The North Shore market continued to soften through July as listing inventories were up and demand down.
Generally the Summer is a quieter time and that seems particularly true this year, as many buyers and sellers are lacking urgency and taking a wait-and-see approach.
In North Vancouver, the absorption rate (sales-to-active listings) continued to trend down, finishing July at 18.9 per cent. By property type, the July ratios were: 11.4 per cent for detached homes, 20.0 per cent for townhomes, and 33.3 per cent for apartments. This is the first month that detached houses have dipped to ‘Buyer’s Market’ levels (Buyer’s market is generally defined when this ratio is below 20 per cent)
In West Vancouver, the July sales-to-active listings ratio for all property types was 7.6 per cent. By type, the July ratios were: 5.4 per cent for detached homes, 13.3 per cent for townhomes, and 18.4 per cent for apartments.
August 1st marked the two year anniversary of the introduction of the first Foreign Buyer Tax and this, along with increased mortgage rates, stricter lending requirements, and additional taxes are truly having an impact.
North Vancouver and West Vancouver total sales were down 35 per cent and 47 per cent respectively from July 2016 (the last month without the tax). In North Vancouver, July 2018 sales were 27.5 per cent below the 10 year average for the month, and reached their lowest level for July since the year 2010. In West Vancouver, July 2018 sales were 31.5 per cent below the 10 year average for the month, and reached their lowest level for July since the year 2008.
What we are Seeing.
In general the market remains inconsistent with a disconnect between most buyers and sellers. Although there are still a few quick sales, the majority of properties are taking longer to sell and in many cases requiring price adjustments or are being removed from the market.
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 can be reached at 604.983.2518.
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JULY 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // July 2018
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,594,000||1,800,000||-11.4|
|Days on Market||21||9||133.3|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // July 2018
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,470,000||2,775,000||-11.0|
|Days on Market||45||33||36.4|
From the Real Estate Board of Greater Vancouver:
Note: Sales, listings, and price stats are from the Real Estate Board of Greater Vancouver as of the date published. Historical Days on Market and Average Sale Price are calculated as the Medians. Medians not available for periods with less than 20 sales.