Lower Lonsdale Real Estate: The North Shore as the new Yaletown?
Last week Vancouver’s daily newspaper, 24 Hours reported that the North Shore has become the new Yaletown. The article accurately recognizes the attractiveness of real estate in the Lower Lonsdale region on the North Shore with is vast combination of urbanism and environmental beauty. A place that looks and feels like ‘downtown’ yet a region which merges ‘city life’ with true ‘west coast’ geography.
The high cost of ‘detached’ housing is sited as the major causal factor for perpetuating home buyers to look more favorably toward condo/strata living. In the artical Dan Morrison referres to Lower Lonsdale as “the hottest market in North Vancouver.” Despite this, the article also recognizes that there is a stark shortage of inventory.
As a realtor who works throughout the North Shore and who specializes in the Lonsdale region (primarily Central and Lower Lonsdale). I have been busy assisting numerous perspective purchasers many who feel that there is little choice and who are awaiting new listings. With the holiday season nearing the shortage of new product has been felt even more. Although things may soon ‘slow down’ for Christmas for now Central and Lower Lonsdale real estate has been higly active. And with the seemingly large demand, this is likely going to continue well into the New Year. Savvy buyers who are growing increasingly skeptical about the ‘bubble-burst’ are quick in recognizing two factors: The cost of housing is NOT getting any cheaper and with interest rates at an ‘all time low’ the cost of borrowing money IS getting more expensive.
Regardless of weather or not the Lonsdale region experiences ‘Yaletown’ prices, I believe the over all climate in the market will be ‘balanced’ - a situation that is good for buyers and sellers. It is going to be a situation where buyers will be motivated to buy and sellers will be motivated to sell. I don’t feel that the increases that we saw over the last few years are sustainable nor do I believe they will continue at the +15-35% range. Despite this, places like North Vancouver (Central & Lower Lonsdale have and will make up a large component of this activity) just like other desirable regions such as Coal Harbour, Kitts, and Yaletown are the least likely to have decreased values.
As an area that is growing, expanding, and gentrifying Lonsdale is clearly a sustainable place to invest in real estate – particularly while its still by Yaletown prices very “affordable”.
If you have any real estate related questions and/or would like to inquire about the plethora of real estate options throughout the North Shore contact Joel Carcone of Re/Max Crest. 1-800-665-1455 or contact his direct cell at: 604-961-5365. Also surf on Joel’s web sites: www.LivingLonsdale.com.