Sales across the North Shore improved from October while remaining well below the pace set this time last year.

 

In general, activity has remained strong for condos, townhomes and the lower end of the market; and has been considerably softer for highend homes. Land value sales have diminished with far fewer builders feeling confident enough in the market to take on the risk of building on speculation. This is resulting in a transitioning market, with many buyers sitting on the sidelines until a clearer picture emerges on what direction the market will take.

 

In North Vancouver, 177 properties sold during November, down 35% from Nov 2015, yet up 5.9% from October 2016. In West Vancouver, there were 43 sales reported for the month, down 59% from Nov 2015, yet up 13% from October.

 

As is common for this time of year, the pace of new listings continued to slow, as many sellers are now looking to the New Year to come to market (new listings were down 31% and 25% in North and West Vancouver from October 2016). This combined with the slight uptick in sales has brought some much needed balance. It will remain to be seen if this balance continues through December and into the 2017 market, or if it is largely seasonal.

 

If you are considering a move in the New Year, now is the perfect time to start planning. Our team of agents are here to help with expert market knowledge and exceptional service.

 

To read the entire Real Estate Board of Greater Vancouver's stats report, click here.