The affordability of North Vancouver real estate compared to some other areas of Greater Vancouver remains attractive. Price is one thing. Buying North Vancouver real estate offers more value in my opinion. Actual value for money is almost an article in itself so i won’t go into all the details. I’ll only mention the high-level, we’ll have to talk in person for the details. I’d like to also say first, i practice what i preach, i myself live in North Vancouver within the Blueridge community. The quality of life on the North Shore is amplified by all the beauty, greenery and outdoor life offered. The air is clean, wonderful schools, safe communities, friendly neighbours and excellent amenities. In our current market, a direct comparison to East or Westside Vancouver based on price, the homes for sale in North Vancouver are known to provide larger lots, more house square footage and more renovations.
A recent newspaper story got me thinking about the affordability of North Vancouver real estate. I felt the need to highlight the local community while sharing the message from the story. The Globe and Mail article discussed the local real estate market and the increasing cost of owning a home in Greater Vancouver. In particular, the article focused on the fact that a large aspect of growing wealth in the city tends to be through real estate investments. We examine the real estate market’s impact on a significant portion of residents in Greater Vancouver and what you can do to grow your real estate investment. As Realtors licensed with Oakwyn Realty, we often see firsthand how our clients’ life goals and aims impact their ultimate decision to buy or sell. We hope to shine some light on how investing in real estate continues to be a reliable way of growing your money amidst increasing housing prices.
Real Estate as a Means of Gaining Wealth
In our decades of experience, we’ve seen time after time how our clients who have been able to purchase a primary residence have reaped the profits of their investment. Even better is when the clients we’ve assisted were fortunate enough to buy investment properties on top of their primary residence. Real estate has long been a solid pathway to growing your money. If you’re thinking about buying a new property or sell one you currently have, we’re always happy to take on new clients and discuss your real estate goals with you.
The article included an interview with a young family who felt that they missed the opportune moment to become homeowners. When we consider that property prices have increased substantially over the past decade or so, we can more easily understand why they might feel that way. However, it’s important to keep in mind that there is never one perfect moment to buy a home. Even as housing prices rise, in my opinion, buying a forever home or an additional investment property is a good decision.
Affordability of North Vancouver Real Estate – Greater Vancouver Housing Prices an Increasing Barrier to Wealth Growth
As the article points out, B.C.’s wealth inequality gap is only partially a result of income inequality. Real estate ownership is another major factor widening the inequality gap. Statistics Canada data backs their argument up. In the top quintile of income earners in the country, nearly 96% own a home. By comparison, only approximately 27% of those in the second lowest quintile own one. Moreover, as the Globe and Mail notes, condo prices have increased 44% in the last 5 years in Great Vancouver. This steep increase in prices has the potential to price out middle class buyers looking to settle down and transition from renting to buying their first home.
For families finding it hard to enter the Westside or even Eastside market, affordability of North Vancouver real estate should be explored. There are many who might argue, North Shore real estate has become expensive. This is also true. There are many expensive pockets of North Shore, along with new homes and waterfront properties which would be considered luxury real estate. There’s also lots of properties available in excellent areas which are still reasonably priced.
North Vancouver as an Option
Not all is lost however in Greater Vancouver. North Vancouver remains steadily affordable for many families looking to put down roots in the area. Not only is the municipality moderately priced compared to the heated property market in Vancouver, but many neighbourhoods on the North Shore are ideal places for young families to live in. You’ll find a wide variety of properties for every budget and real estate need. For instance, Lower Lonsdale and Central Lonsdale have a high inventory of condos and townhouses. The two neighbourhoods are also very outdoor friendly, as is typical of North Vancouver, with numerous parks that offer easy hiking trails and serene walks. Great for younger families, day care is also readily available in the vicinity.
Wherever you look on the North Shore you’ll find many townhouse and duplex styles. Lynnmour offers a solid mix of townhouses, condos and detached homes. Outside of Lynnmour, buyers looking for detached homes should consider Lynn Valley. The neighbourhood boasts a wide range of detached properties as well as townhouses. With such a excellent variety of neighbourhoods and housing types to choose from, we highly recommend considering North Vancouver for your real estate needs. Contact us today to discuss your property aims!