Photo: Ariana Gillrie
Yaletown was once home to one of the first railway stations in the city, but today historic redbrick warehouses and railroad platforms serve as stylish boutiques and sunny patios for the nü yuppies that populate the neighbourhood. The offerings here reflect the trend-loving population, with dog boutiques, nail salons and luxe design shops peppering the narrow streets. By day, the seawall and coffee shops are packed; come night, the plentiful bars and cocktail clubs are thumping.
Real Estate: Trendy Waterfront Hot Spot Soars Out of Reach
Ever since its 1990s overhaul from industrial area to a SoHo-style district complete with trendy shops, sidewalk cafés, slick towers and lofts, Yaletown has remained one of the hottest real estate markets. The smaller condos draw millennials, but urban professionals and retirees also love the area for its convenience, buzzing street scene and proximity to waterfront walkways and parks. Sellers are making a pretty penny, too: after a small correction in the fall of 2016, Yaletown condo prices have surpassed their earlier peak, and the benchmark price for a two-bedroom townhome has hit $1.5 million. “It’s simple supply and demand. People want to be there, and there’s not enough for sale,” says realtor Paul Albrighton. “And if people go to presales…the prices are 50 to 100 percent more than something that’s five or 10 years old.”
Did you know?
Yaletown owes much of its heritage to the railroad, but in 1907 it also saw the opening of Canada’s first gas station. Gasoline was hand-transferred to cars from a large wooden barrel with the help of a single attendant—and several bucketloads.
Median Age of Residents: 40.5
Average Monthly Rent: $1,576
Avg. Total Household Income: $106,989