The Main Street Divide
When you look at this map, what do you see?
Yes, this is a map of Vancouver. And yes, the divide is right along Main Street, where the city renumbers between east and west Vancouver.
The properties in red are properties valued $1 million and less.
The properties in blue are worth more than $1 million.
In the Vancouver real estate world, we call this ‘the invasion of blue’. Why? If you look closely you will see that it isn’t so black and white (or blue and red) anymore. If you were to look at an identical map also put out by Bing Thom Architects in the 90s, you’d see almost no blue in East Van. It’s slowly making its way in. Main Street is on the front lines for a new change in the city.
Prices keep rising. Especially in East Van. And the fastest changing place on the map is right up and down Main.
Here are a few interesting statistics acquired by BTA.
1. Over 2200 single family residences crossed the million dollar valuation line between 2012-2013.
2. The percentage of homes valued at $1 million or more has gone from 34% to 54% in the last four years.
3. Homes valued at more than $5 million have increased 250%. This is incredible. As always, luxury real estate is the way to go.
Here is a map from 2009. See what I mean by a boom in East Van in the last 4 years, especially the Victoria-Fraserview and Killarney regions.
In sum, Main Street and east is hot! A slump in sales means nothing. Price is the only number that matters. Take a look at the upward trajectory of Main Street and let me know if you want onboard this rocket ship to the sun…..