In April the North Shore real estate market witnessed a surge in new listings, with 886 properties available for sale. This represents the highest amount of available inventory in this area since May 2021, a welcome respite for buyers who have long grappled with inventory scarcity in the preceding years.
April saw 318 transactions across the North Shore. Notably, this represents the highest level of sales activity we have seen this year, and the highest number of sales since June of 2023. Against this backdrop, the average sales price for the month was $1,482,830 in North Van and $2,889,564 in West Van, down 0.8% and 3.1% respectively when compared to 2023.
Looking at the bar chart above you can see that every market area shows a significant rise in listings while sales have stalled. Note how close the “New Listings” and “Total Listing” numbers in North Vancouver are. The the market will correct itself and prices will have to come down to engage buyers.
CAPITAL GAINS TAX
If you own recreational, investment, or other secondary property and are considering selling or passing the property to your children, you should consider doing so prior to the proposed changes to capital gains which come into effect June 25th.
The 2024 budget proposes to raise the inclusion rate for capital gains to 66.7% for gains exceeding $250,000 that are realized on the sale of secondary properties. The inclusion rate of 50% remains unchanged for gains of less than $250,000. Title must transfer prior to the June 25th deadline to avoid exposure to the new tax rates.
Not to worry if you are thinking of selling your principle residence, as these properties remain exempt from capital gains.
If you have questions about the changes coming and how it may affect you, contact us soon. The June 25th deadline is just around the corner.
It continues to be an active year. Contact me today to get started!
-Dan Pigott
604-862-4124 | dan@pigottproperties.com
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.