You’ve made the decision. You’ve saved up the down payment. You’re pre-qualified for a mortgage. You’ve got your REALTOR’s® number on speed dial, and your wish list is taped securely to the fridge. You’re ready to buy a home.
But whether it’s your first place, your next home or your newest investment property, how do choose which neighbourhood to buy in, to strike the right balance between what you want from a property – and how much you want to spend?
Figure out what you want (what you really, really want)
For most people, a good first step (right after asking your REALTOR® for advice, of course!) is to figure out exactly what you want from a property, and what’s really important to you and your family.
For example, if you love the excitement of urban living and tend to spend your weekends out on the town rather than staying at home, then a cozy condo in the heart of downtown might be a perfect fit for you.
If you have a large family or crave peace and quiet, on the other hand, you might be better off looking for a single-family home in a rural community, natural area or small town.
But if your daily “To Do” list looks like your own private Mission Impossible of dropping your kids off at 20 different after-school activities, then you should probably look at neighbourhoods that are close to good schools, or which offer easy access to public transit so the kids can take themselves to hockey practice for a change!
Homeowners vs. investors
Of course, if you’re an investor, you’ll likely want very different things from a property. Rather than thinking about your own personal preferences or the needs of your growing family, you’ll likely be looking for neighbourhoods that will be easy to rent out and take care of, attract the kinds of tenants you want, or offer the best return on your investment.
In Vancouver, that might mean looking for places that are already on existing transit routes, or which will be when the SkyTrain expansion is finally complete. It could mean identifying regions like the Fraser Valley or Chilliwack that are less expensive now, but which are poised to increase in value over the next few years.
Or it might mean focusing on the higher end of the rental market by looking at neighbourhoods that offer the great ocean and mountain views, trendy cafés and restaurants, or proximity to parks and green spaces that Vancouver is justly famous for.
If you’re a first-time investor, consider talking with one of our REALTORS® who has expertise in both property investing and Vancouver’s notoriously competitive rental market. And if you know in advance that you’ll want someone else to handle all the repairs, rent collection and tenant qualification tasks that come with investing in real estate, reach out to our property management team for a quick call!
Vancouver’s top neighbourhoods
All that said, every city, town or region has certain neighbourhoods that are always more in demand than others.
In the Lower Mainland, our heated real estate market means that the latest “hot spots” are often changing. But there are a few neighbourhoods that tend to be perennial favourites for both homeowners and investors year after year – all of which offer great opportunities to build your equity that much faster.
Perennial favourites:
Point Grey: big, detached homes, leafy green streets, and it’s close to both UBC and the Spanish Banks beaches to boot!
Kitsilano: with its beaches, trendy hang-outs and laid-back vibe, Kits always ranks at the top of any list of Vancouver’s coolest and most livable neighbourhoods.
Dunbar: a fashionable neighbourhood with a strong old-fashioned community feel.
Kerrisdale: a mix of character-filled older homes and nicely finished new developments, known for its walkability and funky local shops and restaurants.
Shaughnessy: one of Vancouver’s most old-school prestigious neighbourhoods, filled with grand homes on pretty, tree-lined streets.
Downtown: a huge range of housing options, endless amenities, and direct access to pretty much everything.
Coal Harbour: known for its upscale luxury condo towers, breathtaking views and super-convenient location perched on the edge of downtown.
Up-and-comers:
Main Street: a great mix of local shops and restaurants with an authentically cool atmosphere.
Mount Pleasant/South Main: a hip, vibrant area full of cool cafés, shops, bars and restaurants.
Hastings-Sunrise: great walkability scores and plenty of parks and other amenities.
Commercial Drive: an east-side classic with a strong focus on local culture and an old-school bohemian personality.
Renfrew-Collingwood: a family-friendly community with good schools and abundant parks.
Strathcona: Vancouver’s oldest residential neighbourhood, offering diverse cultures, activities and cool cafés.
Grandview: known for its eclectic artistic vibe and diverse mix of people, housing options and developments.
Family-friendly:
South Cambie: a great family-friendly neighbourhood that’s still close to downtown, the Fraser River and YVR airport.
Killarney: family-friendly but more affordable than some of the region’s other southside gems.
Fairview: the perfect balance between a quiet suburban feel and direct access to everything the downtown core and False Creek have to offer.
Victoria-Fraserview: a great central location with a genuine family-friendly vibe.
Great for investors:
Yaletown: urban living at its finest in converted warehouses and uber-cool condos.
North Vancouver: the perfect blend of great views, easy access to nature and proximity to the rest of Metro Vancouver.
Richmond: a diverse and growing city that offers suburban charm with urban style.
Burnaby: a central location with great quality of life, plenty of parks and nature, and a wide range of housing and transit options.
Coquitlam: a rapidly-growing neighbourhood with a strong focus on livability, green spaces and lots of recreation facilities.
Surrey: one of the fastest-growing cities in the country, offering a mix of urban and suburban that appeals to landlords and tenants of all types.
Don’t see your favourite Vancouver ‘hood in our list? Contact us for a free consultation, and we’ll help you find out which Vancouver neighbourhood is right for you!