CBC News, September 24, 2014
East Vancouver prices mirror what’s happening on upscale West Side.
Vancouver’s East Side may no longer be the affordable, funky alternative to the tony, high-priced real estate west of Main Street.
At least if a recent sale is any indication.
A house at 846 E 27th Avenue, on a 33 ft. wide lot just east of Fraser Street has sold for the asking price of $2,150,000. And the realtor who listed it says the new buyers traded UP from their last home on the West Side.
“It’s significant because it shows there is not that sort of same discrepancy between the East Side and the West Side as there once was. I think the gap has narrowed in terms of price,” said Paul Eviston, of RE/MAX Select Properties.
As prices rise in the West Side, more buyers are finding they get more for their money east of Main Street, Eviston says.
“There are many buyers that have sold their homes on the West Side and have moved to the East Side, put money in the bank, and there are many buyers that once would buy only on the West Side that are considering the East Side based on the value quotient.”
The house is three years old and comes with a laneway house. Both structures have a combined total of six bedrooms and six bathrooms within 4,150 sq. ft. The house was only listed a couple of days before selling in the spring.
The house was built by Mercia Construction. The company built two other similar houses on the same block, without laneway houses, that sold for $1,395,000 just four years ago.
“There are funky, affordable neighbourhoods in East Vancouver but they’re a little further east now and they are different neighbourhoods than they were five and 10 years ago,” said Eviston.