January 2006 Market Update
2005 saw another very solid year of growth in the Vancouver market both in sales volume and median prices. Demand was high throughout the year and the lack of supply was the only limiting factor on the number of sales in any particular month. Assuming no major upward move in mortgage rates, more of the same in expected in 2006. Despite the lack of a crystal ball, here are some hot spots to watch for this year. GASTOWN may finally have its day. After almost 30 years of attempted gentrification, the stage is now set for the major re-emergence of Vancouver’s oldest quarter. The catalyst will be the marketing launch of the Woodward’s project.
FALSE CREEK EAST & MOUNT PLEASANT will continue to boom after a record breaking 05, fuelled by Olympic fever and a fabulous central location.
WATERFRONT condominiums on COAL HARBOUR (and False Creek North) are starting to achieve world class recognition, reflected in prices heading up in excess of $1,500 per square foot. Expect this (and the opening of Urban Fare in Coal Harbour) to draw up the values on the more affordable buildings off the waterfront.
In the detached market, SHAUGHNESSY (once the place to live on the Westside) is starting to look like a bargain relative to some of its currently trendier neighbours. Over the mid term (3-5 years), expect the market to pick up on this and adjust accordingly.
Finally over the long term (10-15 years), with a limited raod system struggling to handle the population boom, any location with close proximity to Downtown is likely to increase radically in comparative value, regardless of its current status. Therefore find the roughest house on the roughest block in the city, buy it and forget about it.
Just one Realtor’s opinion!