In late September 2015, the City of Vancouver designated First Shaughnessy as the city's first Heritage Conservation Area (HCA). The counsel heard from two generally opposing audiences at the public hearings.
- Those in favour of the HCA see the value in keeping First Shaughnessy heritage intact and improved whilst fearing a swath of new mega mansions not in keeping with established neighbourhood aesthetic.
- Those opposed to the HCA see the value in allowing owners to demolish their house, regardless of its age or character and fear that the restriction on demolition to only post-1940 homes would result in lower property values for pre-1940 homes.
The question is what has happened in Shaughnessy since the decision?
Eight properties have sold in First Shaughnessy since October 1, 2015. Four were pre-1940 homes, meaning the new conservation guidelines would apply and four were post-1940, meaning they could be torn down. In terms of lot size, each category had three properties that were between 10,000 - 15,000 sq/ft and one property over 15,000 sq/ft. The comparison of price per square foot of the lot, the average price for pre-1940 was $439 sq/ft and the average price for post-1940 was $427 sq/ft. The range of prices for lot sq/ft price for pre-1940 was $319-$525 sq/ft and for post-1940 $276-614 sq/ft. Lot sq/ft price is a good way to get a quick snapshot comparison but ultimately more factors should be taken in to account for a detailed comparison.
Even from a simple snapshot comparison, It would appear initially that there has been no impact on housing values in First Shaughnessy as a result of the HCA. The sale price comparison between pre and post 1940 homes is negligible. I will update this in a few months to see what information more sales data will bring.