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Vancouver – The Next Hot Area for Real Estate

Vancouver – The Next Hot Area for Real Estate

In 1986 Vancouver hosted the World’s Fair, Expo 86, and put Vancouver on the map. The popular areas of False Creek you know today were once an industrial wasteland which drastically changed with high rises sprouting up on the expo lands, creating one of the hippest neighborhoods of the 90’s- Yaletown.  After Vancouver hosted the 2010 Olympics a new community was created, Olympic Village, which is one of the hottest areas to live in Vancouver today.

Vancouver is a relatively young city compared to other cities of its size, but has grand plans. With a relatively clean slate, the city has grand plans to create jobs in the communities, green space, transportation, and walkability to keep its renowned status of one of the most livable cities in the world. So what’s the next hot area coming near you?

Here are some key points of the major projects worthy of mention that will affect our city over the next 30 years:

Cambie Corridor

Cambie Corridor has been in development for the past five years. We have already seen single family homes along Cambie turn into apartment buildings. When completed there will be 30,000 new homes, 9,000 new jobs and 20 acres of parks, making it the largest area of growth outside of downtown. We will further see single family homes turn into multifamily buildings, plus the exciting new development of Oakridge by Westbank.

Broadway Plan

The new skytrain along Broadway between Clark and Arbutus is now fully funded and construction is slated to begin in 2020. Watch out for densification around the new skytrain stations at Great Northern Way, Main, Cambie, Oak, Granville, and Arbutus.

Hastings Park

The old PNE has a master plan to become a year round destination. The city has an ambitious plan over the next 20 years to create a greener more active space, which will definitely have a positive effect on housing as there hasn’t been a real community anchor in the area before. No more parking in people’s backyards for $5 while you hit the PNE!

New St. Paul’s Hospital

St. Paul’s Hospital will be located at the False Creek Flats, just off Main and Prior, and is expected to open in 2026. This 18 acre site of current nothing land will create new neighborhoods around it, affecting Chinatown, Hastings, Grandview, and Mt. Pleasant. I see potential for higher end housing since doctors like to live close to work.

Jericho Lands

Jericho Lands is a 90 acre joint venture between the Musqueam, Squamish, Tsleil-Waututh Partnership and Canada Lands Company to create new housing and jobs. This site is located in Point Grey from Highbury to Discovery St between 4th to 8th. We have not heard anything about a start date, but I expect the potential skytrain extension to UBC will have an effect.

Fraser Lands (River District)

Wesgroup Properties, the majority owner of the 126 acres south of Marine Way east of Kerr Street to Boundary Road, has already built a number of residential and commercial buildings in the area. They plan to create a mainly residential community with a commercial centre. Once this area is completed there will be a community centre, schools, and a riverfront walk that hopefully extends all the way to Southlands.

Yes, the city has seen some major changes since 1986, but just wait for the next 33 years; like Bachman-Turner Overdrive sang “You Ain’t Seen Nothing Yet”.

You can get more information on these projects plus others at: https://vancouver.ca/home-property-development/major-planning-projects.aspx

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