Over at Bing Thom architects there’s an interesting post looking at the line that divides the city when it comes to single family homes over the $1 million mark.
One thing they point out, more than half of Vancouvers land mass is zoned for ‘single family homes’ (which currently actually can mean ‘3 family homes when you count suites and laneway homes).
As a legacy of planning from the 1920s, these areas have some of the most abundant levels of family supportive infrastructure in the entire city. For example, 90 (80 percent) out of the 113 Vancouver public schools are in these areas. From elementary and secondary schools to parks to playgrounds to community centers, there is a considerable amount of public investment found in these sections of Vancouver. This rich infrastructure has helped generations of Vancouverites raise children and set roots in the City. At the same time, this infrastructure was developed when the average household income in the City of Vancouver could readily afford to live in these areas. For the sake of reference, the average household income in the City of Vancouver is about $68,000 a year with a median income of $47,000 according to the 2006 census (latest numbers available) or $78,000 and $54,000 respectively in 2013 dollars. What is the future of these pieces of infrastructure (and neighbourhoods) in an era when the majority of the single family homes in the City of Vancouver are now worth over $1 million?
We recently discussed the $519k line, which is where the lower end of SFH prices are currently. It will be interesting to watch the movement of this million dollar line in the future as well.
As GreaterfoolVancouver points out, CMHC will no longer insure property over the $1 million line, so it looks like Quebec street is the border line for 20% down payments.
What’s your prediction for the 2014 edition of this map – more red or more blue?