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With summer around the corner, we are taking a look at the factors at play in today’s shifting real estate market. The increased cost to borrow money, the seasonal ebbs and flows of the market, and the normalizing of real estate post-COVID, all play a part in our current market conditions.

The last interest rate increases were in 2018. In July of 2018 the Bank of Canada raised Prime from 3.45 to 3.7 and later to 3.95. As borrowing costs rose, real estate sales decreased. With the recent rise in rates, 2022 is on a similar trajectory as 2018 did for sales. Interestingly, sales numbers for the month of May in years 2018, 2019 and 2022 are similar, further demonstrating a return to pre-COVID market conditions. 


While world events sent us scrambling to adjust our lifestyles in 2020, the unpredictability of the last two years is finally, almost behind us. As such, the real estate market will return to its seasonal ebbs and flows, barring any further unforeseen world events.

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Weekly Stats - May 9 - North Van Detached Properties

Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the North Vancouver detached property market.

>> CLICK HERE TO VIEW THE LATEST SALES <<

  • Current inventory is 11% below last year, with 204 properties for sale compared to 229 during the same week in 2021. Listings numbers have not changed since last week when there were also 204 properties for sale.
  • Sales weakened this week with 17 transactions out of 204 listings, compared to 26 transactions out of 203 listings last week. Last year we saw 36 sales out of 229 properties during the same period. 
  • Of this week’s 17 sales, buyers averaged 100% of the asking price, with a median sale price of $2,128,000 and a median of 8 days-on-market. Of the properties sold, one sold for the asking price, eight sold over the asking price and eight sold under asking.
  • Our highest priced sale this week: a 3 bedroom, 2 bathroom, 2,710 sq.ft. house on Western Avenue. List price $2,650,000. Sold for $3,500,000.
  • Our lowest priced sale this week: a 4 bedroom, 2 bathroom, 1,575 sq.ft. house on Dollarton Highway. List price $1,498,000. Sold for $1,498,000.
  • Market absorption rate for North Vancouver detached listings: At the current sales rate, if there were no new listings added, it would take 2.4 months for inventory to be absorbed into the market. 
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Weekly Stats - April 26 - West Van Attached Properties

Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the West Vancouver attached property market.

>> CLICK HERE TO VIEW THE LATEST SALES <<

 

  • Current inventory is 31% below last year, with 79 properties for sale compared to 114 during the same week in 2021. Current listings are 7% higher than last week.
  • Sales remained steady this week with 5 transactions out of 79 listings, compared to 5 transactions out of 74 listings last week. Last year we saw 6 sales out of 114 properties during the same period. 
  • Of this week’s 5 sales, buyers averaged 100% of the asking price, with a median sale price of $1,495,000 and a median of 7 days-on-market. Of the properties sold, two sold for the asking price, one sold over the asking price and two sold under asking.
  • Our highest priced sale this week: a 3 bedroom, 3 bathroom, 1,472 sq.ft. condo on Bellevue Avenue. List price $2,150,000. Sold for $2,080,000.
  • Our lowest priced sale this week: a 1 bedroom, 1 bathroom, 692 sq.ft. condo on Esquimalt Avenue. List price $445,000. Sold for $445,000.
  • Market absorption rate for West Vancouver attached listings: At the current sales rate, if there were no new listings added, it would take 3.2 months for inventory to be absorbed into the market. 
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Weekly Stats - April 20 - West Vancouver Houses

Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the West Vancouver detached housing market.

>> CLICK HERE TO VIEW THE LATEST SALES <<

  • Current inventory is 9% below last year, with 366 properties for sale compared to 401 during the same week in 2021. Current listings are 6% higher than last week.
  • Sales remained steady this week with 7 transactions out of 366 listings, compared to 7 transactions out of 344 listings last week. Last year we saw 19 sales out of 401 properties during the same period. 
  • Of this week’s 7 sales, buyers averaged 96% of the asking price, with a median sale price of $2,650,000 and a median of 14 days-on-market. Of the properties sold, one sold over the asking price and six sold under asking.
  • Our highest priced sale this week: a 7 bedroom, 11 bathroom, 8,011 sq.ft. house on Mathers Avenue. List price $14,288,000. Sold for $11,800,000.
  • Our lowest priced sale this week: a 3 bedroom, 2 bathroom, 1,700 sq.ft. house on Glenross Road. List price $2,388,000. Sold for $2,200,000.
  • Market absorption rate for West Vancouver detached listings: At the current sales rate, if there were no new listings added, it would take 7.8 months for inventory to be absorbed into the market. 
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Weekly Stats - April 4 - NV condos

Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the North Vancouver condo market.

>> CLICK HERE TO VIEW THE LATEST NORTH VANCOUVER CONDO SALES <<

  • Current inventory is 46% below last year, with 66 properties for sale compared to 122 during the same week in 2021. Current listings are 20% higher than last week.
  • Sales improved this week with 5 transactions out of 66 listings, compared to 1 transactions out of 55 listings last week. Last year we saw 3 sales out of 122 properties during the same period. 
  • Of this week’s 5 sales, buyers averaged 97% of the asking price, with a median sale price of $1,675,000 and a median of 10 days-on-market. Of the properties sold, one sold over the asking price and four sold under asking.
  • Our highest priced sale this week: a 3 bedroom, 4 bathroom, 3,773 sq.ft. townhouse on Highview Place. List price $3,999,000. Sold for $3,868,000.
  • Our lowest priced sale this week: a 3 bedroom, 3 bathroom, 1,574 sq.ft. townhouse on Keith Road. List price $1,180,000. Sold for $1,250,000.
  • Market absorption rate for West Vancouver attached listings: At the current sales rate, if there were no new listings added, it would take 2.5 months for inventory to be absorbed into the market. 
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Weekly Stats - March 9 - NV detached properties

Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the North Vancouver detached housing market.

>> CLICK HERE TO VIEW THE LATEST NORTH VANCOUVER DETACHED HOUSE SALES <<



The details: 

  • Current inventory is 3% above last year, with 149 properties for sale compared to 145 during the same week in 2020. Current listings are 6% higher than last week.
  • Sales improved this week with 29 transactions out of 149 listings, compared to 20 transactions out of 140 listings last week. Last year we saw 40 sales out of 145 properties during the same period. 
  • Of this week’s 29 sales, buyers averaged 107% of the asking price, with a median sale price of $2,242,500 and a median of 7 days-on-market. Of the properties sold, two sold for the asking price, 24 sold over the asking price and three sold under asking.
  • Our highest priced sale this week: a 6 bedroom, 5 bathroom, 4,707 sq.ft. house on Newdale Court. List price $4,698,000. Sold for $4,500,000.
  • Our lowest priced sale this week: a 3 bedroom, 3 bathroom, 1,621 sq.ft. house on East Keith Road. List price $1,775,000. Sold for $1,819,000.
  • Market absorption rate for North Vancouver detached listings: At the current sales rate, if there were no new listings added, it would take 1.6 months for inventory to be absorbed into the market. 


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Weekly Stats - Feb 22 - WV attached properties


Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the West Vancouver attached housing market.

>> CLICK HERE TO VIEW THE LATEST WEST VANCOUVER ATTACHED HOUSE SALES <<



The details: 

  • Current inventory is 59% below last year, with 52 properties for sale compared to 127 during the same week in 2020. Current listings are 2% lower than last week.
  • Sales improved this week with 9 transactions out of 52 listings, compared to 7 transactions out of 53 listings last week. Last year we saw 2 sales out of 127 properties during the same period. 
  • Of this week’s 9 sales, buyers averaged 96% of the asking price, with a median sale price of $1,150,000 and a median of 10 days-on-market. Of the properties sold, one sold for the asking price, two sold over the asking price and six sold under asking.
  • Our highest priced sale this week: a 4 bedroom, 4 bathroom, 2,903 sq.ft. 1/2 duplex on Burfield Place. List price $3,980,000. Sold for $3,820,000.
  • Our lowest priced sale this week: a 1 bedroom, 1 bathroom, 557 sq.ft. condo on Bellevue Avenue. List price $569,000. Sold for $560,000.
  • Market absorption rate for West Vancouver attached listings: At the current sales rate, if there were no new listings added, it would take 1.9 months for inventory to be absorbed into the market.
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Weekly Stats - Feb 14 - WV Detached Homes

Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the West Vancouver detached housing market.

>> CLICK HERE TO VIEW THE LATEST WEST VANCOUVER DETACHED HOUSE SALES <<

The details: 
  • Current inventory is 2% below last year, with 310 properties for sale compared to 315 during the same week in 2020. Current listings are 7% higher than last week.
  • Sales improved this week with 15 transactions out of 310 listings, compared to 9 transactions out of 291 listings last week. Last year we saw 19 sales out of 315 properties during the same period. 
  • Of this week’s 15 sales, buyers averaged 96% of the asking price, with a median sale price of $2,775,000 and a median of 12 days-on-market. Of the properties sold, one sold for the asking price, three sold over the asking price and 11 sold under asking.
  • Our highest priced sale this week: a 5 bedroom, 7 bathroom, 8,023 sq.ft. house on Eyremount Drive. List price $6,388,000. Sold for $5,650,000.
  • Our lowest priced sale this week: a 3 bedroom, 2 bathroom, 2,720 sq.ft. house on Mathers Avenue. List price $1,998,000. Sold for $2,085,000.
  • Market absorption rate for West Vancouver detached listings: At the current sales rate, if there were no new listings added, it would take 5.5 months for inventory to be absorbed into the market.
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Weekly Stats - Jan 31 - NV Townhouses

Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the North Vancouver townhouse market.

>> CLICK HERE TO VIEW THE LATEST NORTH VANCOUVER TOWNHOUSE SALES <<


The details: 

  • Current inventory is 46% below last year, with 42 properties for sale compared to 78 during the same week in 2020. Current listings are 31% lower than last week.
  • Sales weakened this week with 6 transactions out of 42 listings, compared to 8 transactions out of 32 listings last week. Last year we saw 10 sales out of 78 properties during the same period. 
  • Of this week’s 6 sales, buyers averaged 100% of the asking price, with a median sale price of $1,475,750 and a median of 7 days-on-market. Of the properties sold, two sold for the asking price, three sold over the asking price and one sold under asking.
  • Our highest priced sale this week: a 3 bedroom, 4 bathroom, 3,177 sq.ft. townhouse on Edgemont Boulevard. List price $2,200,000. Sold for $2,200,000.
  • Our lowest priced sale this week: a 2 bedroom, 3 bathroom, 1,114 sq.ft. townhouse on East Esplanade. List price $1,099,000. Sold for $1,110,000.
  • Market absorption rate for North Vancouver townhouse listings: At the current sales rate, if there were no new listings added, it would take 0.8 months for inventory to be absorbed into the market.
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Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the North Vancouver condo market.


The details:

  • Current inventory is 47% below last year, with 132 properties for sale compared to 248 during the same week in 2020. Current listings are 21% higher than last week.
  • Sales weakened this week with 17 transactions out of 132 listings, compared to 22 transactions out of 109 listings last week. Last year we saw 30 sales out of 248 properties during the same period.
  • Of this week’s 17 sales, buyers averaged 100% of the asking price, with a median sale price of $745,000 and a median of 7 days-on-market. Of the properties sold, two sold for the asking price, seven sold over the asking price and eight sold under asking.
  • Our highest priced sale this week: a 2 bedroom, 2 bathroom, 1,315 sq.ft. condo on Hunter Street. List price $1,739,900. Sold for $1,739,900.
  • Our lowest priced sale this week: a 2 bedroom, 1 bathroom, 895 sq.ft. condo on West 20th Street. List price $465,000. Sold for $477,000.
  • Market absorption rate for North Vancouver condo listings: At the current sales rate, if there were no new listings added, it would take 0.9 months for inventory to be absorbed into the market.


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Each week we post the latest stats for one of our specialty areas. This week, we're focusing on the North Vancouver Detached housing market.


Further details to our infographic are here:

  • Current inventory is 35% below last year, with 80 properties for sale compared to 123 during the same week in 2020. Current listings are 4% higher than last week.
  • Sales remained steady this week with 6 transactions out of 80 listings, compared to 6 transactions out of 77 listings last week. Last year we saw 9 sales out of 123 properties during the same period. 
  • Of this week’s 6 sales, buyers averaged 98% of the asking price, with a median sale price of $2,171,500 and a median of 13 days-on-market. Of the properties sold, one sold for the asking price, two sold over the asking price and three sold under asking.
  • Our highest priced sale this week: a 6 bedroom, 5 bathroom, 3,313 sq.ft. house on Dempsey Road. List price $2,199,000. Sold for $2,350,000.
  • Our lowest priced sale this week: a 3,546 sq.ft. house (land value) on Cliffmont Road. List price $1,449,000. Sold for $1,450,000.
  • Market absorption rate for North Vancouver detached listings: At the current sales rate, if there were no new listings added, it would take 0.8 months for inventory to be absorbed into the market.
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