March 9, 2014
Kitsilano Real Estate Prices Ready to Explode?
Real Estate prices in Kitsilano general lags nearby neighborhoods: Dunbar, MacKenzie Heights, Point Grey and Arbutus. Of course with the exception of what’s along the waterfront on Point Grey Road or close to Kitsilano beach. That’s the gem of Kits.
Over the past several years, a big majority of new Buyers for detached homes on the Westside are from China and a lot of them move here to have their kids attend schools with high academic ranking namely Lord Byng, University Hill & Prince of Wales. Kitsilano High, have lagged behind these schools in academic ranking and which has affected its Real Estate prices and appeal to a lot of the new immigrants.
Frankly, if school ranking is that important to you, you could consider forking out the money for private school education. Most of the top 10 spots if not all are private school.
Most recent five- year average academic ranking: with York House scoring a perfect 10, and Crofton in second place at 9.8, St. Georges & West Point Grey a 9.7. Little Flower Academy, the Catholic school which costs much less than a full private tuition doing not too shabby with a score of 9.6.
Vancouver College, another highly recognized Catholic school ranking 15 out of 284 schools in British Columbia with a 8.9 score for 2011 – 2012 academic year. Then comes the very top Westside public schools with University Hill taking the 18th spot, Lord Byng at 21st, Prince of Wales looks to be dropping rapidly, a score of 8 for the most recent 5 academic years at spot 23 & last year down to 37th place. Oops!
Point Grey secondary with a score of 7.3 last year and 7.5 over the most recent 5 years, at 54 spot last year & ranks higher at 41 for 5-year average.
Kitsilano High with a 7.1 score for both last year and recent 5-year average, sits at spot 66 last year and 61 for the 5-year average. Ok it’s not impressive but it’s not that bad, is it?
A brand new detached home in Kitsilano on a small standard lot of 33 x122 sells for about 200,000 to 300,000 less than its close by neighborhoods namely Dunbar & Point Grey. A lot of it has to do with the school catchment. I work with a lot of Mainland Chinese buyers and the ones with teens or young kids are often rejecting Kitsilano as a neighborhood choice because of Kitsilano High.
What they need to know is Kitsilano is building a new school, it has already started and due to complete in 2017. Lord Byng had a huge school expansion which went on from 2003 till 2005. As memory goes, that’s when the school’s reputation started to rise rapidly. A lot of the Chinese immigrants from China didn’t start moving into the neighborhood until right the expansion. Will that happen to Kits High after the new school has been built? My bet is YES! Why wouldn’t it? Westside is going to stay as the most expensive neighborhood in the city at least in the foreseeable future and Kits Real Estate prices are relatively cheaper than its nearby neighborhoods namely Point Grey & Dunbar. With a brand new school, why not send the kids to Kits High? After all, I’m hearing my Chinese clients who have kids in Lord Byng complaining that there are just too may Chinese kids and the kids not practicing enough English.
Oh did you know that Kitsilano has completely updated the tennis courts down in Kits Point? :-)
Don’t rule out Kitsilano playing catch up in the coming years!
I'm a Westside Realtor and loving what I do! Please feel free to give me a call at 604-805-4094 to discuss your Real Estate needs