall buildings to maximize single family house value.
Even during my most intense house lust, I never considered buying a house on a busy street. Yes you can buy them for 10-30% cheaper, but it’s not worth the price. Agents’ stock line that: “you’ll get used to it” is rubbish, of course. You never ever get used to the noise – the motoring miasma.
Summertime, you better have a/c, because you can’t open the windows. You cannot enjoy your yard – the noise; the particulates; the motorheads gawking. You’d also be surprised how often vehicles crash into houses. There’s a house at the divide of Nootka and Boyd that has been penetrated three times. The owner has installed massive concrete planters to avoid further intrusions.
That’s an extreme instance, but talk to first responders and you’ll learn that drivers hitting houses is common.
Living on a busy street is like being on the edge of a torrent. There is no calm.
People quack all the time about location …, but are surprisingly ignorant of what it means.
Foremost, is that it’s not on a busy street. It should not be near unpleasant industry, or a graveyard. In Vancouver, it must have a view. Whatever your stage of life, view is first in line. Proximity to Skytrain is huge for most – that means up to a 15 minute walk – less is better. It must not have a bus stop in front.
South-facing is #1. North-facing is #2. East-West sucks.
Then there’s the rest of it: parks, play sets, schools, library, shopping. gym, pool.
The surprising thing about properties on busy streets is that they sell for as much as they do. That has to do with house lust – much the same way that beer goggles work.
While I agree in principle with you – I too abhor noise and traffic – not every Asian immigrant from a very busy city would deem some of our arterial road traffic “noisy” or “busy”. It is a matter of perspective.
Whenever i come back from Alberta to Vancouver I say “wow, is it ever busy” .. and when I come back from Europe I say “wow .. all this space”. I bet Asians feel the same. Some folks rather pay the 20-25% less.
Good grief:
“Some folks rather pay the 20-25% less.”
“Yassuh massuh, thas whats some of us folks likes to do.”
“Folks”, in this context, is inappropriate – like wearing a Peewee suit.
Twice you pontificate about Asians – that somehow these “folks” are different – they don’t “feel” like you. The blue collar that used to live next to us said something similar. He suggested Chinese like living on busy streets. Fascinating.
What if you had used the word African, or Arab instead of Asian. Those “folks” also live in some seriously noisy places.
Your assertion is nonsensical.
Not too many Arabs here nor blacks. That is why I said Asians as that is the bulk of the buyers. Sorry if the truth offends you.
Speaking of obscenely rich men, Donald Drumpf, at his most egregious, bombastic, and offensive, never referred to Asians, or Chinese, as “folk”. Do you refer to French people, Spanish, Americans, as “folk”? It would have been a treat to hear him refer to the people at the White House as “folk”.
“Folk” sounds downright friendly – it’s not. Do you have issues with semantics, as well as punctuation, or do you really think Asians are “folk” that don’t mind living on traffic streets?
Arnie Carnegie better tell that evil racist Barack Obama:
https://www.buzzfeed.com/johntemplon/confirmed-obama-says-the-word-folks-a-lot?utm_term=.gy9YdJQnB#.chPx3aVrN
That’s an interesting point, Bob. Obama is the only politician I’ve ever felt empathy for – even read the book he wrote for his kids with my kids.
Like any politician though, he uses a plethora of tools to ingratiate, obfuscate, and manipulate. Like I said, “folks” sounds friendly – which is why he chooses to use it. It’s a powerful loaded word. Barack can use it – even referring to Drumpf – who cannot. If Drumpf were to talk about Asian folk, he’d be sent to the pillory; and that would leave Hillary.
I’d guess that some purchases along arterials are made in the hope that the city will up-zone the property and make the owner a quick fortune. Who here doesn’t wish they’d bought a house on Cambie street during the Canada Line construction mess? I believe most of those places tripled in value in less than a decade.
Yes, but this is a different kettle of fish – speculation – if wishes were fishes …
“Iffing” and hoping and looking for potential is great, but what’s your timeline?
Look at the Woodwards area. You could have made a fortune there too, but you’d probably be dead by now. Most of the people along Cambie bought decades ago.
Other factors to add to the above list of location … are: is there a lane; is the property big enough for a laneway house; what are the neighbours like immediately adjacent to the property? Do they have a barking dog? Do they work out of their house? Do they play loud music?
That last part of location is so critical, and so overlooked. People look at houses with blinders on; they see granite counters and not the gnomes next door that can make your life a living hell. Been there.
Home inspection is a new angle. Neighbour inspection could be even more important.
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