Where to Buy Real Estate in Canada 2023: Vancouver
Many Vancouver buyers believe that the bottom of the real estate market is behind them. As activity picks up, these top neighbourhoods will be in high demand.
Best places to buy real estate in Vancouver
In the table below, you’ll find the top Vancouver neighbourhoods for real estate purchases. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.
| wdt_ID | Rank | Neighbourhood | City | Benchmark price 2022 | 1-year growth | 3-year | 5-year | Value | Economics | Accessibility | Children |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | Hastings-Sunrise | Vancouver | $1,678,699 | 23% | 34% | 30% | 5.0 | 2.7 | 2.4 | 41% |
| 2 | 2 | Kitsilano | Vancouver | $1,513,935 | 7% | 20% | 11% | 3.5 | 3.1 | 4.4 | 20% |
| 3 | 3 | Arbutus Ridge | Vancouver | $3,604,797 | 4% | 10% | -6% | 1.3 | 5.0 | 3.1 | 50% |
| 4 | 4 | West Point Grey | Vancouver | $3,402,372 | 7% | 24% | 4% | 2.0 | 4.1 | 1.9 | 35% |
| 5 | 5 | Renfrew-Collingwood | Vancouver | $906,508 | 6% | 30% | 29% | 4.4 | 1.7 | 3.2 | 43% |
| 6 | 6 | Killarney | Vancouver | $1,645,081 | 5% | 20% | 18% | 3.4 | 2.6 | 0.7 | 47% |
| 7 | 7 | South Cambie | Vancouver | $1,691,882 | 2% | -2% | -6% | 2.3 | 3.6 | 3.0 | 27% |
| 8 | 8 | Mount Pleasant | Vancouver | $974,864 | 4% | 16% | 29% | 3.9 | 1.7 | 3.8 | 17% |
| 9 | 9 | Victoria-Fraserview | Vancouver | $2,159,808 | 9% | 45% | 24% | 3.9 | 1.7 | 3.2 | 48% |
| 10 | 10 | Kerrisdale | Vancouver | $2,642,990 | 21% | 25% | 10% | 3.7 | 1.7 | 2.1 | 38% |
| 11 | 11 | Marpole | Vancouver | $1,279,406 | 6% | 21% | 3% | 3.6 | 1.7 | 2.1 | 38% |
| 12 | 12 | University Hill | Vancouver | $1,298,747 | 4% | 5% | 3% | 3.1 | 2.0 | 1.5 | 39% |
| 13 | 13 | West End | Vancouver | $961,752 | 9% | 17% | 8% | 3.9 | 0.7 | 4.7 | 10% |
| 14 | 14 | Grandview-Woodland | Vancouver | $1,351,562 | 5% | 21% | 20% | 3.7 | 0.9 | 3.7 | 22% |
| 15 | 15 | Oakridge | Vancouver | $1,714,623 | 2% | -3% | -17% | 2.2 | 1.7 | 2.1 | 38% |
| 16 | 16 | Strathcona | Vancouver | $913,928 | 1% | 17% | 9% | 3.5 | 0.0 | 4.7 | 16% |
| 17 | 17 | Shaughnessy | Vancouver | $5,221,893 | -2% | 32% | -9% | 0.0 | 2.5 | 4.6 | 16% |
Source: Zoocasa
How to read the table:
- Benchmark price 2022: The composite benchmark price as of Dec. 31, 2022. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.
- 1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame.
- Value, economics and accessibility: These neighbourhood characteristics are each scored on a scale of 0 to 5, with 5 representing the most value for your money, high levels of income and education, and ease of travel by foot, bike and public transit.
- Children: The neighbourhood’s percentage of households with kids.
- Read the detailed methodology behind our rankings.
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What’s happened in the Vancouver real estate market?
Home prices in Vancouver saw growth throughout the first half of 2022. In January 2022, the benchmark home price was $1,190,000, and it peaked in April at $1,264,700. It stayed above $1,200,000 until August, when it dipped to $1,180,500. The price continued to drop and finished the year at $1,114,300.
“Public sentiment changed as soon as the first [Bank of Canada] interest rate increase was announced in March,” explains local real estate agent Casey Archibald. “As rates continued to grow, it put a pause in the market and caused a disconnect between buyers and sellers.”
What’s next for real estate in Vancouver?
Vancouver’s real estate market had a slow start in 2023; however, February and March saw modest month-over-month price gains as activity also picked up. According to the Real Estate Board of Greater Vancouver (REBGV), the city’s benchmark home price reached $1,143,900 in March 2023, an increase of about 2% from February and 3% from January.
“Many buyers are now of the sentiment that the bottom is behind us, which has led to an increase in activity,” says Archibald. “Highly desirable properties that check a lot of boxes are doing very well in today’s market.”
Low supply remains an issue for the market, especially as demand from buyers increases. “The lack of inventory in Vancouver is propping up prices,” he says, “but I don’t expect we’ll see record-breaking price increases this year.”
Top neighbourhoods in other regions
Vancouver’s top three neighbourhoods
1. Hastings-Sunrise
Located in northeastern Vancouver, Hastings-Sunrise is a large, culturally diverse neighbourhood that has recently attracted many young professionals. At the end of 2022, the average home price in the “East Village,” as the locals call it, was $1,678,699. Compared to one year and five years earlier, home prices were up 23% and 30%, respectively. Thanks to this steady price growth, Hastings-Sunrise is the only Vancouver neighbourhood on our list to receive a perfect value score of 5. It also earned an economics score of 2.7 and an accessibility score of 2.4. Compared to other neighbourhoods in the city, this primarily residential area has a relatively high percentage of households with children (41%).
View Hastings-Sunrise real estate listings on Zoocasa.
2. Kitsilano
Home to one of the best-known beaches in Vancouver, Kitsilano is a trendy neighbourhood close to numerous attractions, including downtown. At the end of 2022, home buyers who wanted to move to this coveted neighbourhood could snag a property for an average price of $1,513,935—that’s 7% higher than one year earlier and 11% higher than five years earlier. This works out to a value score of 3.5. Residents have easy access to the seaside, outdoor recreation and endless shopping and dining choices, earning Kitsilano an impressive accessibility score of 4.4. However, only 20% of households have children, so it’s less popular with families.
View Kitsilano real estate listings on Zoocasa.
3. Arbutus Ridge
Full of tree-lined streets, Arbutus Ridge is a quiet and affluent neighbourhood located on the west side of Vancouver. With an average selling price of $3,604,797 at the end of 2022—only 4% higher than one year earlier—it’s one of the most expensive areas on our list. This explains why it has a value score of 1.3, yet a perfect economics score of 5—the top scoring Vancouver neighbourhood on our list. In terms of accessibility, Arbutus Ridge also scored quite high at 3.1. The area has several public and private schools, which serve the 50% of households that have children.
View Arbutus Ridge real estate listings on Zoocasa.
Read more about buying a home:
- The best 5-year fixed mortgage rates in Canada
- Watch: What is mortgage affordability?
- Mortgage payment calculator
- Buying a second home: How it works in Canada
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