Where to Buy Real Estate in Canada 2022: Vancouver

Vancouver is considered one of the most desirable—and one of the most expensive—places to live in Canada. It’s a coastal city and a major tourist destination, connected to the northern and southern ends of British Columbia by the Sea-to Sky-Highway, and to eastern B.C. via the Trans-Canada Highway. The western part of the city is home to Stanley Park, the Robson and Alberni street shopping districts, and Davie Village (the heart of the city’s gay community). On the east side lies the third-largest Chinatown in North America, the Main Street and Hastings Street shopping districts, and the neighbourhood of Mount Pleasant. And in the city’s north end, by the port district, rests downtown Vancouver. 

Vancouver rivals Toronto in being the most closely watched real estate market in Canada. So, for the 2022 edition of Where to Buy Real Estate in Canada, MoneySense partnered with Zoocasa—a full-service tech brokerage—to highlight the top Vancouver neighbourhoods in which to buy property, based on value and the potential for price growth.

If you’re willing to buy or relocate outside of Vancouver, our guide also includes a national ranking of cities and regions, as well as information on the top neighbourhoods in 12 other markets across Canada (found by tapping or clicking on the menu above). The rankings are based on data collected at the end of March 2022, and interviews were conducted in March and April. Read more about our methodology. 

• Where to buy real estate in Vancouver
• Why we’re watching Vancouver
• Vancouver’s future real estate outlook
• Vancouver’s top three neighbourhoods

Where to buy real estate in Vancouver

To view all the data in the table, slide the columns right or left using your fingers or mouse. You can filter or rearrange the rankings by using the search tool or clicking on column headings. You can also download the data to your device by tapping on the Excel, CSV or PDF icons. 

How to read the table:

• Benchmark price 2021: The composite benchmark price as of Dec. 31, 2021. It represents all property types, including attached and detached homes, townhouses/row units and apartment units. Read about how benchmark prices are calculated. 

• 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 five, with five representing the most value for your money, high levels of income and education, and ease of travel by foot, bike and public transit. To see how we determine these scores, read our methodology. 
• Children: The neighbourhood’s percentage of households with kids.

Why we’re watching Vancouver

Vancouver is a vibrant city of around 630,000 people, and it has plenty to see and experience. It’s home to multiple beaches and the Stanley Park Seawall, part of the longest uninterrupted oceanfront path in the world. Vancouver has many different walkways and greenways, making it very friendly to pedestrians. And it’s easy to get around the city with the TransLink public transportation network, which includes the SkyTrain rapid transit system and SeaBus passenger ferry service. Vancouver is also a major immigration hub: 42% of the city’s residents are immigrants, and that number is expected to continue rising.

Before the pandemic, Vancouver was notorious for having Canada’s highest housing prices, and it was frequently among the most expensive markets globally. This is due in part to high immigration levels but also to its reputation as a leader in the tech, health care and service industries. The city is home to a thriving film industry, too, and it often appears in movies and TV shows. A geographical challenge has also contributed to Vancouver’s expensive housing market: Bordered by water and mountains, the city has limited space to house the fast-growing population. As a result, 61% of dwellings in the city are apartments. 

“Before COVID struck, new measures were introduced to help stabilize the rate of growth in home prices,” explains B.C. realtor Casey Archibald. “There was the foreign buyers’ tax, the empty homes tax and an out-of-province speculation tax. The federal mortgage stress test was originally introduced in 2016 for insured mortgages and expanded to all mortgages in 2018. This required borrowers to qualify for a mortgage rate much higher than what they were actually getting, which took a toll on the region as well.” 

By May 2019, these measures had led house prices to drop in East and West Vancouver, and in early 2020, the pandemic contributed to a further stalling of the market. However, by June 2020, the market had recovered—and it hasn’t looked back since. In March 2022, the benchmark price of a home was $2,677,500 in Vancouver West and $1,469,200 in Vancouver East. “With the record-low number of houses on the market, there has been a lot of upward price pressure in the last two years,” says Archibald.

Vancouver’s future real estate outlook

The housing supply remains incredibly low in many parts of the country, leading home prices to skyrocket as buyers compete over limited options. Vancouver is no exception, and prices are expected to continue increasing in the short term until supply returns to normal levels. 

“The rising interest rates are helping to cool the upward pressure on home prices,” Archibald explains. “Although the number of homes currently listed for sale in the region is still low, we are beginning to see the first signs of a more balanced market. If inventory increases, then we could see those prices start to settle a bit more.”

Vancouver’s top three neighbourhoods

1—Fairview

Fairview is a busy central location that encompasses the picturesque Granville Island Public Market and the area around Vancouver General Hospital. The neighbourhood has seen steady price growth over the last few years. In December 2021, the benchmark price reached $994,033, which is 4% higher than one year earlier, 10% higher than three years earlier and 34% higher than five years earlier. Fairview has a value score of 4.2 out of 5 and a neighbourhood economics score of 2.1 out of 5.

People choose Fairview because many of the apartments have beautiful views of downtown Vancouver and the North Shore mountains. The neighbourhood also offers easy access to the Seawall, where residents can walk, run or bike. An area whose housing stock is mostly condos and townhomes, Fairview is popular with young professionals and couples without kids. In fact, only 16% of households in the area have children. 

One of Fairview’s major benefits is how densely planned it is. With many amenities within walking distance, it has a neighbourhood accessibility score of 4.6 out of 5.

View Zoocasa’s real estate listings in Fairview. 

2—Mount Pleasant

Vancouver’s popular Main Street is at the heart of Mount Pleasant. Known for its older heritage buildings, great restaurants and eclectic stores, this neighbourhood is a favourite among many home buyers. With a benchmark selling price of $968,276 in December 2021 and significant price growth over the last few years, it’s also a great investment. At the end of the year, home prices were 10% higher than one year earlier, 9% higher than three years earlier and 38% higher than five years earlier. That growth contributed to Mount Pleasant’s strong value score of 4.8 out of 5. Its neighbourhood economics score, however, is the lowest of our top three, at 1.5 out of 5.

Centrally located along the Broadway corridor and accessible by public transit, the neighbourhood has an accessibility score of 3.8 out of 5. Mount Pleasant is known for its unique mix of housing stock. From newer condos to older heritage homes, there’s something for every taste and budget. But what often attracts residents is the creative culture, as well as the community festivals organized by local businesses. Mount Pleasant also has some great schools, but only 17% of households have kids.

View Zoocasa’s real estate listings in Mount Pleasant. 

3—Dunbar-Southlands

One of the more expensive areas of the city, Dunbar-Southlands is located near the University of British Columbia campus. Residents are a mix of high-income earners and older residents who bought in years ago. That’s why you’ll find everything from enormous mansions to small bungalows in this neighbourhood—and why the benchmark price was $3,093,460 in December 2021. But prices aren’t increasing as fast as they are in other Vancouver neighbourhoods. By the end of 2021, prices were only 4% higher than one year earlier. There was no change in prices over three years; over five years, they dipped 6%. As a result, the area has a value score of 0.8 out of 5, but a neighbourhood economics score of 5 out of 5.

Residents of Dunbar-Southlands love the local golf course and having easy access to the trails of Pacific Spirit Regional Park. Indeed, the area has many parks, as well as riding stables. 

Dunbar-Southlands has a family feel, with lots of baseball diamonds and soccer fields for extracurricular activities. It has a number of great public schools, but the area is known for its private schools, namely Crofton House and St. George’s. It’s no surprise that 51% of households have children. 

For a residential area whose housing stock consists of single-family homes, Dunbar-Southlands still has a relatively high accessibility score of 2.9 out of 5. 

View Zoocasa’s real estate listings in Dunbar-Southlands.

About Zoocasa

Zoocasa is an award-winning consumer real estate search portal. It uses data and technology to deliver an intelligent, end-to-end real estate experience.