Report spotlights Metro Vancouver ‘hidden gem’ neighbourhoods 

Despite a sluggish real estate market, a new report says there are still some areas of Metro Vancouver where homes are selling.

RE/MAX’s Next Neighbourhoods Report uncovers what it calls “hidden gems” based on affordability, quality of life, and a buyer’s return on investment.

“One of the main ones we focus on is Willoughby Heights in Langley,” said Tim Hill, a real estate advisor with RE/MAX All Points Realty. “One of our big things there was the affordability factor, the bang for your buck, the ability to get into a property and start growing your wealth through equity.”

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With an average house price of $894,516, the report says Willoughby Heights offers city access via Highway 1, more space, greater affordability, and growing infrastructure, including transit, shops, schools, and recreation. 

Hill also spotlights Vancouver’s Mount Pleasant East, focusing on its trendiness and livability.

“Mount Pleasant has totally been going through a revitalization over the last four to five years, and has really been a hot spot for people to move into. You get a lot of benefits there — proximity to downtown Vancouver, Kits and its beaches, and overall amenities. When you’re looking at Vancouver specifically, it is in a nice price point that’s a sweet spot for our buyers, as well.”

The report says the average price for Mount Pleasant East is $873,933, and it offers “rising affordability and trendiness” and features great dining, shops, and nightlife.

“What we’ve noticed with buyers right now is they are really after value. There is obviously some timidness in the market right now, but at the end of the day, if you are looking for home ownership, you want to make sure it is affordable for you and affordable over the long term for your family,” he told 1130 NewsRadio.

“When we look at ‘up-and-coming’ we think of an area that has high future potential for growth in real estate values, so areas that have not been as discovered as some of the prime neighbourhoods and that have a lot of amenities and ability for people to grow families while reaping the benefits of price increases,” Hill added.

Also on RE/MAX’s list of up-and-coming neighbourhoods is Ladner, which “offers homes nearly $1 million less than the Greater Vancouver area average. However, the tunnel creates a mental barrier for some due to traffic and infrastructure work. For flexible commuters, the savings are well worth it.”

The average house price in Ladner is $1,149,100.

To the north, Bridgeport in Richmond is touted as “an established neighbourhood with homes averaging 30 years old and located about 20 minutes from Steveston. Bridgeport offers strong transit access and prices up to $300,000 lower than Steveston,” with an average house price of $1,069,900.

Also in Richmond, RE/MAX says Capstan Way “offers investment potential with ongoing developments, despite some ownership delays. As revitalization continues, businesses and residents are moving in. Come back in 10 years and watch it explode.”

The average house price in that neighbourhood is $899,000.

In Coquitlam, “Fraser Mills is under development, mainly for high-rise condos, offering waterfront access and growing amenities. Despite ongoing construction, it’s a promising long-term investment as the area continues to develop.” Home prices range between $732,000 and $1,796,600.

“Coquitlam West is a land assembly project which converts industrial land into housing near the SkyTrain, offering early investment potential. Transit-connected areas like this are primed for high-value growth. Home prices range between $838,071 and $1,963,039.”

Hill says there may be fewer home sales right now, but there is a reason buyers are more active in these neighbourhoods.

“The value homes that are in great neighbourhoods, priced properly, present well, they seem to be doing really well still, even in this tougher market.”