When it comes to housing in Vancouver, it may appear that affordability has long since disappeared. But maybe there are some pockets that could be considered affordablle in and around Vancouver.
Looking at the median price (or the middle price point) of sales, which will give you the broadest sense of what's happening in a specific neighbourhood, and separate detached homes from condos from January to September 2021 when can see where buyers want to look, if affordability is their main criteria.
On the West Side of Vancouver, the most affordable neighbourhood for a condo is Marpole with a median price of $653,000 as of September 2021. although the best value for dollar is probably Downtown and the West End because of their location. Here the median prices are $690,000 and $692,750 respectively, but generally condos in these areas are smaller and will not work for families.
For detached homes, the most affordable neighbourhood in the West Side of Vancouver is also Marpole, with a median price of $2,445,000.
East Side Vancouver condos are the most affordable in Hastings-Sunrsise with a median price of $521,000. Some East Van neighbourhoods like Victoria, Killarney, Grandivew, Fraserview, and Collingwood have condos selling for less than $600,000.
For detached homes in East Vancouver, Collingwood is the most affordable place with a median price of $1,570,000.
Strathcona, which used to be the most affordable, has gone through full gentrification and is now almost at $2 million for a detached house.
Burnaby and New West
The best deal for condos in the Burnaby area are in the Cariboo neighbourhood near the Lougheed Town Centre where the median price is $425,000. You might also want to look along East Hastings in the Capital Hill area where the median price is $512,000.
For detached homes in Burnaby, the most affordable neighbourhood is Greentree Village near BCIT with a median price of $1,398,900.
New Westminster, a smaller municipality has several neighbourhoods that are better for finding an affordable home. The city's West End neighbourhhod has the least expensive condos with a median price of $380,000, and New Westminster's Uptown is the best location for a detached home, with a median price of $1,105,000.
North Shore and Richmond
The best deal for a condo on the North Shore is in the Cedardale area of West Vancouver with a medain price of $572,000. For detached, nothing on the North Shore is cheap, but West Lynn is probably your best value. The median price in West Lynn is $1,695,000, which is $135,000 cheaper than neighbouring Lynn Valley.
In Richmond's Granville neighbourhood, the median price for a condo is a surprisingly affordable $280,000. For a detached home, the most affordable neighbourhood in Richmond is East Cambie with a median price of $1,573,500.
Coquitlam, Port Coquitlam and Port Moody make up Tri-Cities.
For condos, Central Coquitalm, along Austin Avenue is the best deal with a median price of $402,000. For detached homes, just up the Lougheed Highway, to the right of the old Riverview Hospital, the median detached price in Meadowbrook is $1,030,000, significantly below the overall median price for Coquitlam at $1,535,000.
Over in Surry and Delta, Annieville may be the best place to look for a condo with a median price of $405,000. For detached, the neighbourhood to go to is Bridgeview, near the Patullo Bridge with a median price of $1,050,000.
To the east in the Langely area, the median price in the city of Langely for a condo is $433,000. For a detached home, there is nothing under $1 million. The city of Langley and Aldergrove are the most affordable with median prices of $1,160,000 and $1,021,750 respectively.
Chilliwack offers the cheapest housing in the Lower Mainland. The median price for a condo in downtown Chilliwack is $265,000. For a detached home, $825,000 is the median price for all of Chilliwack.
To find anything below $800,000, you have to go all the way to Hope, where the median price for a detached home is $623,750.
Looking at the big picture, the median price for a detached home for all of Greater Vancouver, Fraser Valley and Chilliwack is $1.5 million. For condos, it's $590,000.
Putting all types of homes together in these 3 markets, including townhouses, the median price as of September 2021 is $851,000.
At Keith Vines and Associates, we offer good old fashion service, working with our home buyers and sellers in a relaxed, friendly manner, applying every available tool available to achieve the best possible outcome. We also love referrals and will gladly pay for them. If you would entrust us with your friends/family, kindly send them our way. Refer, and You Shall Receive