What to know
- Vancouver is home to several relatively affordable neighbourhoods
- Renfrew-Collingwood and Kensington-Cedar Cottage are both in East Vancouver. Houses in these neighbourhoods can be snapped up for under $1.5 million.
- In South Vancouver, Sunset and Victoria Fraserview are great neighbourhoods for residents wanting a quieter atmosphere.
- Mount Pleasant is one of the city’s hottest neighbourhoods for young people, with its proximity to shops, restaurants, attractions, and transit.
Vancouver is notorious for being one of Canada’s most expensive cities with some of the most unaffordable real estate.
Recently it was ranked as the fourth most expensive city in the world by Chapman University, under Hong Kong, Sydney, and San Jose. However, there are still pockets of affordability in the city, especially in areas that are more suburban or with older real estate.
From the Renfrew-Collingwood to the Mount Pleasant neighbourhoods, there are still places where current and prospective residents can find comparatively lower-priced homes, condos, and townhouses without sacrificing convenience and walkability.
Here are five neighbourhoods across the Lower Mainland to scope out next time you’re house hunting.
Renfrew-Collingwood
Located in East Vancouver and bordered by the Burnaby neighbourhood, Renfrew-Collingwood boasts average rent prices of around $2300, which is a steal compared to its proximity to the city’s Downtown core. In terms of housing prices, a condo costs between $500K and $600K while a house costs just under $1.5 million. The neighbourhood is close to the Nanaimo Skytrain station and the 7 and 25 buses.
Kensington-Cedar Cottage
Situated next to Renfrew-Collingwood, the Kensington-Cedar Cottage neighbourhood is also a relatively affordable option for those who want easy access to Vancouver’s Downtown. Average rent prices range from $2300 to $2600 and it costs under $500K for a condo. House prices vary greatly, but it is possible to buy a house for under $1.5 million. On public transit, such as the Skytrain, it only takes 20 to 30 minutes to get to the city centre.
Sunset
Located in South Vancouver next to the Fraser River, Sunset is a neighbourhood that’s a little quieter and further away from Downtown. Rent prices in this area range from under $2000 to just under $2500. Sunset offers a mix of modern apartments with historic homes, perfect for those looking for variety. Condo prices range from approximately $450K to $650K for a one bedroom, and houses can be bought for under $1.5 million. The Sunset neighbourhood is close to Oakridge Park and is next to Richmond.
Mount Pleasant
Mount Pleasant is one of the most desirable neighbourhoods for young people due to its vibrant arts and culture and eclectic mix of boutique shops, breweries, and hip restaurants. The average rent price for a one-bedroom apartment sits around $2600 a month and condos are affordably priced at under $500K for a one bedroom. Many homes are priced at under $1.5 million. The Mount Pleasant neighbourhood is close to the Skytrain, the 3, 8, 9 and 19 buses, and the iconic interactive science centre, Science World.
Victoria Fraserview
Also located next to the Fraser River, Victoria Fraserview is for those looking for a quieter neighbourhood that’s also close to the action of Downtown Vancouver, a speedy 25 minute drive. Rent prices range widely, from $1500 to $2400, while condo and townhouse prices range from $430K to $850K. This area has some of the cheaper house prices in the city, with properties costing under $1.2 million. The area also has a dedicated bus route, the 20 that takes you straight to Commercial-Broadway, the Skytrains main interchange.
