Kitsilano

The main types of real estate are larger (compared to East Vancouver) heritage/character homes, generally fully-renewed and renovated along with many new, high-end homes spanning from the waterfront along Point Grey Road back to W 16th where the Kitsilano neighbourhood ends. The other main types of real estate are condo buildings of all ages: 1970’s 4-storey builds closer to the beach all the way to brand-new developments, generally along the busier 4th Avenue and Broadway corridors.

The vibe in Kitsilano tends to be healthy, active, community-oriented, upscale, younger (UBC students who likely rent in the area, and professionals who may own in the area) and older (50’s, 60’s) but very active. Kitsilano is home to Lululemon’s first store, and the brand was inspired by the neighbourhood so there may be a notable ‘yoga culture’ vibe in the area.

The main downside for many buyers might be the prices in the area. Detached homes are expensive, as are the units in newer condo buildings, especially well-finished concrete developments. The more affordable condo options tend to be in older buildings that often have significant draw-backs such as a lack of in-suite laundry or where the building is in need of larger renewal projects. This being said, prices are reflective of the demand to live in the area, so the higher price points reflect the lifestyle that the Kitsilano neighbourhood offers to its residents.

Kitsilano is essentially fully built-out. We will continue to see more of the same: new low-rise condo projects along 4th and Broadway, in the last few remaining empty or ‘tear-down’ lots. We will also continue to see renewal and renovation projects to existing older homes and condo buildings. And, we will continue to see old, small, single family houses being torn down and replaced with larger, brand-new houses. Unlike East Vancouver, Kitsilano does not seem as open to densification changes: the ability to build 2-3 dwelling units when replacing old, single family houses. This might be because many owners might prefer that their neighbourhood remains more upscale and therefore may prefer that the residential areas not become more dense with less expensive, smaller home options.

Kitsilano tends to be one of the more expensive areas of the city, depending on property type. The entire north border of the area is along the waterfront. The west borders along Point Grey. The south borders along Dunbar, Arbutus, and Shaughnessy sub-areas, which are all expensive, detached home areas. Kitsilano also doesn’t have any towers, so the supply of homes isn’t high, yet the demand is high. For all of these reasons, prices are quite high and robust.