For the second time in two years, Karen Nicolay and her family find themselves in search of a home.
A year-and-a-half ago, Nicolay, her husband Nigel Pike and their two high school-aged sons had to move because the townhouse they were renting for the past seven years had been sold. Now, the modest 1950 house they鈥檝e been renting on West 49th has been snapped up as part of a land assembly. Nicolay learned the purchase price was a breath-taking $6 million for the property, which B.C. Assessment valued at $3,629,800 last July.
Nicolay and Pike are co-owners of the family-run Cascade Company, which owns and operates Main Street restaurants the Cascade Room, the Union and El Camino鈥檚. Pike is also a co-owner of Main Street Brewing Co. So it鈥檚 particularly sobering to consider that a couple who are part of three successful restaurants, with a share in a brewery and deep roots in the community can鈥檛 even get a secure foothold in Vancouver鈥檚 out- of-control housing market.
鈥淲e rented this house thinking it was great,鈥� Nicolay told the Courier. 鈥淭he owners of the house, a brother and sister 鈥� it was their parents鈥� house since the 1950s 鈥� had no interest in selling it. We figured we鈥檇 have a few years, while we figured out what we were doing as well. So we felt fairly secure coming into it.鈥�
But Nicolay started to suspect their days were numbered a few months ago when the two houses beside them sold and men driving Land Rovers and Mercedes began 鈥渟niffing around鈥� one day.
鈥淎nd I was like, 鈥楬mm, I鈥檓 not digging that.鈥�"
Nicolay says she doesn鈥檛 begrudge her landlords for selling 鈥� the house next door sold for $6 million, afterall 鈥� but she does worry about the tenuous state of housing in the city.
鈥淥bviously it鈥檚 super upsetting for us. This is one house we鈥檝e really loved. But I get it 鈥� I understand completely. But it鈥檚 just outrageous. What bothers me is what happens to the next generation... Yeah it鈥檚 a pain in the ass because we have to move, but I worry about the next time and the time after that. I worry about the family down the street.鈥�
Situated across from Langara College and near the Cambie corridor, Nicolay鈥檚 single-family home is red meat for developers, same goes for the 1944-built house next door swept up in the same land assembly. But what鈥檚 more alarming, says Nicolay, is the other house that鈥檚 part of the three-house package was only built in 2010 and has an assessed value of $4,268,000.
鈥淚 understand we鈥檙e on a great bus route and we鈥檙e right across from the college鈥� I just think it鈥檚 very unfair and unnecessary to continue to put up these condo developments that aren鈥檛 even going to be accessible to the average person.鈥�
She added, 鈥淚 wouldn鈥檛 be surprised if they have their eye on the whole block. There鈥檚 a sweet old 90-year-old woman down the block and I want to make sure she knows how much these people are getting to make sure she gets her money鈥檚 worth.鈥�
In the meantime, Nicolay and family have a year to find new digs. And although she鈥檚 noticed a number of rental homes in nearby neighbourhoods, Nicolay is hesitant.
鈥淭his isn鈥檛 my dream neighbourhood by any stretch, but there are nice little homes and you can see that their days are numbered. Anything in the Oakridge area? Forget it, it鈥檚 going to go鈥� They鈥檙e just offering more and more money.鈥�
This story has been revised since first published.
