2017 Year End
Despite a strong uptick in activity for the last months of 2017, North Shore sales finished down for the second consecutive year.
In North Vancouver, total 2017 sales were off 8.6% from 2016, and down 17.7% from 2015. The largest decrease came from single family homes which saw sales down 15.6% from 2016 and 29.1% from 2015.
Total 2017 new listings were flat, down just 1% from 2016 and 2% above the 10 year average.
Prices continued to rise. The median sale price of a single family home was up 5.3%, attached (townhomes and half duplexes) up 16.6%, and with the biggest gains condos, up 28.4% from 2016.
In West Vancouver, total 2017 sales were down 32.0% from 2016, and 43.7% from 2015. Single family home sales decreased 38.7% from last year and 52.4% from 2015.
Total 2017 new listings for the year were down just 4.3% from 2016 and 3.6% above the 10 year average.
Prices were mixed. The median sale price of a single family home was down 2.8%, while strata properties saw gains with attached up 4.5%, and condos up 28.5% from 2016.
In 2018, we expect affordability concerns to continue, with lending and government policy changes likely to determine the direction of the market.
The new mortgage qualification rules that have just taken affect are predicted to reduce the buying power of borrowers and the prevailing thought is prices should soften. At the very least, the changes add uncertainty and in the short term should create inconsistencies in sales as the market adjusts.
Expectations are for interest rates to continue to rise. We anticipate short term spikes in sales around hikes as buyers take advantage of their lower pre-approved rates, though in the long term rate increases will further erode buyer affordability and have the potential to further soften the market.
Moving in 2018.
If you are considering buying, purchase with a long term outlook and anticipate there may be some volatility in the short term. Be sure to get pre-approved before you start looking so you understand how the new mortgage rules impact you.
If you are considering selling, don’t try to time the market as seasonal trends will likely be overshadowed by market wide changes or government intervention. If the time is right to sell your home or investment property, be strategic around pricing and make the best of the conditions available.
The BC Assessments are now available. Values are as of July 1st, 2017. If you have questions about your new assessment or would like sales information to support an appeal you can contact us here.
As always, if you have any questions about our North and West Vancouver real estate market review, and if we can help by providing information or assist with a purchase or sale we’d be pleased to hear from you. We have been helping clients move since 1979 and would love the opportunity to meet with you to discuss. We can be reached at 604.983.2518.
To read the Real Estate Board of Greater Vancouver's November Stats report, click here >>
DECEMBER 2017 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // DECEMBER 2017
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,707,500||1,595,000||7.1|
|Days on Market||20||21||-4.8|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // DECEMBER 2017
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||3,600,000||2,960,000||21.6|
|Days on Market||50||33||51.5|
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* Stats/Trends Source: 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