Where to buy real estate in Canada 2021: North Shore, Vancouver

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appreciation

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North Shore refers to the City of North Vancouver and West Vancouver, and their surrounding districts. The region stretches from the western edge of West Vancouver to the eastern-most edge of North Vancouver and is bordered to the north and south by the mountains and the Burrard Inlet, respectively. A total of 43,805 residents call the North Shore region home.

Why we’re watching North Shore 

North Shore is one of Canada’s wealthiest and most beautiful communities. Nestled at the base of the stunning Coast Mountains, it’s a stone’s throw from the ski resorts of Cypress, Seymour and Grouse. It’s known for its luxury homes, gorgeous natural scenery and oceanside lifestyle.

North Vancouver is where you’ll find the Lower Mainland’s most striking attractions, including world-class ski hills, hiking trails, boating and swimming. It is one of Metro Vancouver’s greenest municipalities, with 11 kilometres of green space, including the North Shore Spirit Trail and the Green Necklace, a greenway that encircles the city. North Vancouver has easy access to Vancouver’s downtown core, with a 10-minute ride on the SeaBus Ferry connecting it to Vancouver’s downtown core and city access for drivers and cyclists via the Lions Gate, Ironworkers Memorial and Second Narrow bridges. The TransCanada Highway also runs through the city, connecting it to northern B.C. and the Interior via Vancouver. Many North Vancouver residents commute to downtown daily, but it’s still an important industrial and transportation hub in its own right, with a proud maritime legacy. Their waterfront features business and commercial areas, including the Harbourside Business Park, Vancouver Dry Dock and The Shipyards, making it a big employer in the area. Other large employers include Neptune Terminals, Cargill Grain and Richardson Grain, ship-repair companies and CN Rail. Honeywell and A&W are also headquartered there. Additional main industries include retail, accommodation, arts and culture, tourism and healthcare, as the city is home to the Lions Gate Hospital. As is the case in many Metro Vancouver municipalities, North Vancouver is also a popular filming spot, and home to North Shore Studios. The city features a mix of housing types, including high-density communities and purpose-built rentals, with much of the population concentrated in the Lower and Central Lonsdale neighbourhoods.

West Vancouver is tucked between the northern shore of English Bay and the eastern edge of the Howe Sound. Notably, it’s also the wealthiest community in Canada, with an average household net worth of over $4 million. Unsurprisingly, it’s known for its trove of ocean-side luxury homes, many of which top $30 million in value. The city is largely residential—there’s no manufacturing industry allowed within the city by law. It’s popular with retirees (which, at 22% of the population make up the highest proportion in the Metro Vancouver Region) and high-earning individuals. West Vancouver’s residents are mainly car-dependent, though the area is serviced by the West Vancouver Municipal Transit system, also known as the Blue Bus. The city is also the main connection point for the ferry to Vancouver Island. It is located on the TransCanada Highway, which connects it to downtown Vancouver via the Lions Gate Bridge and to the Sea-to-Sky Corridor, with access to Whistler. It’s also known for being one of Canada’s most beautiful communities, filled with stunning parks, beaches and coves, making it a popular filming location, too. Natural attractions include the West Vancouver Seawall, Ambleside Park,and Lighthouse Park, and Whytecliff Park, which is known as one of the best locations for scuba diving in western Canada. While it doesn’t have a central downtown district, much of the city’s retail and dining can be found along Marine Drive, with more options found in Horseshoe Bay, Ambleside, Caulfeild Village and Park Royal shopping centres.

Pre-COVID real estate market

Prior to the COVID-19 pandemic, North Vancouver had experienced modest year-over-year price growth, with benchmark prices rising 2.9% to $1,073,200, while values had actually dropped slightly in West Vancouver by 1%, to $2,108,000. This reflects how these higher-end markets were hard hit by the slew of affordability policies introduced by the governments to cool housing prices in 2018 and 2019, including a 15% foreign buyers’ tax, empty homes tax, and out-of-province speculation tax. However, it was evident that sales activity was starting to pick back up; there were a total of 203 transactions in North Vancouver, an increase of 23%, while 56 homes traded hands in the more niche West Vancouver market, up 64% year over year.

Impact of COVID-19

Prices stayed relatively stable as the brunt of the pandemic lockdown hit in April 2020, remaining untouched in West Vancouver, and dipping by 0.6% in North Vancouver. Sales, however, dropped by half in each city. This had reversed by June, however, as home buyer demand intensified for detached homes in less urban centres—features both these cities are renowned for. While prices remained largely flat, sales soared by 150% from April levels in North Vancouver, and by 121% in West Vancouver.

By March 2021, unprecedented annual price and sales growth were evident in both cities, as buyer demand reached its pandemic peak. The benchmark home price rose 12% from April in North Vancouver to $1,196,100, and up 17.9% in West Vancouver to $2,486,700. Sales were up 389.4% and 417.8% in both cities, respectively.

Future outlook

By March 2021, unprecedented annual price and sales growth was evident in both cities, as buyer demand reached its pandemic peak. The benchmark home price rose 12% from April in North Vancouver to $1,196,100, and up 17.9% in West Vancouver to $2,486,700. Sales were up 389.4% and 417.8% in both cities, respectively.

As the buyer urgency that fuelled the pandemic-era market starts to wind down, it’s possible that sales and price growth may ease slightly for properties in the North Shore. This is reflected in higher-priced communities across the nation as the need for larger properties wanes as lockdown restrictions are lifted. However, given how highly desirable these communities are, prices will remain elevated compared to other neighbourhoods throughout the Metro Vancouver region.

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North Shore neighbourhoods

Lions Bay 

The beautiful seaside village of Lions Bay lies at the base of the Coast Mountain range, in the northeast corner of the Metro Vancouver Region. The community takes its name from the twin peaks that flank it, called the Lions or Ch’ich’iyuy Elxwikn (which translates to The Two Sisters) which are visible across the Lower Mainland. Established in 1971, the village of Lions Bay is now a mature residential community. It’s known for its spectacular mountain and ocean views, and for its proximity to the Gulf Islands. Residents enjoy access to dozens of mountain hiking trails and sandy beaches. It’s also a popular enclave for creatives, with numerous writers, fine artists and musicians calling it home. Its beautiful trails, white sand beach, marina, cafes and restaurants help make this community a hidden gem.

The tight-knit community consists of roughly 1,334 people, according to the 2016 census, and is the 12th smallest municipality by land area in British Columbia. It’s an attractive locale for young families and has its own public primary school, which is considered one of the best in the province. It’s popular with commuters since it’s just a quick 30-minute trip to the City of Vancouver via the Sea to Sky Highway. As well, the popular ski destinations of Squamish and Whistler are less than an hour to the north.

As the community is relatively well-established, home buyers will find a variety of houses at different price ranges, many boasting ocean views at comparatively affordable prices to the rest of the Metro Vancouver region. Real estate in Lions Bay cost an average of $1,660,983 across all home types in 2020. Home values have experienced 2.9% growth over the past year, likely due to the pandemic-fuelled uptick in demand for detached homes. From a long-term perspective, the community has gained value, with home prices up 21.6% from 2015, a trend likely to continue as oceanside living remains in high demand among buyers, even as pandemic urgency subsides

Eagle Harbour 

It may cost an arm and a leg to purchase a home in Eagle Harbour, but there’s good reason for this luxurious enclave’s popularity. The neighbourhood is steps away from all the beaches, marinas, trails and lakes that beautiful West Vancouver has to offer. This charming waterfront community is located along Marine Drive en route to Horseshoe Bay and is full of majestic homes situated along the shoreline, each with envy-inducing panoramic views. Many are built right onto the bluffs and ridges that make up the region’s natural landscape. Most are custom-built by luxury developers around their owners’ exacting tastes.

Boating is a huge attraction in Eagle Harbour, with a year-round marina providing boat storage and launching facilities. The community is home to the prestigious Eagle Harbour and Parc Verdun schools, making it attractive for families with young children. It also has close access to downtown Vancouver; residents can choose to take the Lions Gate Bridge or Upper-Level Highway to get into town, or the scenic route along Marine Drive, which winds its way through West Vancouver’s picturesque communities.

As this is a luxury neighbourhood, real estate is priced at a premium, with homes costing an average of $2,194,458 in 2020, up 11% from the previous year. This is likely due to increased desire among affluent buyers for more space, in less urban locales, over the course of the pandemic. 

Horseshoe Bay 

At the far-west tip of West Vancouver is the community of Horseshoe Bay, a charming village that acts as the access gateway to Howe Sound, the Sunshine Coast and central Vancouver Island.

Home to 1,845 people as of 2019, according to Statistics Canada, it is a popular neighbourhood for families, as 45% of households have children. While local housing stock is mainly detached single-family houses, there has been a development boom in recent years, with a number of condos for sale in the area.

As a seaside village, Horseshoe Bay is home to the two terminals that link the Lower Mainland with Vancouver Island, serving Snug Cove on Bowen Island, Langdale on the Sunshine Coast, and Departure Bay in Nanaimo on Vancouver Island. The pleasant waterfront of Horseshoe Bay offers quaint cafes, a wide variety of restaurants, shops, and boutiques, with great views of the surrounding mountains, islands and the scenic Howe Sound. 

The neighbourhood’s local economy is evolving to serve the day-to-day needs of its residents, offering attractive business incentives, and popular commercial and retail centres. Given this mix of urban amenities and scenic, natural lifestyle, it’s no surprise the community is in high demand with home buyers. However, given the higher price point in its real estate, growth over the short term has been volatile, decreasing by 31.2%, to $1,726,401 year over year, likely due to the impact of market cooling policies introduced in recent years by the provincial government. Over the long-term, home values are still up, with an increase of 32.8% from 2015.

 

The post Where to buy real estate in Canada 2021: North Shore, Vancouver appeared first on MoneySense.

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