2015 brought record sales activity to the North Shore.
2015 brought record sales activity to the North Shore.
Sales in North Vancouver were up 31% from 2014, the third consecutive year of increased sales activity, and finished 22% above the 10 year sales average. New Listings for the year remained relatively unchanged, down less than 1% from 2014, suggesting that the increase in sales was due largely to an influx of buyers; either first timers, investors, builders, or out of area buyers. As sales outpaced supply, prices increased sharply, with the strongest segment, single family homes, seeing a 22% increase, ending 2015 with a median sale price of $1,331,000.
West Vancouver sales were up 28% for the year, a substantial jump from 2014 which saw only a 6% rise from 2013. New listings for the year increased 11%, while 54% of those listings sold, a modest increase from the 48% seen last year. Single family homes saw a median sale price of $2.5m for the year, up nearly 20% from 2014’s $2.1m.
Moving forward in 2016, our expectations are for a continued strong market driven largely by demand for single family homes, land, and new strata titled properties; with resale strata homes continuing to underperform, due in part to the abundance of new construction. Marginally higher interest rates, larger minimum down payment requirements, equity market volatility, and a general lack of affordability all should have a bearing on the market, and over the long term should have a dampening effect, with an eventual leveling out of sales and prices.
As is common for this time of year, there is currently a lack of inventory with total listings 63% below the 2015 average. If you are considering a move in 2016 now is an opportune time.
If you have any questions about the market, questions about your new assessed value or know anyone who would like to receive our market updates, please let us know.
Wishing you and yours all the best for a terrific New Year!
To read the Real Estate Board of Greater Vancouver's stats report, click here.