When comparing real estate in East Vancouver vs Vancouver West it is no secret that you can get a lot more bang for your buck in East Van. As we are seeing more and more townhomes being built on both sides of the city, we thought it would be good to compare the difference in prices between the two sides of Vancouver.
Where is the Border?
People often consider Mount Pleasant to be East Van and Riley Park to be on the Westside. In fact both of these areas actually straddle both East Vancouver and the Westside of Vancouver. The actual border between the East and West side of Vancouver is Ontario Street.
How do Prices Differ?
Currently the benchmark price of an East Vancouver townhouse is $785,900. The Vancouver West benchmark price for a townhouse is $1,252,700 or 60% more than the equivalent in East Vancouver. If we go back 10 years the average price in East Van was $361,200 and the Westside price was $549,900. This represents a 52% difference in price. Below is a graph showing the benchmark price in August for Townhomes in East Van and the same for Vancouver West:
Why the Difference?
Every major city has neighbourhoods that have higher prices than others. Within each side of Vancouver we have sub areas that vary in prices as well. Mount Pleasant demands higher prices than Renfrew. Shaughnessy is more expensive than Kitsilano. Vancouver West has more private schools, is closer to the water and is closer to UBC. Prices are generally higher the closer to water you are and private schools tend to attract a wealthier demographic who demand higher end homes.
As prices have increased throughout the city, we are seeing higher quality townhomes being built for higher price points in East Vancouver as well. Land prices continue to rise and townhomes are often the only affordable option for young families. As families are priced out of the Westside we are seeing well educated, wealthy families chose to move East as they find more sense of community, better public transportation and improving schools.
If you are looking for certain qualities in a neighbourhood we would be happy to chat with you about the different options in Vancouver.