Over the past decade, the former Expo lands have been terraformed into one of the most desirable markets in North America. False Creek has become a symbol of Vancouver as it becomes a major international city on the global stage, and I don’t see this trend reversing for the foreseeable future.
What does it cost to live the False Creek lifestyle?
The average False Creek 1 bedroom condo price currently stands at $804,253, with the typical 2 bedroom condo costing 1,087,900 and townhomes averaging $1,232,500. This is more or less in alignment with other premium luxury markets such as the West End or Yaletown. While expensive, this market still represents excellent value compared to its peers.
How hot is the False Creek Condo market?
We measure the heat of the market using the sales to achieve a listings ratio. When this ratio dips below 12% for a sustained period, prices tend to fall, while over 20% will rise. Currently, as of December 2021, we stand at a 45% sales-to-active ratio, which indicates a strong Seller’s market with prices rising across the board.
Here’s why you may be interested in purchasing a home in False Creek;
1. Access. You are ten minutes to the downtown core, yet out of the hustle and bustle. You will still benefit from the lift of the economic activity generated downtown – the new Amazon HQ at the old post office building, as an example. If you haven’t been asleep under a rock, you will know were currently building Canada’s Silicon Valley in the downtown core. You are also ten minutes down the hill from Mount Pleasant, which is experiencing a huge office boom
2. Transit. Walk, bike, Uber, sea bus, Skytrain – you can get anywhere you need to be in 15 minutes or less. Walk to Granville Island to get groceries, or cruise the unobstructed bike path through English Bay around the Stanley Park seawall. Car ownership is optional.
3. Comprehensive Development. Unlike other areas of the city, the Village on False Creek was designed as a comprehensive, master-planned community. This creates a comfortable sense of scale and a more gentle density than downtown.
4. Scarcity. Vancouver is already geographically constrained by oceans and mountains, but False Creek, in particular, has been mostly built out, with very little future product in the pipeline. This all but guarantees future asset appreciation.
5. Value. You can still buy the newer concrete product for around $1,100 per square foot. This is an excellent value as preconstruction product is selling between $1800-$2000psft. Historically, you can expect compound growth of about 7%, which means prices double approximately every 10-12 years.
To discuss what this information means for you, feel free to contact me at any time.