Yaletown Neighbourhood Profile Courtesy Mike Stewart Realtor

8/6/2019 Yaletown Neighbourhood Profile Courtesy Mike Stewart Realtor

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YALETOWNNEIGHBOURHOOD pROfIlE

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Fast Facts

BIA size: 0.2 sq. km.

Daytime employee base o 9,510 within the BIA.

11,608 residents (signifcantly more males thanaverage or the city or Metro Vancouver).

Population density/sq. km.: 116, as comparedwith 48 or Vancouver and 7 or the region.

Highly educated residential base (83% have someorm o post-secondary education).

Residents are primarily employed in proessional

and management positions.

Average household size: 1.7 people, as comparedwith 2.3 or Vancouver and 2.6 or MetroVancouver.

Average 2005 household income: $70,870as compared with $64,889 and $68,853 orVancouver and Metro Vancouver respectively.

Average house price: $591,875, signifcantlyhigher than average or Vancouver West.

Dominant languages: English, and Chinese,although signifcantly less than average or thecity o Vancouver. More Spanish, Persian (Farsi),Serbian and Korean residents than average.

33% o residents have moved within the pastyear as compared with 20% or Vancouver and16% or Metro Vancouver.

New Canadians: 15% international migrantsin the past 5 years, higher than the city oVancouver average o 11% and the MetroVancouver average o 9%.

WHO LIVEs IN YaLEtOWN?Home to Vancouvers trendiest restaurants and nightlie as well as numerous destination

retail boutiques, Yaletown is one o the signicantly growing residential neighbourhood

in North America.1 Yaletown is a younger to middle age, proessional residential

community. The area is comprised o more residents with British, Canadian and Souther

European heritage than average or the city o Vancouver. English is the dominant

household language or area residents; however, many other languages are commonly

heard in the area, including Chinese, Spanish, Persian (Farsi), Serbian and Korean.

Household sizes in the area are smaller than the city and the Metro Vancouver average,

with ewer married amilies and more common-law couples. The area is comprised

almost completely o apartment/condominium residences, and as a result, there are

signicantly ewer homeowners than average or the city or Metro Vancouver. The area

is more transient, with a much greater percentage o movers than the city o Vancouverand the regional averages. Yaletown also has more immigrants than the city or regional

average.

Reecting their proessional occupations and higher education levels, Yaletown exhibits

higher household incomes than the Vancouver or Metro Vancouver average A higher

share o Yaletown residents are employed in business, nance and administration as we

as management and sales and service related industries.

abOut tHE YaLEtOWN bIa

The Yaletown Business Improvement Area (BIA) boundary comprises the geographic

polygon encompassing Drake, Pacic, Homer, Smithe, Hamilton, Robson, Beatty and

Nelson Streets, Marinaside Crescent, and Expo Boulevard at the southeast edge o the

downtown peninsula (see Figure 1). It accommodates approximately 11,600 residents,940 businesses and 9,500 employees.

This report provides an overview o the Yaletown neighbourhood market, ocusing

primarily on population, household and spending statistics.2 A companion document,

Yaletown Commercial Area Profle, ocuses on key market inormation including zoning

and development potential as well as business and employee mix.

Physical Profile

The Yaletown BIA is centrally located within the city o Vancouver approximately 1.5

kilometres rom City Hall and 0.5 kilometres rom downtown.3

FIGURE 1

1 For the purposes o this report, the Yaletown residential catchment area is dened as Granville Street (west) to MarinasiCrescent (east) and Robson Street (north) to False Creek (south).2 Unless otherwise stated, statistics used in this report come rom Statistics Canadas 2001 Census data. Census data is

copyrighted material and any reproduction without prior approval is prohibited.3 City o Vancouver VanMap.


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Comprised primarily o comprehensive development zoning (DD,

CD-1 and BCPED) and historic zoning (HA-3), Yaletown contains a

vibrant mix o new developments and historic sites. Over the past

15 years, Yaletown has undergone a remarkable transormation

rom light industrial/warehouse district to a growing urban hub o

converted warehouses lled with residents and businesses.

heritage and culture

The Yaletown BIA is home to 27 heritage sites as listed on the

Vancouver Heritage Register as well as the amous Roundhouse

Community Centre, which is a provincial heritage site. There are

several other heritage properties just outside the BIA boundary. The

BIA is also a cultural centre, with seven individual art projects located

in the BIA, many o which celebrate the areas industrial roots.

recreation

The Roundhouse Community Arts & Recreation Centre at the heart

o the Yaletown BIA provides a variety o arts and crat classes and

a tness acility. It is also a popular site or plays and other events.

The Robson Street Library is located one block north o the BIA at

302-345 Robson Street. Two parks, Helmcken Park and Marinaside

Crescent Park are located within the BIA and several others are

within walking distance.

education

Elsie Roy Elementary is located immediately adjacent to the BIA at

150 Drake Street. King George Secondary in the West End is 2 km

away.

transPortation

Recent trac pattern changes rom primarily one-way streets

to two-way, have made the BIA much more accessible by vehicle,

although with ew public parkades, the numerous metered streetparking stalls are rarely empty. Within walking distance o Granville

Street, downtowns primary transit route, Yaletown is in proximity

to requent popular transit routes including #4 Phibbs Exchange/

Powell/Downtown/UBC, #6 Davie/Downtown #10 Hastings/

Downtown/ Granville, the #15 Cambie/Downtown route, and #50

Waterront Station/False Creek South, as well as several night bus

routes. Two community shuttles, C21 Yaletown/ Burrard Station/

Beach and C23 Yaletown/Davie provide local transit service within

the BIA. The BIA is also in proximity to SkyTrain.

The False Creek Ferry and Aquabus provide convenient water

transportation to Science World, Granville Island and English Bay.

In addition, the Seaside Bikeway and Greenway runs along the

waterline just south o the BIA. The Downtown Historic Greenway

runs northeast-southwest through the BIA.

kEY pOpuLatION INdIcatOrs

PoPulation

With a total population o 11,608 Yaletown is comprised o 56%

men and 44% women. This represents signicantly more males

than average or the city o Vancouver (49% men and 51% women).

While the average age o Yaletown residents (37.3 years) is similar

to the Vancouver and the Metro Vancouver average, there are

signicantly ewer children in Yaletown, as shown in Figure 2.

The area saw a population growth rate o 15% between 2001 and

2005, signicantly higher than the 3% average or Vancouver and 5

or Metro Vancouver.4 This reects the high rate o new residential

development in the area.

ethnic origin

Ethnic origin reers to the culture or ethnic roots with which

residents identiy themselves. In Yaletown, the top ve ethnic origin

in order are English, Chinese, Canadian, Scottish and Irish the sam

top 5 as or Vancouver and Metro Vancouver. As Figure 3 illustrates,

Yaletowns ethnic mix is more in keeping with the mix or the regio

than or the city o Vancouver, with ewer residents o Asian ancestr

and more o European ancestry.

Yaletowns population base is signicantly more transient than usua

or the city and the region. 33% o Yaletown residents have moved

in the past year as compared with 20% or Vancouver and 16% orMetro Vancouver. Most have moved rom elsewhere in the city

(22%). About 15% o Yaletown residents are new Canadians, having

immigrated in the past ve years (4% in the past year). This is highe

than the city (11%) and the Metro Vancouver (9%) average.

sPoken languages

As with residents o Vancouver and Metro Vancouver, English is

the dominant language. However, Yaletown exhibits dierences in

non-ocial spoken languages as shown in Figure 4. There are more

Spanish, Persian (Farsi), Serbian and Korean speakers and ewer

Chinese-speaking residents than average or the city and the region

0%

10%

20%

30%

40%

50%

65+55-6445-5435-4420-34>20

Figure 2: Population by Age

YaletownVancouverMetro Vancouver

%O

FTOTALPOPULA

TION

4 Statistics Canada: adjusted ve year orecast (2005). All other statistics are 2001.

0%

10%

20%

30%

40%

50%

60%

Southern

European

CanadianEast/West

European

East/Southeast

Asian

British


%O

FPOPULATION

Figure 3: Ethnic Origin


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level of education

Yaletown residents tend to have signicantly higher education

levels than city or regional averages. As Figure 5 illustrates, 83% o

Yaletown residents 20 years and older have some orm o post-

secondary education, as compared with 68% o Vancouver and 66%

o Metro Vancouver residents. Reecting their higher education,

the population aged 15-24 is less likely than their city and regional

counterparts to be attending school on a ull-time basis; however

there are signicantly more attending on a part-time basis.

household income

Despite their smaller average household size, Yaletown residents

exhibit signicantly higher household income levels than their city

or regional counterparts, as Figure 6 illustrates. This is likely reective

o their signicantly higher education levels.

Average 2001 household income levels in Yaletown were $63,020 as

compared with $57,916 or Vancouver and $63,003 or the region.

Projected 2005 income levels are $70,870. Comparisons between

Yaletown and the rest o the region are summarized in Figure 7.

occuPation

Reecting their higher household income levels, a high percentage

o Yaletown residents are in the labour orce. 74% o the population

15-years o age and over is in the labour orce, which is signicantly

higher than the labour orce participation rate in Vancouver (65%)

and Metro Vancouver (66%). The employment rate is also slightly

higher (69%) as compared to Vancouver (60%) and Metro Vancouve

(61%). However, the unemployment rate is also slightly higher at 6%

(as compared with 5% or the city and the region).

Yaletown Vancouver MetroVancouver

Population 20 Years or Older

Less than Grade 9 4% 9% 7%

Grade 9 to 13 13% 22% 27%

Trades Certicate orDiploma

7% 7% 10%

College or otherNon-Universtiy

24% 21% 24%

University 52% 40% 32%

Population 15 - 24 Years

Attending School

Full-Time46% 59% 57%

Attending School

Part-Time

15% 10% 10%

Figure 5: Education Levels


Dominant

English 58% 50% 62%

Non-Ofcial

Chinese 40% 56% 41%

Spanish 7% 3% 0%

Persian (Farsi) 5% 0% 0%

Serbian 5% 0% 0%

Korean 5% 0% 0%

Punjabi 0% 5% 12%

Tagalog (Filipino) 0% 5% 5%

Vietnamese 0% 5% 0%

German 0% 0% 5%

Figure 4: Top 5 Languages

0%

5%

10%

15%

20%

25%

30%

35%

40%

$80K+$60-$79K$40-$59K$20-$39KUnder $20K


%O

FPOPULATION

Figure 6: Average Household Income

PHOTO:YaleTOwnBYecsTaTIcIsT

Yaletown Vancouver MetroVancouv

2001 AverageHousehold Income

$63,020 $57,916 $63,003

2005 ProjectedHousehold Income

$70,870 $64,889 $68,853

2001 Household Size(# Persons)

1.7.5 2.3 2.6

Figure 7: Household Income Summary


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A higher share o Yaletown residents are employed in proessional

and managerial positions than the city and regional average, and a

smaller proportion are employed in sales and service, equipment

operation and primary industry positions. This is illustrated in more

detail in Figure 8.

The top 5 occupations or Yaletown residents are:

Natural and applied science proessionalsClerical occupations

Business, nance and administrative proessionals

Specialist managers

Other managers

family structure5

Yaletown is home to 6,633 households. O these, 2,589 or 39% are

amilies. This is signicantly lower than average or Vancouver (57%)

and Metro Vancouver (71%). Yaletown households with amilies are

smaller than Vancouver and Metro Vancouver averages or size and

number o children as Figure 9 illustrates.

Yaletown is also home to a higher proportion o common-law

couples and a correspondingly smaller percentage o married and

lone-parent amilies, as illustrated in Figure 10.

HOusINg prOFILE

structural mix

Practically all (98%) o all Yaletown dwelling units are apartments/

condominiums, signicantly higher than in Vancouver (56%) or

Metro Vancouver (37%). Only 1% is semi-detached and there are

no single-amily homes in Yaletown. Figure 11 illustrates. This

is reective o Yaletowns high density (116 persons per square

kilometre as compared with 48 and 7 or the city and Metro

Vancouver).

Yaletown Vancouver Metro Vancouver

Number oHouseholds

6,633 236,095 758,715

Average Number oPersons/Household

1.7 2.3 2.6

% o Householdswith Families

39% 57% 71%

Number o Families 2,589 134,380 535,260

Average Number oPersons/Family

2.4 2.9 3

Average Number oChildren/Family

0.5 1.1 1.2

Figure 9: Family Structure

5 Family is dened as a census amily - a married couple, a common-law couple or a lone-parent with a child or youth who is under the age o 25 and who does not have his or her own spouse or chliving in the household. Married couples and common-law couples may or may not have such children and youth living with them.

Figure 8: Occupation


Business, Finance,Admin

20% 18% 19%

Management 19% 11% 12%

Sales & Service 18% 25% 25%

Natural & AppliedSciences

13% 8% 7%

Social Science,Education, Govt &Religion

9% 10% 8%

Art, Culture,

Recreation & Sport 8% 6% 4%

Health Occupations 5% 6% 5%

Trades, Transport &Equip. Operators &Related

4% 8% 12%

Processing,Manuacturing &Utilities

1% 4% 4%

Primary Industry-Specic

0% 1% 2%

0%

20%

40%

60%

80%

100%

Metro VancouverVancouverYaletown

Married Couples Common-Law Couples Lone Parent

%O

FFAMILIES

Figure 10: Family Composition

PHOTO:YaleTOwnBYmIdnIgHTglOrY


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tenure

Despite its density, Yaletown has only slightly more renters than

average or the city o Vancouver (50% as compared with 56% or

Vancouver). This reects the high percentage o condominium

owners in the Yaletown area. There is very little non-market housing

in Yaletown only our buildings within the BIA, although there are

another 12 within the catchment area.

A January 2006 survey o the area conrmed continued

gentrication o the area, with two recent development permits

underway to construct residential towers. One, at 901 Mainland or

three towers (34, 32 and 30 storeys and 23 townhouses or a total o

880 dwellings), most o which are sold out. Another at 10 Terry Fox

Way consists o our market residential towers (755 units), which will

also include some commercial.

age of housing stock

Reecting Yaletowns recent transition to residential, the age oYaletown area housing stock is signicantly younger than is typicalo the city or region, as illustrated in Figure 12. Fully 79% o Yaletownresidences were built since 1991, almost our times more thanaverage or the city o Vancouver. Many o these newer residencesare complete reconstructions, with heritage exteriors that maintainthe heritage look and eel o the circa 1900 architecture in the area.

housing Prices6

Housing prices in the Yaletown residential area are signicantly

higher than that o the city o Vancouver and Metro Vancouver. The

2005 average price or an apartment in Yaletown (False Creek North)

was $591,875 as compared with $364,033 in Vancouver West and

$282,079 in Metro Vancouver. The one-year average increase or

apartments in Yaletown was 19.7%, in keeping with average or the

region but higher than the 17.3 % or Vancouver.

sPending Patterns

Reecting their higher education levels and household income

levels, Yaletown households spend more per year than Vancouver o

Metro Vancouver households overall. In 2005, Yaletown households

averaged $67,835 in household spending as compared with $62,53or city o Vancouver and $65,917 or Metro Vancouver households.

On a percentage basis Yaletown residents spend slightly more

on shelter, recreation, insurance and pension contributions than

residents o the Vancouver and the region, and slightly less on

transportation, as Figure 13 illustrates.

Figure 14 on the next page provides a complete breakdown oaverage 2005 spending per Yaletown household.


Food 11% 12% 11%

Shelter 21% 20% 20%

Transportation 9% 12% 13%Health & PersonalCare

4% 4% 4%

Recreation 7% 6% 6%

Taxes 22% 21% 22%

Insurance, PensionContributions

6% 5% 5%

Other 20% 20% 19%

Figure 13: Household Spending Patterns

6 Housing price inormation courtesy o the Real Estate Board o Greater Vancouver.

0%

20%

40%

60%

80%

1991 or Newer1971-19901946-1970Pre 1946


%OFDWEL

LINGS

Figure 12: Age of Housing Stock

0%

20%

40%

60%

80%

100%

ApartmentSemi-DetachedSingle-Detached


%OFDWELLING

S

Figure 11: Dwellings by Major Structural Type

PHOTO:YaleTOwnBIa


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PHOTO:YaleTOwnBIa

surVEY saYs...!

In 2003, the Yaletown BIA conducted a residential telephone survey

to determine how residents viewed the current levels o service,

events and acilities in the area. While Yaletown enjoys a growinglocal population with higher incomes levels, the survey indicated

that less than 27% o all household retail spending was done within

the BIA.

The reasons given by residents or so little spending in their local

area were high prices, stemming rom the perception that Yaletown

mostly ocused on exclusive boutique type businesses with higher

prices than chain stores, such as the those ound in malls; the lack o

variety o stores, which while contributing to the character o the are

do not serve a broad range o needs; and the lack o certain types o

stores, such as drugstores and supermarkets.

The top 5 businesses residents o the BIA asked or were:

Grocery store/ Supermarket

Clothing stores

Drugstores

Hardware store

Books, cards, stationary stores

In the subsequent two years, several new businesses opened in

the BIA to address this important and growing need, including

Shoppers Drug Mart, Book Warehouse and others. The BIA continues

to support development o these important businesses to serve

residential needs.

Expenditure Area Amount

Total Expenditure per Household $67,835

Personal Taxes $15,236

Shelter $14,097

Food $7,759

Transportation $5,980

Recreation $4,485

Insurance & Pension Contributions $3,815

Health & Personal Care $2,394

Other

Clothing $3,679

Household Operation $2,522

Tobacco Products & Alcoholic Beverages $2,439Household Furnishings & Equipment $1,456

Gits o Money & Contributions $1,315

Education $1,123

Miscellaneous Expenditures $761

Reading Materials & Other Printed Matter $576

Games o Chance $197

Figure 14: Yaletown Spending Patterns

Average Household (2005 $)

cONcLusIONs

As one o the astest growing residential neighbourhoods in North

America, Yaletown oers businesses the opportunity o a relatively

afuent and educated residential base that spends a signicant

percentage o its disposable income on recreation and other non-

essential goods and services. Existing businesses suer somewhat

rom the perception o high prices and goods and services that do n

cater to the residential base. However, the BIA is also a key destinatio

shopping, dining and entertainment area within Greater Vancouver,

and is home to Vancouvers trendiest restaurants and nightlie as weas numerous destination retail boutiques.

Yaletown residents enjoy urban living with all o its conveniences, an

are younger to middle-aged, ethnically diverse, and highly educated

individuals living in small and primarily single-person households.

Commercial businesses catering to destination shoppers as well as

afuent local residents will nd a solid market base in the Yaletown

BIA.

This document proles the Yaletown neighbourhood market, ocusing primarily on populatiohousehold and spending statistics. Unless otherwise stated, statistics used in this repor tcome rom Statistics Canadas 2006 Census data, courtesy o Small Business BC. Census data iscopyrighted material and any reproduction without prior approval is prohibited. A companiodocument, Yaletown Commercial Market Prole, ocuses on key market inormation, including

zoning and development potential, as well as business and employee mix. To access this provisit www.bizmap.ca

7 Yaletown Business Improvement Association Resident Telephone Survey, CV MarketingResearch Inc, June 2003.

#003 - 1290 Homer Street Vancouver, BC T 604-683-7473

www.yaletowninfo.com


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Business Improvement Area (BIA) organizations are not-or-prot

associations that promote the shared interests o commercial property

owners and businesses located within specied geographic areas.Established by municipal bylaw, BIAs are unded through a special tax

levy that is collected by the municipality, and passed on entirely to

the individual BIA. These unds support programs such as marketing

& promotion, street enhancement, saety & security, events & estivals,

and business development. Each BIA organization is independently

managed by a Board o Directors, with autonomy or decision-making

and priority-setting.

The City o Vancouver has a ormal program to support merchants and

property owners who wish to establish a Business Improvement Area.

Presently, there are 20 BIAs within the city o Vancouver, representing

over 15,000 businesses. Many o the businesses that are represented

by BIAs are small and locally-owned.

Production o the BizMapBC commercial and neighbourhood proles

has been made possible with support rom the Vancouver Economic

Development Commission, Small Business BC, the City o Vancouver,

Western Economic Diversication Canada and the participating BIA.

The initial phase o the BizMapBC project (2005) established proles

or 9 o Vancouvers 20 BIAs and in 2007/08, commercial proles or 6

o these BIAs were updated. In 2009, the remaining 11 BIAs will receive

both commercial and residential proles.

www.bizmapbc.com

busINEss IMprOVEMENt arEas (bIas)

Cambie Village BIA (2006)1.

Chinatown BIA (2000)2.

Collingwood BIA (2001)3.

Commercial Drive BIA (2000)4.

Downtown Vancouver BIA (1990)5.

Dunbar Village BIA (2008)6.

South Hill (Fraser Street) BIA (2007)7.

Gastown BIA (1989)8.

Hastings-North BIA (2001)9.

Kerrisdale BIA (1991)10.

Kitsilano Fourth Avenue BIA (2001)11.

Marpole BIA (2000)12.

Mount Pleasant BIA (1989)13.

Point Grey Village BIA (2004)14.

Robson Street BIA (199115.

South Granville BIA (1999)16.

Strathcona Area BIA (2000)17.

Victoria Drive BIA (2004)18.

West End BIA (1999)19.

Yaletown BIA (1999)20.

partNErs:

For urther inormation, please contact the Vancouver EconomicDevelopment Commission at 604-632-9668.

www.vancouvereconomic.com

Yaletown Neighbourhood Profile Courtesy Mike Stewart Realtor

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Transcript of Yaletown Neighbourhood Profile Courtesy Mike Stewart Realtor