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Top Five Metro Vancouver Neighbourhoods for Condo Investors
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(Posted on Aug 17, 2016 at 01:00PM by Michelle Bogle)
We all know how the saying goes: when you are buying real estate, it’s all about location, location location. For investors looking to play in Metro Vancouver’s competitive condo market, this saying rings true, both from a steady rental income perspective and a return on investment perspective.
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Here are five Vancouver-area neighbourhoods, compiled by Western Investor, that offer the best bang for their buck in the resale condominium apartment market. The selection is based on key factors, such as transit, livability, price appreciation, foreign investment, selection and more:
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Hastings, East Vancouver
Benchmark condo prices in this gentrifying area have risen 25% from a year ago, but are holding strong at $345,000. This community benefits from strong rental demand, picturesque water and mountain views, modern condos and transit service to Simon Fraser University.
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Grandview, East Vancouver
Benchmark condo prices are up 31% from mid-2015 at $384,000. SkyTrain links at VCC-Clark and Commercial-Broadway, plus increased long-term housing demand from Vancouver Community College, Emily Carr Campus and St. Paul’s Hospital, make this a prime investment location in East Vancouver.
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Marpole, Vancouver
Benchmark prices are $404,900 for a typical condo, up 16% from a year ago. Two Canada Line stations (with one more on the way), eager foreign buyers and the redevelopment of the Oakridge Transit Station make this neighbourhood a long-term play with the lowest entry price point on Vancouver’s West Side.
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Uptown New Westminster
Benchmark prices jumped 19% from a year ago to $285,900. This area is up and coming with good SkyTrain bus links, great shopping and a steady rental demand.
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Steveston, Richmond
Benchmark prices are up about 20% from mid-2015 and holding at $325,000. The trendy beach area, strong foreign buyer influence, Canada Line links and the new Fraser River bridge offer investors prime potential for long-term investment.
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Want to learn more? At Marcus & Millichap Vancouver, our multi-family specialist, Charlie Hughes, is keeping a close eye on the market. For more information or insights regarding condo investment opportunities, please feel free to contact him directly at 604-675-5259 or follow along on his blog by clicking here.
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