November Market Stats – An increase in homes is expected
It’s almost too good to be true, but in certain areas around Greater Vancouver, we can expect a dramatic increase in homes and resident over the next 5 to 20 years. This drastic change could bring new vibes to the city.
Continuing where we left off last month, we’d like to pick up on the discussion of duplexes in the market, particularly in Burnaby. Although, this time we’ll compare the trends in two neighbourhoods in Burnaby South.
Metrotown / Forest Glen
Forest Glen is a neighbourhood situated nicely right in between the calm tranquility of Deer Lake Park and the hubbub of Metrotown. This area consists mainly of detached single-family homes, but you can still find several condo towers and townhouse developments, particularly along the southern border.
Being close to Metrotown is a benefit as there are plenty of restaurants, shops, and entertainment facilities all within walking distance.
Forest Glen also has all the benefits that can be obtained from the escape of a city. Deer Lake Park has numerous nature trails to ease your mind and soul as you traipse along the paths.
Highgate is one of those areas that has undergone densification and is very near a SkyTrain station. The Highgate village proper, and also the nearby Southgate, will likely see a dramatic increase in the number of homes and residents over the next 5-20 years.
Highgate has a good mix of high-rise condominiums, townhomes, low-rise apartment buildings and a decent amount of single-family homes built in the ‘50s and ‘60s. This area is known for being quite multicultural. It’s a neighbourhood that offers a great selection of shopping, entertainment and restaurants.
Duplexes in the areas
When compared with last month’s stats from Brentwood and Metrotown, it’s important to remember that the two areas were already established as hubs for residential high-rises, as well as commercial centres in the case of Metrotown. As such, over thee past years, builders seemed more inclined to develop multi-family homes in those areas over Highgate.
The result of this can be seen by the number of available homes for sale and number of homes sold. Both areas had numbers that were lower than those of Brentwood and Metrotown. However, a buyer would be able to see and feel the difference of these neighbourhoods and may consider buying into an area before new developments increase land value because of the easy access to amenities and demand.