Imagine a homebuyer is interested in purchasing a downtown condo between the Granville Street Bridge and Burrard Bridge. Would this buyer be looking in Yaletown or the West End?
One Vancouver real estate agent is hoping to answer this question by breaking down the nuances of the city’s core using a map that highlights 18 subsections of downtown real estate.
Real estate agent Chantal Vignola has identified 18 subsections within well-known areas such as Yaletown, the West End, Gastown, Coal Harbour and the Downtown Eastside.
Not only is pricing different, but the housing types available, the neighbourhood atmosphere and amenities located near the property all vary, according to the founder of The Brand Real Estate Group brokerage.
Vignola proposes this will offer a more nuanced representation of real estate located downtown and give area homebuyers an informed approach to the buying process.
The new names are meant to be a tool, rather than an official proposal to rename downtown areas.
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“When you have all these sub-areas already divided off for the buyer, it makes for a better understanding of what they're buying into and then they can understand what's happening in that specific neighbourhood,” said Vignola.
“The purchaser can really concentrate on what they like to do based on these locations and then pick the real estate based on that specific area.”
Each district has distinct characteristics, according to Vignola. An example of this is the High Point area between Hornby Street and Thurlow Street.
Typically thought of as under the blanket of the West End, this area has higher price points and is characterized by new luxury developments.
The 331-unit Butterfly condo tower which is currently under construction can be found in the area alongside what will become a residential and mixed-use development at the old St. Paul’s Hospital and the luxury Curv building, set for completion in 2029.
“If you're a first-time buyer, High Point is probably averaging $1,800 per square foot, where if you go over to Gastown it's averaging $950 per square foot. That will be really valuable information,” Vignola said.
