Upcoming most desirable neighbourhood to invest in now?
 

If you have extra cash to invest in real estate today for a rental condo unit, in which neighbourhood would you be most confident investing your money? Or if you're like me looking into purchasing my first condo to live in and start building equity with the goal of moving to a townhouse or SFH in the future. As I prefer not having a car to save money, I much prefer living near a skytrain station. Choose between these massive transit-oriented development areas:

1. Marine Gateway
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2. Oakridge Centre
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3. Southeast False Creek
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4. Brentwood Town Centre
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5. Surrey City Centre
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6. Lower Lonsdale
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Definitely not Brentwood, the salespeople there are always engaging in shady tactics. :P

And lol at that Surrey pic. I think that was from pre-2008 crash.

Maybe not the top answer but Lonsdale and New West should be part of the discussion too. Actual nice urban environments on an upswing rather than just a cluster of highrises that will lose most of its value once the newness wears off.

i'd choose chinatown, over any of those. then dtes, hastings until clark, the strathcona/oppenheimer park axis if gore really gets moving, and obviously main street around terminal if you can find a good price on something.

but of the ones you list, i have to say that though i'd never want to live in surrey, it'd probably going to be the best value, like return on investment over time. probably oakridge would be next, in my opinion, because i'm convinced that the surrounding areas will continue to be rezoned over the next decade or two, making units in those (right on top of the metro station) pretty solid investments. the south east false creek ones seem like "can't miss" opportunities, but they're so expensive.

I didn't want to include Londsdale because it is such a small-scale project, like there is nothing new other than several new residential buildings

It's not a singular project. Still lots of new condos in a small area.

As opposed to your other choices? Seems like they need to catch up to real urban environments rather than the other way around. SEFC excepted.

Also where are their ferris wheels and ice rinks, huh?

http://i.imgur.com/C8jRZqt.jpg

They' are good. I think Oakridge may have top honours: West Side, greenspace, sculpted towers, but I think Brentwood's really going to buzz the most (if that's what you're looking for.) Surrey will gave to go through a lot of socio-economic and cultural change before it becomes another Bellevue. Big Time.

A mere $25-million project? Come on man!!!

All those areas you brought up, those condos are likely to depreciaye in value. As mentioned, the dtes has the best chance of appreciating in value.

I don't think any of those neighbourhoods you mentioned except for Whalley are being revitalized. They're mostly new build, so by defintion it they can't be revitalized. Brownfield industrial sites don't really qualify as an existing neighbourhood in my mind.

As for neighbourhoods being revitalized, I would agree, the DTES is seeing a lot of movement right now. We even got a real grocery store last month. New West continues to get better, and Lonsdale has changed hugely in the last decade.

Metrotown :)

I would say Downtown Eastside

Where are these druggies going to be relocated then? Surrey? :haha:
http://www.vancouversun.com/cms/binary/7995309.jpg

Definitely not surrey.

$25 million for the public space alone. Pinnacle's building nine mid-to-high rises around it and units are only $900,000 each, surely can only go up from there!

http://i.imgur.com/xLCfthw.png

And of course that's just one development in a true revitalization. This area was shitsville 15 years ago.

Anywhere that's getting a Whole Foods = $$$

:D

Either Oakridge or False Creek.

The other developments may be large but when it's all said and done they are simply a bunch of towers located around a mall. They maybe TOD but that doesn't make them pedestrian friendly.

This is much like Metrotown where it's a great example of TOD but is no more pedestrian friendly than it was 20 years ago. When have you ever heard of anyone going for a walk around Metrotown? This will be the same with Brentwood, Marine, and Surrey.

Oakridge is in a already established pleasant area and False Creek is a vital and pedestrian friendly area. NuWest and Lonsdale are areas that are both TOD and pedestrian friendly with interesting shops, architecture, and character.

Brentwood and Surrey are simply a bunch of tall buildings surrounding a mall with store and shops you can get in any mall in Canada. Marine does, of the three, have the most potential if it gets larger and heads west to merge with pedestrian friendly Marpole which definitely has a unique and interesting vibe.

You are absolutely right! I will add that onto the list. Too bad you have to take a ferry each time to get around though, not very convenient for busy professional folks. Great for retirees on the other hand.

Great question, OP, by the way. I think it really does raise some questions about what would be the best area to invest. I'm imagining if I was a young professional about to get their first place and where my funds would be best spent.

Food for thought...

It's 15 minutes total from "LoLo" to the the CBD, not exactly inconvenient. The real problem is the buses that constantly miss the departure time by 10 seconds.

Hilarious. Anyways, along with new development in the dtes, the privately owned sro hotels are being upgraded and rented out to students, artists, etc. The drug element is being decentralized. With such a large concentration of historic buildings, the dtes will be Vancouver's hippest neighbourhood, despite your scare tactics. You mentioned you were looking to buy in Brentwood, but if you're smart you'll reconsider.

I think Hastings if thinking long term is going to be a solid investment, either SFH or commercial lots fronting the street.

Its cheap right now and would skyrocket if it ever gets a transit line.

I'm personally looking at Gastown/DTES/Chinatown for a studio/living/work space since I appreciate higher ceilings, and I do appreciate the nightlife in the area for someone in their 20's.
Looking at SFH I still havn't decided but am looking towards New West/Surrey/North Delta/Coquitlam/Langley. Lesser extents Burnaby/Vancouver

The problem with the big non pedestrian friendly condos at BrentWood, Surrey Central, Marine, Metro is that the condo supply will keep on growing since there are plenty large lots to redevelop into towers. Oakridge manages to avoid this since the area is surrounded by NIMBYS and small lots.

Just my 0.05 cents

I would absolutely be grateful if DT eastside gets cleaned up, because that is going to make Vancouver even more beautiful. But in the meantime, I do not want to live or even be near that area. That's just me tough, feel free to move there if you wish.

I would agree with you to some extent that there are plenty of land to build new condos going forward, but it makes a difference living 2mins away from a skytrain station vs 8-10mins walk from the skytrain. The value for the building closer to the skytrain will always be higher given that they are the same quality. Not having a car means that young people will be able to afford higher priced properties' monthly mortgage payments. At some point, land will become scarce for these areas as well.

If you bought a house in 1990 (or somewhere in that time period) which area had the most appreciation. Sure it's easy to go for the cheapest, but who knows if it will still be cheap in a decade :)

The thing with the DTES is all the organizations that help addicts/homeless are staying put, so there's always going to some element staying there. Fine for a single man but women/families will stay away.

I don't find it scary in the DTES (worked there for a long time) but it is very sad and depressing.

Shhh... Already enough RE agents hawking the DTES. We don't want any more to come screw up the vibe.

Oakridge isn't being revitalized as much as redeveloped. Still it's the best bet: West Side location, shopping, QE Park, easy access to downtown, airport and UBC.

Marine Gateway will never feel like a real neighbourhood, its some buildings thrown up against an industrial site.

Chinatown by far offers the most reward per $$$, followed by DTES. Brentwood would be the last on my list followed by Metrotown at this point.
And yes I'm putting my wallet where my mouth is in a very big way ;)

Share some crystal ball secrets J? ;P

Yeah, Chinatown seems like a safe bet. After they get rid of all the hobos, that area is going to be highly desirable I am sure.

Does anybody know whether those people who bought in preconstruction condos in Yaletown ended up making money on their purchase or not?

Of course they did. My mom wanted to invest in a $100,000 condo near Urban Fare back in the mid 90s and my dad thought it was a bad idea so it never happened. It would be worth $500,000 now.

There is no such bargain no more...

i remember back in the 90's like 1994 someone i met had just moved here from toronto and yaletown was selling in the 120,000 range and he thought it was too expensive and overpriced and the prices wouldn't stay that high blah blah blah

lol if we only knew :(

Why would they need to get rid of the "hobos" to see the area highly desirable? Yaletown, Gastown, the westend and even Coal Harbour have hobos and doesn't stop them to being desirable. An area doesn't have to appeal to everyone for it to be desirable and successful. I'll leave you with a quote on the wall of a popular drinking establishment.

Brentwood be dead last on my list. Soulless with zero amenities nearby. No nice walking (or even sidewalks! near white spot) no cool cafes, no heritage, big box restaurants only, townhouses that butt right onto Loughheed, horrible traffic.....

Lolo would be at the top of my list and I would include all the way up lonsdale to the highway.

Second up and coming neighbourhood IMHO is Burnaby Heights. Lots of gross lots along Hastings are getting rebuilt right now. Lots of character and cool shops.

Continuing with my rant against the brentwood neighbourhood, who was the marketing genius who named OMA? I understand now that the stands for One Madison Avenue but for years I thought I was built for seniors. OMA meaning grandmother in Dutch and German.

I agree with this. I think that the entire Eastside, not just the DTES, will be home to one of the greatest transformations in Vancouver. Heritage is not something that can be recreated and it is in high demand, suburban condo-based neighbourhoods will be a dime a dozen.

They aren't advertising to people with Dutch and German ancestry.

The area that will appreciate the most are the one that attracts a lot of Chinese buyers. The best example would be Richmond, the city already overtook Burnaby as the 2nd most expensive city in Metro Vancouver.

It is very soulless now, but who knows how the neighbourhood is gonna changed after the redevelopment is completed. I guess you don't have what it takes to be a good investor.

maybe not, but there are a lot of 'em around. Almost 20% of this province according to wikipedia.

Not that I care.... my personal funny

Yep, but you wouldn't know it looking at the crowds in condo sales centres.

My grandfather was German and my "Oma" was Dutch. I was living in Australia and moved back to Burnaby, coincidentally, to look after her after she had a stroke. But she lived in one of those hideous Vancouver specials, so we moved to the north shore a year later - the last German ethnic alcove (Deep Cove specifically).

Who were the majority of the racial groups of people purchasing it at the sales centre?

Marine Gateway is probably my second favourite location because of the Cineplex, T&T Supermarket, Irish pub and Gallery Show Lounge. The only thing that bothers me is the proximity to the Vancouver South Transfer Station and Recycling Depot on 377 West Kent Avenue North, Vancouver. It really stinks, hopefully they can move that somewhere else.

Yeah, neighbourhoods like Brentwood will always lack character. If someone could find out beforehand which neighbourhoods are getting a new OCP, those would be good areas to invest in. Victoria Dr. would be a decent guess. Already there's a decent strip of retail from 33rd to 45th, all's that is needed is increased density to take it to the next level.

Seriously? 99% Chinese for high rises in most areas. Seylynn Village is the only one I've personally seen that more accurately represented Vancouver's demographics.

I think it was a rhetorical question.

As far as Chinese buying up condos, I'm getting the impression that Chinese buyers like being close to a shopping mall, at least judging by how Richmond is developing. People of Euro descent seem to enjoy neighbourhoods with walk-able streets more. Sorry if that sounds racially insensitive.

Oooohhh... don't mention war or soccer in your household.

I did see a few german flags east of the 2nd narrows last month.

I think you exaggerate too much by stating 99% Chinese. When I purchased a unit on the day-1 VIP sales event for Brentwood ONE, I think there were only about 50% Chinese buyers. The rest were people from Middle-East, Korea, and a few Caucasians.

hahaha... that could be anybody who was supporting Germany in the World Cup final.. for example, a Chinese friend who cheered for Germany had a German flag attached to his car during the World Cup

I visited the sales center for Strathcona Village (900 E Hastings) last week. Lots of asians. It's like 90% sold considering the project is going to take 3.5 years.

The war's ok because that's where they met. Opa moved from Hamburg to the Queen Charlotte Islands in the early 30s, joined the Canadian army for WWII and knocked up Oma while liberating Holland. My mom was born in Amsterdam in 1946, but was refused Dutch citizenship so they went back to Canada.

Luckily for him he could completely hide his German accent, much like how I stopped sounding like an Australian after only a couple years in Canada. If he was treated like the Japanese were on the west coast, I wouldn't exist.

It might be shifting now, big sales centre crowds in general are disappearing, but the realtors were the only other white people in the few I went to outside of the north shore.

When you really put it into context, only one of the five options is really being revitalize, and that is Surrey City Centre which is the redevelopment of an area roughly the same size as Downtown Vancouver.

Oakridge Centre is the redevelopment of an existing mall. Marine Gateway not really a revitalization but a project is akin to the Plaza 88 at New Westminster Station. South East False Creek is putting residential on old industrial lands around the Athlete's Village, which itself was built on old industrial lands. Brentwood Town Centre is a bit of a combination of both South East False Creek and Oakridge as it is the redevelopment of a mall and the surrounding industrial lands.

That being said, if I had to pick an area for the greatest short term gain, I would go with South East False Creek. Many units here are somewhat affordable for the proximity to Downtown Vancouver and the amenities it offers. For long term I would go with Surrey. It has the greatest number of unknowns, but at the same time the greatest potential for growth thanks to it being much more affordable than the other options. All the major developers have bought much of the land in the area up so if that isn't a sign you should invest, I don't know what is.

If (more like when) this distance-based transit fare policy and the tolling of Patullo take place, I think there will be a stronger local demand for amenities and businesses within Surrey. So, Central Surrey is not really competing against the redevelopments of Oakridge, Marine Gateway, Chinatown, Brentwood, Metrotown, New West, etc.