It’s no secret that making the move from renting to purchasing a home any number of Metro Vancouver neighbourhoods is an exciting time. However, with recent stats suggesting that it now takes 88% of one’s median household income to manage said home once bought, this can also be a time of particularly high-stress levels.
Sure, you’re now able to enter the market, but where do you begin to look? Where are the homes that have what you’re looking for and fall within your budget?
While these types of questions can no doubt linger on the minds of prospective buyers, a new report from Canadian online real estate site Zolo hopes to help answer some of those questions.
The report, by Zolo’s Director of Content Romana King looked at various neighbourhoods throughout the city to find what Zolo dubbed the “best and worst places in which to buy a condo or townhome.”
So how did they do it? Well, according to King, the process took a few steps.
“We first we created a value score,” she writes. “This score examined the average condo and average townhome price in each neighbourhood and then compared it to surrounding neighbourhoods, the overall municipality average home price and to the average price of a condo or townhome in the greater municipality.”
In other words, she said, “we weren’t just looking for cheap neighbourhoods.”
Next, “we examined how fast condos and townhomes were appreciating.”
Then King said, Zolo examined each neighbourhood’s economic strength. “This was hard,” she added. “Most real estate rankings compare cities because the analysts can compare GDP growth, unemployment statistics as well as other economic factors. These measurements aren’t available at the neighbourhood level.”
10 Best Neighbourhoods to Buy a Condo in the Greater Vancouver Area in 2018
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DH Vancouver Staff
Daily Hive is the evolution of Vancity Buzz, established in Vancouver in 2008. In 2016, the publication rebranded and opened newsrooms in Calgary, Toronto, and Montreal. Send story tips to [email protected]