East Vancouver

East Van is a vibrant and diverse community known for its rich cultural heritage, eclectic neighbourhoods and strong sense of community. The area offers a mix of historic charm and modern urban living, with tree-lined streets, character homes and an array of trendy shops, cafes and restaurants. It is celebrated for its arts scene, with numerous galleries, murals and local festivals. The community is also home to beautiful parks like Trout Lake and easy access to outdoor activities. With its inclusive atmosphere and welcoming vibe, East Vancouver is an ideal place for those seeking a lively, close-knit community while still being just minutes from Downtown Vancouver. It has desirable amenities, a family-friendly environment and strong culture blended with diversity.

Dynamic; East Van reflects the area’s unique blend of history and modernity. It offers a diverse range of housing options, from charming heritage homes, older homes converted into townhouses, to contemporary condos, catering to a variety of lifestyles and budgets. This makes it a sought-after location for both first-time buyers and seasoned investors.

The property market in East Vancouver has experienced notable growth and transformation. It has attracted a broader range of buyers, from young professionals to families and investors. There have been numerous condo developments along the main corridors, townhouse projects that appeal to young families and a noticeable number of new half-duplexes of late. And there are still people buying older homes and restoring the character! This evolution has brought a blend of modern living spaces while preserving the area’s historic charm. Overall, East Vancouver’s real estate market is robust, offering a compelling mix of opportunity and lifestyle.

I expect it will continue its transformation while maintaining the cultural diversity, creativity and community spirit that make it so special. With thoughtful development, a growing population and enhanced infrastructure being brought forward with the Vancouver Plan, East Van will likely become an even more vibrant, inclusive and sustainable part of the city, offering a high quality of life for its residents and strong investment potential for those looking to be part of its future. Gentrification and expansion around certain hubs could bring in new businesses, higher-end retail and dining options, while potentially changing the socio-economic landscape of certain neighbourhoods.

All of the above! There are cycles. Based on the people growing up in the community, we will see a lot of people "right-sizing". For someone who has lived in a detached home for 40 years and has a strong connection to the community, it makes sense to right-size in the community. Similarly for a young couple who started off in a one bedroom condo in East Van, they have their lives and routines, staying in the community is often very important to them. As a result, a mix of property types that comes on the market most years.

Yes! Engage your advisors, educate yourself, be prepared, be willing to invest the time and be flexible. Once you have prepared, have clarity and understanding of what you are really looking for and why, you can make the decision quickly when the right opportunity comes up. Most people miss out on great opportunities, because they are either not prepared, they are not clear on what is most important to them or won't invest the time. Make yourself available to see properties when they are able to be shown. With so many people working from homes these days and trying to coordinate everyone's schedules, be flexible so you don't miss out on a gem.

It's a wide range, because East Van has grown and continues to.

• There are some amazing Heritage homes in Strathcona, Grandview-Woodlands, Hastings-Sunrise and Mount Pleasant built in the 1900 - 1940s.
• There are post-war bungalows built 1950 - 1970s.
• The Vancouver Specials built 1965 - 1985.
• The infill homes and townhouses that started being developed in the 1980 - 2000s
• And then the condos after all that.
  

It comes down to neighbourhood character, community vibe, cultural diversity, local amenities, liveability, lifestyle. Buyers in East Vancouver are looking for a combination of affordability, community character, accessibility and modern amenities. Whether they’re drawn to historic charm, contemporary convenience, or a vibrant neighbourhood vibe, East Van offers a diverse range of options that cater to various preferences and lifestyles.

The ease or difficulty of buying largely depends on the buyer's preparedness and expectations. If you have educated yourself on the types of properties that are available, engaged your team of advisors and are realistic, it can be fairly smooth. If you are coming with dreams of having a sprawling home, like the one you just sold in Manitoba, at the same price as what you just sold, you will find it hard.

Generally, they tend to be satisfied with their home purchases. With different vibrant communities, diverse amenities, cultural richness, liveability and unique character and a wide range of types of properties, most people can find what fits their lifestyle. It's a great place to live.

The area’s appeal and ongoing development contribute to this upward trend. As East Van continues to evolve and develop, property values are likely to benefit. As with any investment, a long term investment usually works the best. If it's an investment mindset you have over wanting an established community, or livability, some emerging neighbourhoods within East Van might offer greater potential for appreciation compared to more established areas. Buyers who invest in these areas early may see substantial returns as development progresses.

Be aware of what the community offers, educate yourself on what is currently available and what is to come. If you are wanting to buy on a street because of the lovely cherry blossoms and quiet neighbourhood feel, make sure that block is not in the areas the city is encouraging densification.

The area is valued for its affordability, community vibe, cultural richness, varied amenities and walkable communities, so it appeals to a diverse range of buyers: families, young professionals, students, artists, retirees, investors and new immigrants.

I’m seeing more permits being issued for duplexes and townhomes in the area. Do you see a trend in the future of single family lots being redeveloped for multi-family dwellings?

Yes, the Missing Middle Housing Initiative, allowing up to three units on a single residential lot began in 2021 and there is a need for it in our community based on population growth and planning for a sustainable city moving forward.

The Broadway Plan, initiated in 2019, will bring significant changes. Around VCC-Clark Station, expect increased density with residential towers, mixed-use developments and improved amenities. Similarly, the new Mount Pleasant Station will drive development, including high-rise buildings and commercial spaces, aiming to enhance the area's urban fabric and create a vibrant, walkable neighbourhood. The goal is to enhance the urban fabric and create a lively, mixed-use environment

The prices have softened, the competition is low and for the past couple years buyers have been able to negotiate some great terms and conditions. That said, a gem is a gem. If strategically priced and marketed, some properties are still getting multiple offers; so don't expect to get the best properties below fair market value. With the interest rates starting to come down and the buyers waiting in the side lines for the past couple years, in my opinion, now is a great time to buy, before the market shifts to a seller's market.