If you’re in the market for a downtown condo, then you’ll want to explore all of your options. One great neighborhood to consider is Yaletown in Vancouver.
Yaletown was originally an industrial and warehouse district that has since been redeveloped into commercial office space and high-end residential condos. Major landmarks in the area include the Plaza of Nations; BC Place Stadium; Rogers Arena, and Grosvenor House Hotel. There are lots of things to do around here – with abundant amenities including art galleries, theater companies, restaurants, bars, and shops. There are also parks nearby including George Wainborn Park, Coopers Park, and David Lam Park with its promenade along the water’s edge. Yaletown is an excellent neighborhood for young professionals and families alike, as well as investors looking for a stable asset with solid long-term appreciation.
High Demand, Low Supply, Geographical constraint
The population of the area has grown significantly over the past decade. Unfortunately, similar to other desirable neighborhoods downtown, development has not kept pace with demand. Lack of buildable land, combined with exorbitant community amenity contributions and development cost levies, has inflated values to the point that developers can only make a business case for ultra-luxury condos. Add in view corridor restrictions that limit height (to protect Vancouver’s stunning mountain views) and you get some very expensive real estate. Going forward, Yaletown will be a market only for the super-rich, as evidenced by the preconstruction market. Presale condos in this neighborhood (which are a leading indicator for prices) are now pushing $1800 per square foot – and up. You can still purchase a tangible product for around $1200 per square foot, which is excellent value.
The market is constantly changing, so it’s important to stay up-to-date on the latest trends. It’s crucial to work with a real estate agent who knows the area well and can help you find the perfect property that suits your needs.