Business

Vancouver's Shaughnessy Heights is B.C.'s wealthiest neighbourhood

A screenshot taken along West 33rd avenue, in Vancouver
A screenshot taken along West 33rd avenue, in Vancouver's pricey Shaughnessy Heights neighbourhood, just west of Granville Street.
— image credit: Google Maps

It's not be the wealthiest city in Canada, but Vancouver's certainly one of them. And it's also one of its most expensive to live in.

The city's Shaughnessy Heights area – located west of Granville Street, from West 29th to West 39th avenue – is the country's third-priciest real estate market with an average house price of $3.09 million, according to Canadian Business magazine.

The publication ranked Shaughnessy Heights as the fourth-wealthiest area in Canada and the wealthiest in B.C. in its Top 25 of Canada's Richest Neighbourhoods, for 2014. It also had the highest average house price of the ranking's top five neighbourhoods.

"In the nosebleed-inducing world of Vancouver real estate, Shaughnessy Heights still manages to stand out," the ranking says. According to Canadian Business, the area has an average household net worth of $12.00 million – hefty, but not nearly as much as those above it.

Toronto, Montreal, and Vancouver were the only cities in the top 10, perhaps not surprisingly.

Toronto also had the top three on the list, with Sunnybrook (average household net worth, $20.82 million) and York Mills-Windfields ($21.55 million) coming behind The Bridle Path, a neighbourhood with an average household net worth of $22.27 million.

"The residents of the wooded manors in Canada's richest neighbourhood are as likely to be found abroad as at home," reads the writeup on CB, noting that The Bridle Path's residents are often on vacation or in Toronto at the city's high-culture scene at galleries or the ballet.

"With one recently-auctioned 14-bedroom, two-pool mansion on Park Lane Circle being modelled on the Palace of Versailles, it's clear that the residents of Bridle Path have a cultured eye for the world's best things."

York Mills-Windfields has the country's highest average house price, at $3.40 million.

Other Vancouver neighbourhoods in the top 25 were No. 7 Kerrisdale (average net worth of $10.59 million, house price of $2.79 million), No. 11 Kerrisdale Park ($9.26 million and $1.89 million), No. 13 West Bay and Sandy Cove ($8.19 million, $2.90 million), and No. 14 Shaughnessy Centre ($7.82 million, $2.47 million).

Winnipeg and Calgary also had neighbourhoods in the top 25 for 2014.

The magazine's rankings are based off its calculated average household net worth for each postal code – "the total net worth of all the households in each neighbourhood, divided by the total number of households," it says.

"Net worth figures are compiled using publicly available census data as well as Environics Analytics market intelligence... The neighbourhoods themselves are defined by Statistics Canada."

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