An analysis of the change in Vancouver property values between 2013 and 2014 shows assessments have risen in key spots in the east, with Chinatown, the Downtown Eastside, Main Street, Kingsway and lower Commercial Drive showing up as distinct hot spots (full story here).
“It’s been going for a few years now, but it’s reaching critical mass. The developers have run out of land in the western portions of the downtown. They’re buying up the land in the east but being quiet about it so their competitors don’t know.” – Realtor Mike Stewart
The primarily industrial area north of Main and Broadway has had the highest increase in the past year, around 30 per cent. One city planner says this area serves as an important economic nursery. It includes the headquarters of tech company Hootsuite.
Assistant planning director Kevin McNaney says a new guideline removes the option for new residential buildings in the industrial parts of Mount Pleasant.
McNaney adds that increases in property values in Chinatown and the Downtown Eastside appear more significant than they really are, because prices used to be exceptionally low.