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The Real Deal – North Shore is fast becoming the hottest real estate market in Vancouver
Is the North Shore (North Vancouver) the new Yaletown? Find out why real estate analysts predict the next hot spot in real estate to be the North Shore.

BuiltGREEN Vancouver Homes for Sale and Eco-Friendly North Shore Townhomes are available at GreenView on West 17th Central Lonsdale Property

Source: 24 Hours
Date: December 02, 2005

With entry-level prices on the North Shore hovering around the $500,000, the mid-range real estate market has hit considerably loftier heights.

These days, keeping in mind that the average price of a lot on the North Shore (North Vancouver) is $500,000, it should be no surprises a mid-range single-detached home, 20 years old, in a nice neighborhood and close to amenities will cost you between $675,000 and $800,000. For the owner of a mortgage-free, smallish Lower Lonsdale bungalow (now worth about $500,000) looking to step up, such a move is easily achievable given the equity.

But for those buyers with less equity, it might be a bit of a struggle. “It all depends on lifestyle choices individuals make,” said Dan Morrison, at Remax Creat Realty, and the active Lower Lonsdale condo market is providing choices. Morrison calls the Lower Lonsdale are the hottest in North Vancouver with three condo towers opening up or under construction. Pre-sales have been brisk, with units two-bedroom units starting in the mid $400,000 range on the lower floors.

Morrison thinks it may be a little early to dub the area the next Yaletown and at prices averaging $500 per square foot “it’s still a bargain compared to Coal Harbour.”

Janet Cunningham, a 25-year realtor now with Prudential Sussex Realty in West Vancouver, agrees that the condo market is very active in spite of prices of about $350,000 for a basic 650 square foot one-bedroom unit in a new concrete high-rise building on the North Shore.

Two-bedrooms with 850 square feet are sellilng for as much as $450,000, she noted, while the 970 square foot penthouses are going for $500,000.

Alan Skinner, of Remax Crest, says dubbing Lower Lonsdale the next Yaletown is fair comment. “It’s very viable bedroom community for Vancouver,” Skinner said, “and psychologically you’re not living and working in downtown.”

Many such buyers, he added, are comfortable with their purchases because there are no rental restrictions. “There are also some first-timers and empty nesters buying two-bedroom units ($350,000 to $400,000),” he said. “They’re saying: ‘the time is perfect, we can sell our home and move up.’”

Written by Colin Wright of 24 Hours.