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The Vancouver Life Real Estate Podcast Episode 6 - The Hottest Neighbourhoods In Vancouver

Dan Wurtele

Living in Vancouver for the past 21 years it has been exciting to watch it grow into one of the most desirable cities in the world...

Living in Vancouver for the past 21 years it has been exciting to watch it grow into one of the most desirable cities in the world...

Jul 27 34 minutes read

The Vancouver Life Real Estate Podcast Episode 6 - The Hottest Neighbourhoods In Vancouver

EPISODE 6 - July 28, 2020

The Metro Vancouver Real Estate Market is as interesting as ever with some ares hitting all-time high sales prices.   We dig deeper into which neighbourhoods are outperforming the market and what is driving the demand.

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The Hottest Neighbourhoods In Vancouverr

EPISODE 6

Dan Wurtele  0:02  

Hi, and welcome to The Vancouver Life podcast. 


Ryan Dash  0:06  

This podcast is created to answer the most talked about questions when it comes to navigating the Vancouver real estate market. 


Dan Wurtele  0:12  

I'm your host, Dan Wurtele, a licensed agent and accredited Real Estate Investment Advisor based here in Vancouver, and I'm joined by my co host, Ryan Dash. 


Ryan Dash  0:22  

Hi Dan. I'm also a local realtor and exhausted father of two, husband of one and really happy to be here.


Dan Wurtele  0:30  

Let's get right into today's episode. 


Hello, and welcome back to the Vancouver life podcast. We are in the last week of July 2020. And as always, it is a fascinating market out there. 


Ryan Dash  0:44  

Yeah, it's it's very interesting, and I think I say that a lot at the start of our podcast but that being said, we have a very polarizing market and we are seeing all kinds of changes in trends here that we're trying to discern. And so we want to go over some of the stats, maybe talk about some of the hottest neighborhoods in Vancouver right now and then kind of unpack it as to why. Why are these neighborhoods really really hot right now? Why are some neighborhoods doing really well, and other neighborhoods are struggling and they are less than five minutes apart.


Dan Wurtele  1:21  

I think anyone paying attention to any headline right now is getting such polarized information. Sometimes you're hearing your buddy sold his property in three days, but 10 offers for over ask and your other neighbor said, I've been on the market for three months with nothing. It's it's really fascinating out there and it takes takes a lot of data and drilling down deep into that data to really kind of understand what's happening and it's exciting stuff to be honest.


Ryan Dash  1:46  

Yeah. And it's not just it's not just the unpacking of the data, too. It's It's It's stuff that we've we're experiencing firsthand with our own buyers with our own sellers who are on the market. So some really interesting anecdotes. For this episode, specifically with condos and detached homes. 


Dan Wurtele  2:05  

Yeah, we're seeing even sometimes neighboring regions responding completely different. And why is that? And I think we'll dig a bit into that, because it's not only is it neighboring towns or cities, but the property types within those right, we can see a condo market acting completely different than the detached market within one specific region.


Ryan Dash  2:25  

Yeah. And, and further to that, it's moving quickly to so it's like, you know, and I'd like to think that COVID is, is partially responsible for this. But it is, you know, the people that had already decided to make a move, they're now moving quickly, and the stats are showing that they're moving either out of those regions quickly, or into new ones, very quickly.


Dan Wurtele  2:46  

Mm hmm. We saw obviously, April in May, historically, the busiest months of the year as far as sales volume goes, be the lowest two. So, you know, a lot of people said, Oh, is there pent up demand, or is it just gone? Yeah. Well, we saw huge spike in June and guess what's happening in July? we're actually going to see the highest sales volume for any month dating back three years. Yeah, we're gonna break 3000 units in July. And we have not seen those kind of numbers going back to October of 2017. 


Ryan Dash  3:16  

That's, that's tremendous. I mean, considering we're in a pandemic, and we're at the highest sales volume in three years. Wow. So what, what, why, I guess, are people making these moves because it's, you know, in a pandemic, typically people, they step back, they don't, they don't get into any kind of risk. But right now we're seeing people making some very big changes in their lives, likely because they're predicting or have been told from their employer, that they're either no longer coming back to work in that capacity or that they now are working from home. We've seen and heard from different employers that they are actually providing their employees with some incentives to work from home like an office allowance, things like that and an annual allowance, you know, so there's there's some changes that are really happening and they are directly affecting neighborhoods and property types in those neighborhoods.


Dan Wurtele  4:07  

Yeah, this is this is basically going to be the biggest housing shift of our lifetime. I think and it's it's obviously a global shift. Yeah, you know, I was listening to a very relevant podcast that takes place across the United States across all states. And they're saying they're emulating the exact same thing that we are here. And that is, honestly people are shifting their housing needs, you know, and it's largely either to work from home and they need that extra space, or they want some outdoor living, or they want more space, or it's quite simply, they can work remotely.


Ryan Dash  4:38  

Yeah, I think that's the big one too. Tech is becoming is allowing for that to happen. You know, and, and a really good spot that we're starting that started to show this trend early on was a place like San Francisco, in SF, where you do have a ton of tech tech centers. You know, this Salesforce. That's their hub, thats their center. Amazon is huge down there and what we're seeing now, so is Google, by the way, and we have friends and people that live down there family members as well. And we are seeing them leave the SF core to go into the suburbs, because one they don't like the density two rent was astronomical and as the need for employees to no longer be in the downtown core, you're seeing rents drop in that city like crazy. And, you know, it's, it's a more magnified approach, or a more magnified look at what's happening in San Francisco and I think that's happening here. It's just, it's not quite as, as pronounced.


Dan Wurtele  5:44  

I believe the last headline I saw was that the vacancy rate in San Francisco was the highest it's been in five years, which is a start and you know, there's gonna be, you know, a bit of a lag to that data. So that number will increase almost certainly,


Ryan Dash  5:57  

and just in case people don't know it. If you want to rent a, you know, a fairly decent studio in the center of San Francisco? You were looking at roughly 3000 to 4000 us a month, a month. That's crazy.


Dan Wurtele  6:12  

So imagine what you can get for that same rent if you're allowed to work two hour drive away from that CORE Center.


Ryan Dash  6:18  

That's right. Yeah. I mean, it's changing, you know, people are now going to be looking at outdoor space, three times the size, their, their actual living conditions are going to improve dramatically. And that's going to change the way they live their life and what they spend their money on.


Dan Wurtele  6:34  

So when it comes to Vancouver, let's take a bit of a macro look here. And really, we like to look at three different housing types. You've got your townhome, you've got condos, and you've got detached. 


Ryan Dash  6:45  

That's right. 


Dan Wurtele  6:45  

And they really act quite differently from one another. And now I think more than ever, 


Ryan Dash  6:50  

especially now. 


Dan Wurtele  6:51  

Mm hmm. So let's let's start with townhomes. 


Ryan Dash  6:53  

Sure. 


Dan Wurtele  6:54  

The townhome market, it's pretty much in almost every market, I think townhomes are very common housing type and almost every area. And interestingly right now we've dug into the data and found that Coquitlam is the area that's leading the pack as far as a year over year appreciation rate goes, yeah. Coquitlam as a whole, hovering around five and a half percent increase in appreciation from last year this time,


Ryan Dash  7:19  

right. If we if we kind of open that up and unpack it a little bit, we will look that in the last two months, roughly 75 townhomes have sold. And of those 75 townhomes. 37% of them are actually brand new townhomes. And that's a very interesting stat. The next really, really big interesting one is that 55% of all of those homes sold are actually under 10 years old.


Dan Wurtele  7:46  

So people are looking for new product. A lot of people want a brand new home and so why Coquitlam? them? Well, let's be honest. It's largely going to be a price point. Yeah, to begin with. Yeah, these these homes that we're talking about these brand new are five, two 10 year old homes, you can get three bedrooms, you can get 1400 square feet, and you can get that for under $800,000. 


Ryan Dash  8:07  

Yeah, in fact, there's a lot of them that you can get for under $100,000 and you know, when you when you actually dive into the specifics as to maybe why people are moving there Coquitlam borders right on Port Moody is right in the center of the tri cities. And on top of that, it's got some fantastic rapid transit lines, whereby you can go east west, on those lines, and you can be downtown within 25 minutes. And you know, now you're looking at Rapid Transit living in a brand new home getting the space you want. For under $800,000. Yeah, that's really hard to compete with 


Dan Wurtele  8:48  

The Coquitlam Center has both the Millennium Line and SkyTrain and it's it's a stone's throw away from a lot of these properties. Yeah, I think too. I mean, yes. Coquitlam is a bit of a bigger area and we want to get neighborhood specific So the areas that you may or may not have heard of, but the areas that are doing the best as far as price appreciation year over year, you've got Eagle ridge and Canyon Springs that have seen a nine to 11% gain. Since July or June rather of 2019.


Ryan Dash  9:16  

So if I bought my $720,000 condo, or sorry, condo townhome last year, that very same townhome is now worth $800,000


Dan Wurtele  9:27  

that is correct. Yeah, that's about the math that's happening there. And again, these are predominantly the newer builds brand new so you've got a nice new home, you've got your 10 year warranty. You're close to transport, you're close to Port Moody. It's a it's a desirable area, and understandably so.


Ryan Dash  9:42  

Yeah, I think it's also emerging, you know, Coquitlam isn't what it was. Right. And when you start to look at a lot of the big developers and where they're moving a lot of their product, we're starting to see that in places like Coquitlam, Brentwood and places like that, but specifically further further east Coquitlam. You know, we're seeing a ton of of pre sales actually moving in that that neighborhood right now.


Dan Wurtele  10:10  

Definitely. Okay, so let's let's move into the condo market now and talk about the hot areas. And this is an interesting one to dissect and really deserve some sort of further conversation here because we're going to say that downtown Vancouver is currently the hottest, but it comes with an asterix.


Ryan Dash  10:29  

Yeah, I think the important the really important thing to mention here is that this is perhaps the asset type that people are leaving the most. Right, so well, you know, we've seen actually, downtown in particular for condominiums, year over year has been very, very stable. It's actually up 13 and a half percent. So if your average price last year was 609,000, you're now looking at 691,000 In terms of average price point for that very same condo. But that being said, it's a bit more on the trend side of it is is more on the slide now. Not so much right in the downtown core, probably because that's a very resilient market and there's a ton of a lot of parts that are affecting that price point, but when you start to go just a hair outside of bank or downtown Vancouver, and you start looking at the neighboring and surrounding areas, strathcona, for example, they're actually in a four month slide. Right and and prices have been going down by 1.2% per month, and over the last four months, that's five months. That's tremendous. 5% sorry, correct. Yes. That's, that's a lot. It's a lot in a very short period of time.


Dan Wurtele  11:53  

Yep. But moving quickly to which is interesting, and I think moving quickly, because again, we're seeing a bit of a flood of new inventory thanks to people offloading their Airbnb units. Yeah, we're seeing people want to get out of strata thanks to surging insurance premiums resulting in a rise in strata fees and as much as 40%. 


Ryan Dash  12:15  

Totally. And then you add that to the macro level of what people are thinking in terms of more space and wanting to leave, you know, a denser area for for for less density. Yeah, you're starting to see an unpacking here. That's not great.


Dan Wurtele  12:30  

Yeah. If I live downtown, and I'm working, let's call it again, tech, because there is so much of that downtown. And my employer says, Look, you're not coming into the office probably won't need to for the next year or two. And I'm looking at my average condo at 691,000 going well, what can I buy outside of that, that maybe allows me to have that office space or maybe a bit of outdoor space? That townhouse in Port Coquitlam? 


Ryan Dash  12:53  

Yeah, exactly. Right. And, and that's what that's what people are thinking they're going all of a sudden I can wake up now. You know, go through my morning routine and then take a five second walk to my office.


Dan Wurtele  13:06  

So while downtown has seen a 13% appreciation year over year, we are flagging it as a volatile area right now, for condos.


Ryan Dash  13:14  

Yeah, it's gonna be interesting to see if it maintains certainly in the short run in the long run, I'm not so concerned about it. There's only so much inventory for bigger product. And, you know, with the introduction of a potential COVID vaccine, you know, or different treatments for COVID may change the way that we work. But for the short run, I think, you know, globally, you're going to see a big push towards more space, which is going to become very expensive.


Dan Wurtele  13:46  

Yeah. So again, because that 13% It sounds great, but it's coming off of a low lower base, of course, and we're not at the height of what it was three four months ago and honestly, I think he could safely say some buildings have seen as much as already a 10% reduction in in sales prices over what we would have seen at a peak pre COVID.


Ryan Dash  14:07  

Yeah and that's largely also due, in fact, to the strata crisis that or insurance crisis 


Dan Wurtele  14:13  

certainly accentuated it. Yeah. So it's we're calling it hot. But be careful. Yeah. Yeah. It's it's I mean, I always say that I think the downtown core area is always going to be the most protected and the most sought after land in BC, but it's, it's seeing a bit of a volatile attraction point right now and, you know, it's long game. Sure, you know, keep the focus there. But short term, I would certainly want to be very cautious and be very property specific if you were thinking to buy in that neighborhood.


Ryan Dash  14:43  

Yeah, like if you look at longer term, and the reason I actually did this, I was looking at it last night for a client of mine. We're actually looking at a property that back in 2014, it was 600 square feet right in the downtown core. And it was actually purchased for $249,000 in 2014, that very same property is now tax assessed at $620,000. A mere six years later, that's a tremendous return, but that being said, I think in the near run, you're going or in the short run, you're going to see those prices barely move. If not, they're going to come down a little bit.


Dan Wurtele  15:21  

Agreed. So if people are leaving condos and townhomes are doing well, well, what else is really attractive? And that's the detached market right now. 


Ryan Dash  15:30  

Welcome to cheap money. Yeah, and the big stretch


Dan Wurtele  15:33  

and and and just the most desirable type of property flipping right now. We're seeing detached across the board having huge attention right now. Yeah, I mean, you know, if you want to just talk year over year, pull up places like Sullivan heights in Burnaby North, Norgate in North Van, yeah, Dunbar Vancouver, West, downtown Squamish. All those areas for detached homes. 10 and a half to 11% appreciation year over year 


Ryan Dash  15:58  

Plus 10%. That's it. That and that is a that's a no joke number when you consider the average price of those properties being 1.4 million, that's 140 to $160,000 gain in one year just living in your home.


Dan Wurtele  16:11  

Yeah. Now, those are a bit of cherry picked areas in each of those regions, but let's look at the most exciting and most attractive area right now. That is Vancouver east. Pretty much all of Vancouver East is in high demand right now. Yeah, huge, huge. I mean, we can talk we can pull up Collingwood, Fraserview, Hastings, Knight, Mount Pleasant, South Marine in South Vancouver, even Victoria, all of those areas 10% or more year over year appreciation.


Ryan Dash  16:39  

And I don't think you're gonna see that slow.


Dan Wurtele  16:41  

Yeah, I mean, they were already on fuego. Yeah. I mean, and again, this the pandemic is only accentuated and we'll get into some interesting numbers for you now.


Ryan Dash  16:50  

Yeah, I mean, before we do that, like if you if you just simply back up, you know, and go back to 2018 you know, and you consider the significant price drop that seemed family homes went through. I'm not going to say that they're a deal right now, but they've gone through that price correction and as such people now with interest rates at 1.99% or lower, it's, it's becoming very, very cheap to borrow a larger amount of money. And so, you know, when, if you would are looking at a mortgage rate of two and a half percent to go to a townhouse, you know, a year ago, you're now looking at 199 to go to a detached home and that spread that difference in your interest rate and the fact that you don't have any condo fees may result in a very, very small change in terms of what your money outlay would be and that's why we're seeing, I think, a tremendous interest in single family homes right now.


Dan Wurtele  17:50  

I think there's almost a fourth type of home we should touch on as well and, and that's your half duplex. Yeah, because you look at areas again, a lot of Vancouver east, your Grandview Woodlands whatnot the recent rezoning that allowed for these these two family dwellings you'll see all this brand new product up there and you know, a three bedroom half duplex in these areas. There are 1.5 yeah 1.7 Yeah, you know, and so you're getting half a house for that much Full House let's let's average it at $3 million. But that is also a very sought after home type because again, a little bit easier or a little bit lower of an access price point. But a brand new product, you got a little piece of land but it's your land.


Ryan Dash  18:28  

And And oftentimes, oftentimes these duplexes are non conforming stratas which means you don't actually have your a stratified property but you don't pay a condo fee. So when you don't pay a condo fee, and you take out four to 600 bucks a month, you add another 100-150,000 of buying capacity. That changes the conversation and actually it's becoming more and more popular. You would just agree with your your neighbor as to when things need to get done and you split the cost It's it seems to me, like a far more reasonable approach.


Dan Wurtele  19:03  

Yeah, there's today even I was looking at a client, you know, she wanted Yaletown, just under 1,000,000 two bed, two bath. Yeah, sure if they exist, but most of those are going to be 25 ish. And plus years old. We've pulled out one and I was like, Oh, this is nice. But how about that $675 a month strata fee. It's a huge number. Yeah. Right on while you take that, potentially add 180,000 to your purchase price total as you can afford that in the mortgage. I'm not paying that strata fees, right. That was something that this particular client had thought of, and now maybe we're looking at a different asset class.


Ryan Dash  19:36  

Yeah. And, and probably for good reason. I mean, certainly, if they don't have to be downtown to work, you know, unless they want to be in that Yaletown vibe, which by all means, that's what you that's what you pay for. But that aside, you know, that's a that's a small micro market compared to what's actually happening here. The best performing or one of the best Performing neighborhoods for single family detached homes right now is actually strathcona. Of all places. some really interesting data. We've actually done. I would say, two or three deals in the last six months in strathcona and it's been been very interesting. Actually, strathcona just recorded the highest all time detached sale 676 Union Street, it was listed by fellow colleagues of ours Stonehouse team, for 2.249 million. They received four offers, and it's sold for 2.540.


Dan Wurtele  20:42  

Wow.


Ryan Dash  20:44  

Yeah, that's a huge, huge purchase. That's a price record setter for that neighborhood by $200,000. Yeah.


Dan Wurtele  20:53  

Well, and let's let's also mention that strathcona right now as in last month, the month of June. Detached homes were the highest price they have ever been ever. Yeah, that's right. We all remember 2015 through 17 when prices were nuts, well, they were nuts then, but in strathcona detached market, it's even higher today. Yeah, excuse me and I think after the sales like what Ryan just mentioned, there's a very real chance that July will beat that number.


Ryan Dash  21:22  

Yeah, I you know, it's and that being said, this property that sold was also 115 years old. I mean, it was fully renovated. It was, it was really nice. It was a beautiful home, but this one didn't even have a suite. Yeah, it didn't have a mortgage helper and it was 3000 ish square feet sitting on a 3100 square foot lots of very, very small lot. You know, just I mean a mega reno, but still, my goodness what a price point to sell out.


Dan Wurtele  21:55  

It also beat the previous highest sale by over 300,000 Some dollars that's talking over over a 10 to 12% jump. Yeah, that's not a small number.


Ryan Dash  22:05  

Yeah. And that's going to push all the property prices in strathcona now, if you have a detached home, you should be very happy about this news.


Dan Wurtele  22:14  

So why why are people so attracted to strathcona? Right now? And I think there's a couple glaring, glaring reasons. 


Ryan Dash  22:21  

Sure. I mean, I think it's one of the closest detached markets to the downtown core. So in terms of walkability, your amenities, your ability to be very central, and still get a detached home and feel like you're in a community outside of the downtown core. strathcona offers that.


Dan Wurtele  22:42  

Mm hmm. And let's all realize that the viaducts are coming down. Yes. And the Community Plan for that neighborhood is changing drastically. And it's going to be far more I think attractive, total a bit more family friendly, friendly. Excuse me. Yeah. And there's a nearby project to a couple billion dollar one. 


Ryan Dash  23:01  

Yeah, there's a really big one. Well, actually the Northeast Falls Creek plan is is tremendous. And but what really I think, Dan, are you talking about Amazon and they're 


Dan Wurtele  23:12  

I'm talking about the new St. Paul's. 


Ryan Dash  23:14  

Oh, there's that too. Yeah. Yeah, sorry there's more than one


Dan Wurtele  23:18  

Yeah, well that's that's the mega one that you know, I believe it's what a four year five year project here and yeah, if you live in a detached home, especially if you have one with a suite, 


Ryan Dash  23:28  

oh my goodness 


Dan Wurtele  23:28  

and you are within eight minute walk to the hospital to understand the type of 


Ryan Dash  23:32  

guess whos renting from you? 


Dan Wurtele  23:33  

that's it, you know, you're the the tenant profile 


Ryan Dash  23:36  

is phenomenal. 


Dan Wurtele  23:37  

It's phenomenal. And of course, just just what's going to happen to property values there over the next five to 10 years I think will be total extremely exciting for homeowners


Ryan Dash  23:45  

totally and that particular project is going to actually do wonders for not just strathcona but for a lot of Vancouver I mean Olympic Village is going to also see some some fairly big surges as a result of that. The Northeast False Creek plan like Dan said, when you take out the viaducts as well, it now becomes more destination style traffic as opposed to a thoroughfare which will also help increase the value of property. You know, and then lastly, we've got Amazon that's coming in here in a big, big way. Now they are building a massive, massive tower downtown, but I think what I meant when I said Amazon was the fact that they've hired 10,000 people already and majority of the people who are buying into strathcona right now at least the last three deals I've done in strathcona have all been tech they've all been tech right 


Dan Wurtele  24:39  

let's think you're literally what a 10 minute walk you want to get to that Amazon office. That's right Moses Moses strathcona and it's extremely walkable the whole neighborhood and yeah, clearly becoming even more so.


Ryan Dash  24:48  

Now strathcona is also a smaller neighborhood right so when we do see the stats jump they really spike right like I think the the sales to active ratio for East Vancouver or Vancouver East proper is I think at 23% for detached homes, which is a very reasonable number for a seller's market, but when you go into strathcona proper, it's actually higher, it's closer to 50. And then if you actually go back into by one month into May, it was up as high as 75.


Dan Wurtele  25:22  

Yeah, let's be honest here, you know, the stats are smaller, when we're talking detached, you are only seeing 3, 4, 5 homes a month selling, which is obviously a tiny number and, and allows for the swing, but you know, you when you pull back and you look at it from from a higher level, you can see obvious trends in that neighborhood 


Ryan Dash  25:41  

and the value to right like it's a it's an emerging neighborhood. I mean, it does border along, you know, East Hastings, which does struggle in terms of property prices, but that being said, it's kind of incubated from that, which is maybe why we're seeing these these property prices jumps hold with that being said, Dan, let's jump into your favorite bonus area.


Dan Wurtele  26:06  

Yeah, so that's basically what has happening around Metro Vancouver. Those are the hottest neighborhoods for condo. Yeah, for townhouse. Yep. And for detached. Yeah. But yeah, we did want to throw in one bonus area because it's it's very fascinating for us when we track these numbers. And it's, it's interesting for me, especially because we're talking about Whistler. 


Ryan Dash  26:24  

And cuz you're a nerd. 


Dan Wurtele  26:25  

And I'm a nerd. Talking about the area I grew up in, I grew up in Whistler from 87 to 96. And yeah, numbers are where I nerd out on and so


Ryan Dash  26:35  

so Dan's been tracking these numbers for a long time. Yeah.


Dan Wurtele  26:38  

When my parents bought their first townhouse in Whistler, it was actually presale about to be completed. It was 125 grand. 


Ryan Dash  26:45  

Oh my god. 


Dan Wurtele  26:48  

It's now valued at 3.5. That was, oh my god, and No, they don't still own it. And yes, they are still kicking themselves.


Ryan Dash  26:54  

I was gonna say 125 wouldn't even qualify as a downpayment now.


Dan Wurtele  26:58  

Yeah, that's right.


Ryan Dash  27:00  

might might for the deposit.


Dan Wurtele  27:02  

So, so we do keep a good eye on Whistler. Looking at the detached market specifically, you're up about seven and a half percent year over year.


Ryan Dash  27:12  

Yeah. What's that? What's that average price point though Dan? Because that's that that 7.7% doesn't seem like a big number, but when you consider the average price point in Whistler, I believe it's


Dan Wurtele  27:25  

your 1.7. Yeah, is your average detached home right now in Whistler, right. That's seven is seven and a half. It's a very respectable year over year number. You only need to go back a little bit further to February 2019. And detached is actually up 15%. 


Ryan Dash  27:41  

So 200 grand. Yeah. Huge.


Dan Wurtele  27:44  

That's, that is huge. 


Ryan Dash  27:45  

That's a big bump. 


Dan Wurtele  27:46  

And here's what's even more interesting about Whistler. Whistler right now. It peaked in February 2018. And it's had a bit of a dip, like a lot of the Greater Vancouver area did, but would you believe it's less than 1% off of its all time highs right now. And what's happening is very much unlike what happened in 08, 09. And a lot of people were just dumping their vacation properties. Yeah, because a lot of people lost a lot of wealth. The opposite is happening right now. And the attraction to vacation properties, like in places like Whistler, Osoyoos, for example, Kelowna, they are spiking,


Ryan Dash  28:25  

big time,


Dan Wurtele  28:26  

big, big demand for Whistler and we're seeing high high ticket items being sold, we're seeing 5, 6, 10 million dollar properties selling almost every other week right now. huge demand for that area. And I think it's driven by people that are saying, look, I may not be able to vacation outside of my own province for years. Yeah, well, I gotta do something. That's right. And so they're buying up these properties and I'm going to put it out on the on the line. Now I can almost say it's a guarantee that July when those stats come out in a in a week here that there will be at an all time high price for detached properties. 


Ryan Dash  28:57  

Now, Dan, would you also consider that There's a significant amount of international activity happening in Whistler. 


Dan Wurtele  29:03  

There is definitely interest a because there's no foreign buyer tax and it's it's a bit of a safe haven it is the shield right now, right? If you're gonna buy property and you don't want to be taxed too heavily,


Ryan Dash  29:15  

it's also secluded, like when you really consider it's not big city, you know, if you get a big outbreak and in, you know, downtown core or something to that effect, you're incubated again in Whistler, right, but you still have all your community and your accessibility to to you know, Squamish Whistler proper Vancouver all within a couple hours.


Dan Wurtele  29:33  

Yeah, exactly. And you know, Whistler is a year round resort now I'm sure most people listening to this know but with so we don't need to sell it. Yeah, it's it's a huge demand area and of course now more than ever, right? It's it's an international playground that's just become provincial, because we're all we're all sort of landlocked right now.


Ryan Dash  29:47  

Interesting.


Dan Wurtele  29:48  

So it is it is the bonus area. Way to go Whistler. Hey.


Ryan Dash  29:54  

Cool. Well, yeah, so we wanted to put together a quick little podcast here because you know, it's important to look at why these particular particular neighborhoods are spiking. It's not just that they're spiking, but why? Because it helps all of all of us make better decisions around them and we'll continue to look at them. Right so. But that being said, Dan, is there anything else?


Dan Wurtele  30:18  

Nope, that's it. Thank you so much for listening and tune in to the next one. We will have some more very micro and macro data for you guys to help make educated decisions on 


Ryan Dash  30:26  

awesome.


That wraps up this edition of the Vancouver life podcast.


Dan Wurtele  30:34  

For more information on this podcast, and to access a ton of free downloads, investment opportunities, current market info and homes for sale, you can find it all at www.Vancouverlife.com


Ryan Dash  30:50  

Thanks and we look forward to bringing you more podcasts about Vancouver real estate.

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