The most popular areas to buy a home in Metro Vancouver in 2023 may not come as a surprise.
Areas such as Burnaby and the North Shore remain popular among homebuyers in Metro Vancouver. However, up and coming areas such as North Delta and the area surrounding Trout Lake in Vancouver have been seeing some attention, according to industry experts.
Burnaby and West Vancouver represent two strong markets that are held up by opposing buyer groups, according to Cameron Phillips, a real estate advisor with Vancouver-based brokerage Engel and Volkers.
“They are the two different sides of the marketplace, which is the luxury non-mortgage dependent buyers in West Vancouver and the first-time buyers in Burnaby,” he said.
While both markets had a five per cent decrease in home sales since 2022, this is lower than the roughly 13 per cent average decrease seen across all Metro Vancouver markets, he said.
“Those had the strongest sales comparatively from last year in our metro area,” said Phillips.
In addition, North Delta had an increase of 0.6 per cent in actual sales volume compared to 2022, which Phillips described as “one of the only submarkets in the entire Metro that saw a positive increase.”
Overall, Metro Vancouver real estate markets have had an increase of 17 per cent for the number of days a home is listed on the market. In contrast, North Delta had a decrease of 35 per cent, according to Phillips.
“When listings are coming up in North Delta, they're being snatched off the market at a rate that is outpacing any other submarket in the region which is so fascinating,” he said.
“It's part of the migration that we saw during COVID-19 of people wanting to take that step into single-family detached and seeing North Delta as the bridge to the South Surrey and White Rock southern region that they might be priced out of.”
First-time buyers tend to choose areas such as North Delta and Burnaby, where there is more supply or lower prices compared to other Metro Vancouver markets. On the other hand, the North Shore remains one of the most desirable areas for individuals who are not mortgage dependant.
Many of these areas also feature a balance between the natural amenities that B.C. is known for and access to city living.
“North Vancouver, for the last three years, has weathered the storm,” said Chantal Vignola, founder of The Brand Real Estate Group brokerage.
“It is consistently the place that everyone wants to be for the detached and for the attached markets month over month over month.”
The area around Trout Lake in East Vancouver is another hot spot for buyers, said Vignola. This is thanks to its proximity to outdoor amenities, easy access to denser areas in Vancouver and an “up and coming” feel thanks to new potential developments resulting from B.C.’s new transit-oriented development legislation.
“Trout Lake is one of the only freshwater lakes in Greater Vancouver. It's right smack in the middle of the friggin city,” said Vignola, who added that this area offers a similar feel to North Vancouver without the high prices.
Pre-sale developments such as Woodland Block by First Track Developments and The Cut by Fabric Living and Ergas Group are popping up in the area, in addition to future developments around SkyTrain stations such as Commercial-Broadway Station and Nanaimo Station.
