These 5 Vancouver neighbourhoods have seen the biggest jump in home values

This image from Properly shows the 10 Vancouver neighbourhoods where home values have increased the most during the pandemic.

The five Vancouver neighbourhoods that have seen the largest increases in home values since the onset of the pandemic are all on the east side of the city, according to a new report.

City-wide, the average estimated value of homes increased by 18 per cent, recently released data from Properly shows. But in five east Vancouver neighbourhoods, the rate was far higher.

The report doesn’t always divide the city into neighbourhoods along the same boundaries as the City of Vancouver, but a map shows how the biggest increases were concentrated east of Main Street.

"Vancouver residents were increasingly likely to trade in their downtown properties to embrace more space," the report says, also noting the jump in demand and prices in suburban markets.

"But as the market rebounds and pandemic restrictions lift, many residents are now seeking closer ties to the city’s day and night life, which ultimately drives up demand, and value, in the city core."

In Hastings-Sunrise, values jumped by 36 per cent. A demographic profile of the neighbourhood based on 2016 census data noted this area was already seeing an increase in housing costs and household incomes pre-pandemic.

The housing stock consists of detached homes, townhouses and low-rise apartment buildings. Compared to the city as a whole, there is a lower proportion of renters, with 41 per cent of households rented, compared to 53 per cent city-wide.

South Vancouver and Killarney, two neighbourhoods south of 41st Avenue, saw increases of 35 and 34 per cent, respectively.

Killarney, according to the City of Vancouver, was historically a family-oriented, ethnically diverse area with a "high concentration" of detached homes and duplexes. It also has a lower rate of renters than the city-wide average. In 2016, there were more seniors living alone than there had been in the past and housing process were already rising.

The area identified as South Vancouver in the report doesn’t correspond to an area the city tracks demographics for.

Rounding out the top five are Renfrew at 32 per cent and Knight at 31 per cent. Neither of these correspond to a city-defined neighbourhood.

Whether home values will continue to rise as they have since the onset of the pandemic remains to be seen, with many experts predicting a market downturn in the near future.

"The pandemic had a huge impact on real estate – fuelling bidding wars, record-breaking prices, and low time spent on market in some regions," the report reads.

"Right now, with interest rates rising, and buying and selling behaviour changing, we’re certainly seeing another shift, this time towards a more balanced market."