Spotlight: 5 New North Shore Apartment Listings
The apartment market across the North Shore (and Greater Vancouver) continues to feel the strain of an increase in demand that is not being met by active supply. Surprisingly, we're not truly experiencing a massive glut in new listings; year-over-year total listings for June 2017 are down 21.3%, but is only trending 14.5% lower than the 10-year trend (June 10-year average of 157 vs. 137 in 2017). This, in itself, is not the reason for ballooning prices in the market.
The largest component seems to be demand, as affordability, down-sizers, and income investors have flooded the market. With rental demand and rental prices at current levels, the influx of investment capital into the market should come as no surprise. Median sale prices increased 21.1% in North Vancouver (YOY) and 14.4% in West Vancouver (YOY). While the turnover rate (sales to actives ration) is only 36.4% in West Vancouver, it is a whopping 124.5% in North Vancouver - meaning for every new home that came on the market in June, 1.25 homes sold... now that will drive sale prices up.
This week saw only 29 new apartments listings come to market (25 NV/4 WV), for an active total inventory of 160 units (107 NV/53 WV).
If you're considering a move or purchase, staying informed and up to date is key right now - let us help you by reaching out to us below:
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Check out our pick of 5 new North Shore apartments below.
The First Time Home Buyer
If you're a first time home buyer and affordability is key, this Lower Lonsdale apartment might be a great fit. The 1-bed/1-bath is located in a convenient 3rd Street location, and features city views with tasteful updates including engineered hard wood floors and a kithcen with silestone countertops and stainless steel appliances. Move in ready!
208-310 West 3rd Street, Lower Lonsdale, North Vancouver
1 Bed / 1 Bath, 715 sq/ft / Listed at $369,000 // Learn more here >>
The Young Family
This unit is the best priced 2-bed/2-bath home to come to market this week, and is in a pretty stellar location on Lower Lonsdale. And it's big, at 944 sq/ft with a good sized balcony and peek-a-boo views.
201-444 Lonsdale Avenue, Lower Lonsdale, North Vancouver
2 Bed / 2 Bath, 944 sq/ft / Listed at $528,000 // Learn more here >>
The Downsizer
Mountain Terrace located on Ostler Court in Indian River is a peacfeul tucked away sanctuary offering spacious units with large outdoor spaces. It fits the bill if you're looking to bring large furniture items - it is also a concrete build so you'll maintain your peace and quiet!
703-1500 Ostler Court, Indian River, North Vancouver
2 Bed / 2 Bath, 1,302 sq/ft / Listed at $618,000 // Learn more here >>
The Investor
I've always been a fan of Ravenswood for investors - the capital outlay is at a discount to the market, the developments are well maintained, and there are no rental restrictions.
416-3606 Aldercrest Drive, Roche Point, North Vancouver
1 Bed / 1 Bath, 734 sq/ft / Listed at $459,900 // Learn more here >>
The Cream
Pretty easy to see how this comes in at the top. The most expensive listing of the week is a 2,401 sq/ft luxury listing at Amblesides Citizen building, built to LEED Gold standards. This penthouse unit is finely finished, with hardwood floors, high-end kitchen appliances, and radiant floor heating in the bathrooms. The bonuses? Air conditioning, massive walk-in-closet, house sized laundry room, and massive private roof-top deck. Come and get it.
301-522 15th Street, Ambleside, West Vancouver
2 Bed / 2 Bath, 1,5283 sq/ft / Listed at $1,169,000 // Learn more here >>
Listing Offices: 1. Royal LePage Sussex / 2. Royal LePage Sussex / 3. Re/Max Crest Realty / 4. Macdonald Realty / 5. Re/Max Masters Realty
* Title Picture: Re/Max Masters Realty | 301-522 15th Street, Ambleside, West Vancouver
Interested in any of the apartments above, or needing help in your home search in North or West Vancouver? Contact us via the form below and we'd love to help!
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