Image:
Guilhem Vellut
An article on Kitsilano real estate recently published in Vancouver magazine has residents talking. Realtor Ben Chimes of Zwick Chimes Real Estate Group wrote the piece titled: “Is Kitsilano dead?”
At first, the idea seems ludicrous. Real estate around Kits has always been pricey and desirable. But the argument makes a few salient points. You can read an excerpt below:
“With easy access to beaches and parks, a highly walkable community of shops, restaurants, and cafés along 4th Avenue—not to mention a mellow Westcoast vibe that once seemed to define Vancouver—you could easily understand why Kits would be in high demand.
From a real estate perspective, however, we are seeing a different story developing. At the end of 2015, the average sales price of a condo in Kitsilano was $522,425. Whereas near Main Street, it was $572,661. Just five years ago, those numbers were $438,068 and $365,295, respectively. And it’s just one example of an East Van neighbourhood that has closed the gap. Granted, there is still a large gap in the price of detached homes, $2.5 million in Kits versus $1.5 million along Main, but the popularity of Kitsilano among young professionals, families, and condo dwellers certainly appears to be dwindling.”
Read the rest here: http://vanmag.com/city/is-kitsilano-dead/
Last modified: May 1, 2016
Interesting. With such hot markets being reported in BC and specifically around Vancouver you would think that there would be upward pressure on prices. Perhaps it will come.