Thinking of buying in Vancouver? Prices are soaring in the Mount Pleasant district
It was only a few years ago that the Mount Pleasant area in Vancouver was inexpensive. Even as the city’s real estate market rose, the historic neighborhood maintained its working class roots.
This past year has seen the market in Vancouver boom to new heights. Specifically, the Main Street area, from 2nd Avenue to 28th Avenue, has grown from a shady street to one of the fastest changing in the city.
Prices for 1 bedroom suites in new structures are just under half a million dollars. Townhomes, usually 2-3 bedrooms on 2 or 3 floors, likely start over $550,000.
These high prices keep going up and, although the winter months brought a typical leveling out period, values are back on the rise this spring.
The unique thing about this area is the amount of units for sale. The southern end, from Broadway along Main Street, sees very few listings, keeping asking prices above those on the northern end. They usually sell for list price or higher.
The recent flood of trendy boutiques, coffee shops and restaurants has changed the street into a hip place for young professionals and families.
Better deals can be found north east of this quarter. 2nd to 5th Avenue is where to find lofts and artist live/work spaces, and between Main and Fraser Streets are some great finds.
Because of the many listings in this pocket, it’s easy to spend Saturday and Sunday afternoons going from one open house to another, getting a taste for choices within a specific price range. Property values will continue to rise as the neighborhood is cleaned up more and more.
In the 1980’s, Mount Pleasant became a haven for prostitution. When the city began kicking them out of the downtown core, they migrated to Mount Pleasant in order to continue working.
The last 10 years have seen a major shift in the area. The streets are now filled with young artists instead of street workers, happening venues in place of crime.
As the 2010 winter Olympics approach, which Vancouver is hosting, watch the property values both here and in Whistler skyrocket even more. The athlete’s village is being built within walking distance of Mount Pleasant, making it an international destination.
Whether a place to visit or to buy a home in, Mount Pleasant is seeing a major gentrification that is expected to continue through 2010. Prices are not expected to drop within this time, so don’t wait if you’re looking to buy.
