Despite sales trending down in June and in the Second Quarter (Q2), selling prices remained at near record highs across the North Shore.

 

In North Vancouver sales were down 12.4% from June 2016, while Q2 sales were down 15.8% from 2016. In West Vancouver sales were 12.3% below June 2016, while Q2 sales were down 26.7% from 2016. Yet ending the month, the average price of a single family house in North Vancouver was $1,683,500, while the average price in West Vancouver was $2,867,500. From June 2016 this represents a 2% increase in North Van and 9% decrease in West Van, relatively small changes despite the market underperforming in comparison to the same period last year.

 

This inconsistency between prices and number of sales may be due in part to the time of year, as the summer typically sees fewer active buyers, though possibly also the result of changing buyer sentiment. As sale prices and seller expectations have steadily grown throughout the year, we are starting to see more buyer resistance and certainly fewer multiple offers. Add into that uncertainty surrounding the provincial government, and it is reasonable to expect buyer confidence to be decreasing.

 

The brightest segment of the market remains strata properties, which for many represent an 'affordable' entry point , a lifestyle alternative to single family homes, or an investment vehicle.

 

As always, if you have any questions about our North and West Vancouver real estate market review, how it relates to your home or investment property, or implications for your next purchase, we’d be pleased to discuss with you. We can be reached at 604.983.2518.

 

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Sales, listings, and price data from the Real Estate Board of Greater Vancouver. *Days on Market and Average Sale Price are calculated as the Median amount. Medians not available for periods with less than 20 sales.