Introduction: The Million-Dollar Reality in Vancouver Real Estate
In Vancouver's competitive housing market, $1,000,000 represents more than a price point—it's a psychological milestone. But what does seven figures actually buy you in Vancouver neighbourhoods from Yaletown to East Village, Olympic Village to the West End?
The answer depends entirely on where you're buying. That $1 million could purchase a century-old heritage home on a private lot in East Village (Hastings-Sunrise), a sleek Olympic Village condo with False Creek views, a spacious Yaletown apartment on Davie Street, a modern smart townhome on Knight Street, or waterfront luxury on West End's iconic Beach Avenue.
This guide analyzes five recently sold Vancouver properties that all hit the $1M mark to reveal the dramatic trade-offs between space, location, age, and amenities across Vancouver's most desirable neighbourhoods.
1. The Space vs. Location Battle: Yaletown vs. Olympic Village
When shopping for $1 million condos in Vancouver's downtown core, you face a critical choice: more space in an older building or less space in a newer development? The Yaletown versus Olympic Village comparison perfectly illustrates this Vancouver real estate dilemma.
Yaletown's Spacious Option: 212 Davie Street (Parkview Gardens)
Location: Davie Street, Yaletown, Vancouver
Sold Price: $995,000
Size: 1,200 sq ft
Price per sq ft: ~$829
Year Built: 1995 (30 years old)
Unit Type: 2-bedroom + office
This Yaletown condo on Davie Street delivers exceptional space for downtown Vancouver living—1,200 sq ft at just $829 per square foot. The Parkview Gardens building offers the artistic, walkable Yaletown lifestyle near Roundhouse Community Centre, the Seawall, and dozens of restaurants along Mainland Street and Hamilton Street.
The trade-off? You're buying into a 1995 building where the "new construction" premium has long depreciated. This means more square footage for your Vancouver dollar, but you'll want to review the building's maintenance history and depreciation report.
Olympic Village's Prestige Play: Brook at the Village
Location: Olympic Village, False Creek, Vancouver
Sold Price: $992,000
Size: 819 sq ft
Price per sq ft: ~$1,211
Year Built: 2010
Unit Type: 2-bedroom corner unit
This Olympic Village condo commands a massive $1,211 per square foot—46% more than the Yaletown alternative. Why the premium? You're paying for:
- Newer construction (2010 build—13 years younger than Parkview Gardens)
- High-end appliances (Miele, Sub-Zero)
- Sweeping False Creek views of Science World and North Shore mountains
- Olympic Village prestige and "Gold Medal Club" amenities
- Proximity to SkyTrain (Main Street-Science World Station)
As Vancouver real estate experts note, Olympic Village represents "vibrant city living at its finest" with unmatched False Creek waterfront access and connectivity to downtown Vancouver.
Vancouver Buyer Insight: If you prioritize space for entertaining or home office needs, Yaletown wins. If you want modern finishes, views, and investment prestige in Vancouver's newest waterfront community, Olympic Village delivers.
2. Yes, You Can Still Buy a Detached Vancouver Home for $1M (In East Village)
The "detached house under a million" is Vancouver real estate's urban legend—but 2318 Wall Street in East Village (Hastings-Sunrise) proves they still exist.
Location: Wall Street, East Village (Hastings-Sunrise), Vancouver
Sold Price: $1,000,000
Size: 1,625 sq ft (home) on 2,630 sq ft lot
Price per sq ft: ~$615
Year Built: 1910 (115-year-old heritage home)
Property Type: Detached house with land
Why East Village Vancouver Offers Million-Dollar Land Value
At $615 per square foot, this is the lowest price-per-square-foot on our list—and the only detached home. You're not just buying a 115-year-old heritage house; you're buying land in Vancouver's emerging East Village neighbourhood (Hastings-Sunrise area).
East Village Vancouver Lifestyle Benefits:
- Walkable to Hastings Street's independent shops, cafes, and breweries
- Family-friendly: Tillicum Elementary just 12 minutes walking
- Access to Hastings Community Park and local green spaces
- Authentic East Vancouver character and community vibe
- Strategic location between Commercial Drive and Nanaimo Street
The Renovation Reality: This is a land value play. Prospective Vancouver homeowners must budget significantly for structural upgrades, electrical/plumbing systems modernization, and seismic retrofitting to bring this century-old East Village character home into 2025 standards.
Perfect for: Vancouver families seeking detached living, investors planning heritage retention + laneway house development, or buyers willing to renovate for long-term East Vancouver appreciation.
3. Modern Smart Townhome Technology: 4320 Knight Street
If you value turn-key luxury over heritage character, the Brownstones at 4320 Knight Street represent the future of Vancouver townhome living.
Location: Knight Street, Vancouver (between East Vancouver and South Vancouver)
Sold Price: $999,999
Size: 1,241 sq ft
Price per sq ft: ~$806
Year Built: 2017 (8 years old)
Property Type: 3-level townhome with garage
Why Knight Street Townhomes Deliver Vancouver Value
This 2017-built townhome on Knight Street offers the Goldilocks combination of space, modern features, and reasonable pricing at $806/sq ft—between the heritage East Village home ($615/sq ft) and the premium Olympic Village condo ($1,211/sq ft).
High-Tech Smart Home Features:
- Automated alarm, thermostat, and lighting systems
- Motorized Hunter Douglas window coverings
- Central A/C (rare in Vancouver townhomes!)
- Private garage with extra storage
Premium Finishes:
- California Closets custom storage throughout
- Spa-like 5-piece ensuite in primary bedroom
- Modern open-concept living spaces
Knight Street Location Advantages:
- Easy access to Vancouver's central corridor
- Close to Nanaimo SkyTrain Station
- Near quality schools and parks
- Quieter than downtown, more convenient than suburbs
Perfect for: Tech-savvy Vancouver professionals, young families wanting modern amenities, or downsizers seeking low-maintenance living with garage parking.
4. West End Waterfront Prestige: Beach Avenue Luxury Living
In Vancouver's prestigious West End neighbourhood, 1005 Beach Avenue (The Alvar) represents the pinnacle of waterfront condo living.
Location: Beach Avenue, West End, Vancouver
Sold Price: $1,000,000
Size: 872 sq ft
Price per sq ft: ~$1,147
Developer: Concert Properties
Unit Type: 2-bedroom, west-facing with partial English Bay views
Why Beach Avenue Commands Premium Vancouver Pricing
The Alvar is one of Vancouver's most iconic West End addresses, built by renowned developer Concert Properties. At $1,147 per square foot, you're paying for:
Unmatched West End Location:
- Steps to English Bay beaches and Vancouver Seawall
- Walk to Stanley Park in minutes
- Denman Street and Davie Village restaurants at your doorstep
- Sunset Beach Park and waterfront access
Resort-Style Amenities:
- 24-hour concierge service
- Central air conditioning (essential for Vancouver summers)
- Hot tub and fitness facilities
- Social lounge with outdoor BBQ area overlooking English Bay
As Vancouver real estate professionals note: "Suites in this iconic Beach Avenue building are rarely available. Prime waterfront location by Concert Properties."
Perfect for: West End lifestyle enthusiasts, professionals prioritizing walkability, retirees wanting waterfront living, or investors seeking prestigious Vancouver addresses with rental appeal.
5. The Hidden Costs of $1M Vancouver Homeownership
When evaluating Vancouver real estate at the million-dollar threshold, the purchase price is only the beginning. Monthly carrying costs vary dramatically across neighbourhoods and property types:
Property Tax Comparison Across Vancouver
| Property | Vancouver Area | Annual Property Tax | Monthly Cost |
|---|---|---|---|
| 2318 Wall Street | East Village/Hastings-Sunrise | $6,890.04 | ~$574/month |
| 4320 Knight Street Townhome | Knight Street | $3,383.73 | ~$282/month |
| 212 Davie Street (Parkview Gardens) | Yaletown | Strata includes taxes | Included in fees |
| Brook at the Village | Olympic Village | Strata includes taxes | Included in fees |
| 1005 Beach Avenue (The Alvar) | West End | Strata includes taxes | Included in fees |
Monthly Strata Fees: Vancouver Condo & Townhome Costs
| Property | Vancouver Neighbourhood | Monthly Strata Fee | What It Covers |
|---|---|---|---|
| 1005 Beach Avenue | West End | ~$745/month | Concierge, pool, hot tub, waterfront amenity center, English Bay location premium |
| 212 Davie Street | Yaletown | ~$676/month | Building maintenance, amenities, aging infrastructure reserve fund |
| Brook at the Village | Olympic Village | ~$650/month (est.) | Olympic Village club amenities, False Creek location, modern building systems |
| 4320 Knight Street | Knight Street | ~$418/month | Basic townhome complex maintenance, landscaping, minimal shared amenities |
| 2318 Wall Street | East Village | $0 | Detached home—you handle all maintenance, repairs, landscaping |
Vancouver Maintenance Responsibility: Condo vs. Detached
Strata Properties (Yaletown, Olympic Village, West End, Knight Street):
- Snow removal, landscaping, exterior maintenance covered
- Building insurance included
- Professional management handles repairs
- Amenity access (gyms, lounges, concierge)
Detached Home (East Village heritage property):
- You are the roofer, gardener, and snow shoveler
- All systems upgrades (furnace, electrical, plumbing) are your responsibility
- Heritage home maintenance can be costly in Vancouver's wet climate
- But: no monthly strata fees, full control over renovations
Conclusion: Navigating Vancouver's Million-Dollar Market
In Vancouver real estate, "value" is entirely subjective and neighbourhood-specific. Your perfect $1 million investment depends on your lifestyle priorities:
Choose East Village (Wall Street) if you want:
- Detached home ownership with land appreciation potential
- East Vancouver's authentic neighbourhood character
- Family-friendly Hastings-Sunrise community
- Long-term renovation project with heritage charm
Choose Yaletown (Davie Street) if you want:
- Maximum downtown space (1,200 sq ft)
- Walkable urban lifestyle near Seawall and restaurants
- Lower price per square foot in established neighbourhood
- Art-gallery aesthetic and mature building
Choose Olympic Village if you want:
- Newest construction with modern systems
- False Creek waterfront views and prestige
- Investment in Vancouver's most recent waterfront development
- High-end appliances and Gold Medal Club amenities
Choose Knight Street Townhome if you want:
- Turn-key smart home technology
- Private garage and low-maintenance living
- Modern finishes without downtown price premium
- Family-friendly layout with outdoor space
Choose West End Beach Avenue if you want:
- Iconic waterfront Vancouver lifestyle
- Steps to English Bay, Stanley Park, and Seawall
- Concert Properties quality and prestige
- Resort-style amenities and concierge services
Expert Vancouver Real Estate Guidance
The Lower Mainland market moves fast, and the trade-offs between Yaletown space, Olympic Village prestige, East Village land value, Knight Street technology, and West End waterfront luxury are complex.
Ready to find your perfect Vancouver property? Whether you're targeting heritage homes in East Village, waterfront condos on Beach Avenue, or smart townhomes on Knight Street, expert guidance makes all the difference.
For personalized Vancouver real estate strategy and market analysis across Yaletown, Olympic Village, West End, East Village, and beyond, reach out to Josh Kepkay (604-313-9805 / [email protected]) for expert advice tailored to your goals.
Share this guide with other Vancouver homebuyers navigating the million-dollar market across Yaletown, Olympic Village, East Village, Knight Street, and West End neighbourhoods.