UBC’s Vancouver Campus has a total of 49,896 students and only 8,951 residences on campus — 3,000 of which are reserved for first-year students, reports UBC Overview and Facts. This means that the student-to-residence ratio is 1 to 5.5, and there are simply not enough residences to accommodate the student population.
With so many students finding it difficult to find housing on campus, many decide to rent or buy in the surrounding areas.
For students and their parents considering purchasing a property within UBC campus, here is a real estate market summary to help you make informed choices:
While Vancouver and UBC campus on the city’s west side have the highest real estate prices in Canada, resale value is exceptional. For a single-family detached house, prices generally start at the $2 million mark, making these unlikely housing options for students and their families. Comparatively, one-bedroom condos start at around $350,000 and two-bedroom condos around $450,000. These are far better options which many students find suitable for their needs.
Within the UBC endowment lands, there are 5 neighbourhoods that contain residential properties for sale: Hampton Place, East Campus (University Village), Hawthorn Place, Chancellor Place and Wesbrook Village.
Hampton Place, north of 16th Avenue and nestled between Wesbrook Mall and Pacific Spirit Park, is the oldest of these neighbourhoods and is therefore the least expensive. Comprised of one- and 2-bedroom condos and townhouses, Hampton Place prices range from $350 – $450,000 and the on campus location is ideal.
Chancellor Place, Hawthorn Place and East Campus are the three neighbourhoods closest to UBC Campus with most of the Faculty buildings and classrooms within a 10-20 minute walking distance. However, the price of condos in this area are more expensive than Hampton Place. In East Campus, one-bedroom condos start at $400,000 and 2-bedrooms start at $500,000.
Wesbrook Village is the newest development in UBC and is located on the southern part of UBC Campus. Although somewhat less convenient as it is farther away from the University and classrooms. Because it is new construction, prices are the most expensive in UBC, with one-bedroom condos starting from $450,000 and 2-bedroom condos from $600,000 and up.
Point Grey is a key off-campus neighbourhood on the outskirts of UBC, east of the Vancouver campus. Point Grey comprised of mostly single detached houses. Although there are Townhouses and Condos in the Point Grey neighbourhood, the Townhouse and Condo housing stock is 1/3 the size of UBC.
One– or two-bedroom condos are the most popular and affordable option for many UBC students and their families.
The average one-bedroom condo price in Point Grey is $328,000, with prices ranging from $250,000 to the highest priced two-bedroom condos at $520,000. The average two-bedroom condo price is $685,000, with prices starting at $435,000 and ranging up to $865,000.
Point Grey is very close to UBC campus. To get to or from Point Grey from UBC, it takes about a 10-minute bus ride or a 40-minute walk. Thus, many students and families prefer to purchase within the UBC neighbourhood, despite condo prices being slightly less in the Point Grey.
The average two-bedroom townhome of about 1,205 sq ft in Point Grey is $720,000. The average 3-bedroom townhouse is priced around $1,700,000 and offers roughly 1,687 sq ft. of living space.
Although more reasonable than single detached house, townhouses may be too far out of reach for some families.
The average price for a single detached house in Point Grey is $3,000,000. Lowest priced single houses start from $1,250,000 and highest priced single houses can exceed $10,000,000. Therefore, purchasing a single house is out of the question for many parents.