What’s In a Postal Code
Posted February 11th, 2011 in Fraser, Neighbourhood SnapShot | 
5 of 9
If you decide to buy a home in Vancouver’s Main and Fraser neighbourhood come prepared to loosen you wallet.
The V5V postal area is where you will find a market where 5 out of 9 homes sold since Dec/10 received offers that exceeded their asking price – in one instance, by more that $100,000.
Location
The V5V postal code covers an area within the Main and Fraser MLS® boundaries. Smaller in proportion, it reflects a neighbourhood containing homes of similar age and style.
Empty Your Wallets
HighestRarely available 4 level 3500 sqft home on quiet street just 1/2 a blk to Main Str. 3 separate suites w/ many options. Rent all 3 for $66,000/yr or live in top suite and rent lower 2 suites for $36,000/yr or occupy as 2 owner suites (great for sharing). Top floors boast bright 2 level, 3 BDRM + den, 2 bath suite w/ an updated, family-sized kitchen, vaulted ceilings, big deck, Brazilian cherry flrs, laundry & stunning mountain views. Main floor features spacious bright 2 BDRM suite w/ updated kit & bath, Brazilian cherry floors and large deck. Down is great 2 BDRM garden suite. Tons of storage + workshop off lane. New roof ’09. Updated mechanical & wiring w/ 2 panels & 2 gas/hydro meters. |
 List:$1,299,800 – Sell: $1,410,000 |
Largest Price SpreadWest of Main circa 1910 2 level plus Basement. Newly 2300 SF that was gutted to the studs in ’03-’04. New electrical, plumbing, insulation, drywall, kitchen and baths + 80% new double glazed windows. Kitchen redone last year with dark cabinets stainless appliances and big granite island that doubles as the kitchen table. 3 pc bath and den on Main plus family room with fireplace off kitchen. 3 bdrms and new bath up. 1 bdrm suite down not currently rented. Sunny South Yard fully fenced and deck off kitchen, steps to Main Street and in the General Wolfe elementary catchment. |
 List:$1,299,800 – Sell: $1,400,000 |
Largest LotSituated on a 49.5 x 122 foot lot is this 2 bedroom home with an additional 3 bedrooms in the lower level. Don’t miss this special residence in the coveted Glen Park area. |
 List:$829,000 – Sell: $835,000 |
Lowest Asking PriceHANDYMAN SPECIAL! Home on 33’x154′ lot, wired with 2 panels at 100-Amps each, in the zone for laneway housing & meets the general requirements. Contact the City for more information. 7 bedrooms, 3 baths, 2 kitchens, great for a growing family. Live now and build later. Sold ‘as-is, where-is’. |
 List:$697,777 – Sell: $818,000 |
Changes
As a Vancouver Realtor® it’s fun to watch the the interest in the Fraser/Main neighbourhoods as they evolve. With price as the driver, this community by comparison is more affordable than the west side and yet, offers many amenities including commuting convenience.
Descriptions and pictures courtesy REBGV MLS®
Jeepers. I’d better buy now or be priced out forever.
Goddammit.
@Boombust
Casual observation suggests that amongst us there are those who winced as they fell on their sword.
Yes. They’re in for a nasty prick.
Are those suites legal Larry? 3 in one home seems excessive and if I was a neighbour are they parking on the street? Paying same taxes as me in my single family home? Paying income tax on rental income?
Regardless of municipality they seem to be turning blind eyes to illegal suites and I wonder what would happen if they ever enforced the bylaws?
I think you would see many people probably priced out and ultimately, a lowering of prices to adjust to new cash flow realities.
Your thoughts?
@BBCoq
Don’t know the answer to the permit question. The three suite unit needed a lot of construction permits for the renovations so it’s safe to assume that suite permits were issued as well.
As to basement suites – if they disappeared you would I think, have a much greater problem than worring about parking or income tax.
Simply there isn’t enough housing out there to accommodate all the renters. They need a home too.
re: Blind eye – want your taxes to go up? No problem hire enough ‘rental inspectors’ to police the suites. A past solution was to limit the size of basements on new housing. IMO and specifically from the view point of ‘best use practise’ having $1M land under a house that isn’t fully utilized just doesn’t make sense.
As it stands the cities do not have the man power to do this and even if they did it would create a nightmare.
Overall I look upon it as beneficial (to both owner and renter) eco-density. Not so much to government coffers.
Re: parking – don’t shoot me if I’m wrong but I think that in Boston you can buy the parking spot in front of your house. $5k comes to mind for the exclusive use of public property. Maybe somebody here knows more about that.
re: adjustment – don’t ever see that happening. Expect less lawn (no frontage), bigger house, in-fill, zero lot lines. And if you live in Vancouver and Gregor has his way, bicycle stands instead of a garage. 🙂
Hey Larry, no permits…. less rent …. less rental policing equals more unsafe suites and people dying. Remember not too long ago the illegal suites in a beautiful eastside home that killed 4? Is it always about money???
@Rob
as always there are two sides to the coin – no question that that one was a stinker.
re: permit police – that one was under ‘survailance’ and little was done to enforce it.
There are many more like however, there are also a great number that are well maintained and do not have permits.
I guess what I am saying is this:
If suites were properl;y enforced you would see less inflationary effect and the renters could buy and affordability would be less of an issue.
I see lots of what would be nice houses wrecked by people suiting them as cheap as they can to afford more house-it also makes houses more expensive to those who do not want a suite.
Eco-density is a distraction-those houses when they were built were planned and provided utilities for single families.