If you’re new to Metro Vancouver and interested in buying real estate, there are a few things worth knowing.  You will find the real estate prices across Metro Vancouver to be higher than many other parts of Canada.  Most homes are worth well over a million dollars.  In many cases the price reflects the cost of the land and not so much the house itself.  In other words, a dated older home could be just as expensive (or worth even more) than a new home in a smaller city.  Think of Metro Vancouver as a quilt and each square is only that big and cannot be expanded.  This lack of space makes for limited options and high density which puts the land price at a premium.  Another reason for the high price of land is that most cities do not have a lot of job opportunities. If you are an employee, you most likely need to commute to a larger city like Vancouver, Burnaby or Richmond for work, making those cities more desirable and therefore more expensive.

You should do your research when deciding where and what to buy.  Let’s dive into some things you should be mindful of when buying real estate in Metro Vancouver.

1. Avoid Larger Cities if You Can

Vancouver, Burnaby, North Vancouver and Richmond for example can be pricey.  If you don’t need to live in one of these cities for work, family connections etc, how about shopping around in a smaller city such as White Rock, Port Moody or West Vancouver.  They offer West Coast shorelines, amazing views, great amenities and lots of outdoor activities year-round.

2. Don’t Expect the Houses to be Amazing in Major Cities

If you buy in a major city like Vancouver, Burnaby or North Vancouver, for the price you can afford, the house may be a dated bungalow.  Unless you are in an upscale neighbourhood (which equals even higher price points), you will most likely be buying a bungalow from the 1950’s or 1960’s which belonged to a middle-class family.  Many of these homes don’t have the bells and whistles to accompany the price tag.  Home prices shot up in the last three decades and many of these houses were once just affordable homes to regular families who may have done little to no upgrades.

3. Some Houses can be Uncomfortably Close to Each Other

Imagine washing your dishes and staring at your neighbour who is looking right back at you.  You should be mindful of this, as some areas have considerably small lots.  Windows may be in awkward places that can make for uncomfortable visual encounters with neighbours.

4. Consider Duplexes and Townhouses if you Want a Newer Home

Don’t care for a run-down bungalow that requires work.  You can opt for a new duplex which may be at the same price point as a single-family house, but with lots of modern appeal.  Many townhouses across Metro Vancouver offer great locations and modern designs with ample green spaces.

5. Some Pockets May Have High Crime Rates

There are factors that contribute to a neighbourhood being unsafe, while a couple blocks over can be completely the opposite.  You should review the crime stats for an area before you consider buying.  See our article on safe neighbourhoods across Metro Vancouver for tips on where to buy.

6. Some Cities are not Car Friendly

Vancouver can be a challenge when it comes to driving!  Beware.  Also, some homes may not have garages or car ports and you may need to obtain a permit to park on the street as a resident, which can be costly.  Neighbourhoods near downtown and the West-side also tend to have metered parking.  East and South Vancouver, are both more care friendly, with free parking and less congestion. If you are planning on buying in Vancouver and prefer to go car free, find a location with great amenities near a train station, just be mindful that areas near stations can be less safe. Cities on the outskirts of Vancouver, such as Burnaby, tend to have free parking and less limitations. Uber and other similar services can be weighed against the price of purchasing and maintaining a car if you will not be needing to commute frequently.

7. Bridges Can be a Nightmare

Some cities are ideal – if you never need to cross a bridge for work, leisure etc.  If you must frequently use a bridge to get in and out of your desired neighbourhood, try driving during rush hour to determine if the traffic is bearable before purchasing.

8. Consider the Summer Tourist Crowd

The West End of Vancouver is a true gem!  But summers can be crowded.  This is the same for White Rock.  If you want to enjoy all the appeal of these areas, just be mindful that the summer traffic and crowd can put a damper on the fun.

9. Where is the Nearest Hospital?

Medical care shortage and long wait times pose a challenge across Canada.  Hospitals are backed up and this can be a major issue.  Consider the nearest hospital to the neighbourhood you are interested in and whether the coverage is acceptable.  Some cities have medical facilities dedicated specifically to seniors, oncology etc.  If the nearest hospital is serving a huge population, the service may not be as reliable in comparison to those in less dense areas. Do your research.

10. Get a Knowledgeable Real Estate Agent

We’ve mentioned a couple times above that you should do your research.  A lot of this research can be through your agent.  A knowledgeable agent will be able to provide the details you need to make an informed decision.  Think carefully before you sign up with an agent.  You need someone experienced in working with your age demographic, as they might have great insights into your needs.  An informed agent will not wait for you to ask a concise list of questions, they will provide helpful details along the way as they work with you and understand your needs.

We hope you found these tips helpful. If you have specific questions regarding purchasing real estate in Metro Vancouver or anywhere else in BC, contact us with your questions.  We are experts in providing professional real estate advice to seniors looking for the ideal BC retirement neighbourhood.  Our agents have local knowledge of neighbourhoods across Greater Vancouver and Greater Victoria. 

Speak with one of our agents for more information.