Highrise or single-family house?
That’s the decision many Vancouverites are forced to make when searching for a place to live — not for lack of imagination, but lack of options.
From Brentwood Town Centre to Central City in Surrey, Greater Vancouver is full of examples of areas where highrises and single-families homes sit next to each other, with few other dwelling options on the market.
Townhomes, rowhomes, duplexes, co-housing, walkup apartments, and dingbats make up what’s become known locally as the “missing middle,” and it’s growing more apparent every year that these kinds of dwellings are in low supply.
With REW.ca seeing growing demand among home seekers since Labour Day, REW president Simon Bray said he believes that markets in British Columbia addressing the missing middle issue will see strong growth and appreciation over the next year.
“Any market that is offering this missing middle, townhomes in particular, and offering an increasing supply within the next two or three months, or certainly the next 12 months, those markets are going to see the greatest appreciation and growth,” said Bray in a recent interview on The Whole Home Show. “We’re seeing pent-up demand on the platform... and it’s supply that’s limiting and restraining [buyers].”
For buyers trying to determine which markets will be busy over the next year, areas with an increasing supply of townhomes coming to market could be primed for growth. Bray continued, “If you’ve got a neighbourhood where a couple of projects are coming out of the ground, you’re going to see that neighbourhood grow and appreciate over the next 12 months. It’s the only place the demand can go.”
Listen to Bray’s full interview on The Whole Home Show to learn more about what’s been driving Greater Vancouver’s real estate market and to hear a conversation about where things are heading.