Re-locate Episode #7 to UBC: A Comprehensive Guide for Homebuyers
Are you looking to purchase a house in the UBC Vancouver neighborhood? Look no further than this comprehensive guide to everything you need to know about UBC, its history, amenities, and real estate trends.
UBC, or the University of British Columbia, is a unique and vibrant neighbourhood located deep on the west side of Vancouver. The government chose this neighborhood as the site for a university in 1910, and a 1914 campus plan provided the framework for its development. In 1920, over 3,000 acres of park land were set aside with the plan to develop housing to sell and fund the university. Today, UBC is home to over 55,000 students and 14,000 faculty members, making it a thriving academic community.
Geography and Border
UBC is bordered by Burrard Inlet to the north, Fraser River to the south, Blanca St – Comosun St to the east, and Georgia Straight water to the west. The neighbourhood is located on the west side of Vancouver, with stunning views of the water and mountains.
UBC offers a wide variety of amenities for its residents. Acadia Beach, Spanish Banks, and Wreck Beach are popular outdoor destinations for those looking to enjoy the beautiful Pacific Northwest landscape. UBC also has excellent school amenities, including public pools and fields, and much more. For those interested in the arts, UBC boasts the Chan Centre for Performing Arts and the Museum of Anthropology, two world-renowned cultural institutions. UBC Farm is a unique resource for those interested in sustainable agriculture and urban farming.
UBC Land Use Plan:
UBC has a Land Use Plan that highlights the vision for an integrated and sustainable university community. The plan is dictated by the province and guides UBC forward on all topics, including types and amounts of housing, how people move around (transportation), and open space use. The plan ensures that UBC is a sustainable and livable community for all.
UBC Development Revenue:
UBC generates land development revenue by leasing neighborhood lands for 99 years to developers and by developing and managing rental housing. UBC then endows the revenue, which generates income to support the academic mission and also enables building faculty, student, and staff housing. In this way, UBC preserves both its lands and the revenue in perpetuity for faculty, students, research, and staff. However, the endowment only covers 32% of costs, and the rest of their income is born from donations.
Shopping and Restaurants
UBC has all the amenities of a small town, including restaurants and bars, banks and cafes, grocery stores, and more. The neighbourhood has a great selection of local and chain stores, making it easy to find everything you need close to home.
UBC is home to one of Canada's largest and most prestigious universities, with over 55,000 students and 14,000 faculty members. The university is spread across six campus neighborhoods, with 994 acres of land. UBC also has a daytime population of almost 80,000 people. U Hill Elementary and U Hill Secondary are two excellent public schools in the area, providing top-notch education for students of all ages.
UBC is home to several beautiful parks, including Pacific Spirit Park, Endowment Lands, Foreshore Park, Spanish Banks, and several others. These parks offer a peaceful escape from the city and provide ample opportunities for outdoor recreation.
UBC's history dates back to 1877 when the idea of a provincial university was first proposed, just six years after the province of British Columbia joined Canada. It wasn't until 1910 that the land for the university was finally selected. UBC originally opened in 1915 in Fairview where classes were held in the buildings formerly occupied by the McGill University College of B.C. on the current site of Vancouver General Hospital. They had one permanent building on loan from the hospital, and the rest were cheaply made wood structures, giving it the nickname “The Fairview shacks”.
Start-up construction on the new buildings was interrupted by World War I (1914-1919), and by the end of the war, 697 students had enlisted. In 1922, a 1,200 student protest made its way from downtown Vancouver to the UBC grounds. The protest led to the continuation of construction, known as the "Great Trek." Finally, in 1925, UBC officially moved from the Fairview shacks to the new Point Grey campus.
The campus grew slowly in the early years since inception and really began accelerating after World War II, along with the general growth of the country from the 1950s to the 1980s when UBC built much of the academic core of the neighbourhood.
Two major decisions shaped the neighborhood forever in the 1980s. The first was the creation of Pacific Spirit Park, and the second was the development of the first campus residential community in Hampton Place. This is when the decision to save the forest (Pacific Spirit Park/Endowment Lands) as a natural amenity for all was solidified, making way for the university plan to allow for more dense urban development on the remaining lands than originally planned for.
Now, let's take a look at UBC's real estate market. Detached properties in UBC are located north of University Boulevard and east of Wesbrook Mall. Detached properties in UBC account for approximately 8% of all housing in UBC, and nearly 25% of those homes were built between 1946 and 1960, with the earliest on record as early as 1920. This makes UBC a great place to pick up a huge old property and do the renovation project of your dreams.
As of now, active lot sizes range from 6,000 to 33,500 square feet, and the active list price range is $4.8 million to $19.8 million. Sale prices in the past 24 months have ranged from $2.7 million to $16.3 million, and sold lot sizes in the past 24 months have ranged from 6,200 to 38,300 square feet.
In conclusion, UBC is a thriving community with a rich history and a diverse real estate market. Whether you're looking to study or invest, UBC is a great place to be. Contact me directly today to discuss the real estate options within your criteria that this unique corner of the west side have to offer.