At first, the idea seems ludicrous. Real estate around Kits has always been pricey and desirable. But the argument makes a few salient points. You can read an excerpt below:
“With easy access to beaches and parks, a highly walkable community of shops, restaurants, and cafés along 4th Avenue—not to mention a mellow Westcoast vibe that once seemed to define Vancouver—you could easily understand why Kits would be in high demand.
From a real estate perspective, however, we are seeing a different story developing. At the end of 2015, the average sales price of a condo in Kitsilano was $522,425. Whereas near Main Street, it was $572,661. Just five years ago, those numbers were $438,068 and $365,295, respectively. And it’s just one example of an East Van neighbourhood that has closed the gap. Granted, there is still a large gap in the price of detached homes, $2.5 million in Kits versus $1.5 million along Main, but the popularity of Kitsilano among young professionals, families, and condo dwellers certainly appears to be dwindling.”
Read the rest here: http://vanmag.com/city/is-kitsilano-dead/
Last modified: May 1, 2016