2018 Year End
For the third consecutive year, total sales in North and West Vancouver declined year-over-year.
In North Vancouver, there were 1980 sales reported for the year, 27.9 per cent below total 2017 sales. This is 20.5 per cent below the 10-year sales average and 40.7 per cent below the sales peak set in 2015.
Total 2018 new listings were up 3.4 per cent from 2017 and 4% above the 10-year average.
For the year, the median sale price of a single family home was down 2.8 per cent to $1,675,000, the median attached price (townhomes and half duplexes) was down 2.5 per cent to $995,000, and the only segment to see gains was condos, with a median price up 6.5 per cent to $655,000.
In West Vancouver, there were 547 sales reported for the year, 29.7 per cent below total 2017 sales. This is 46.3 per cent below the 10-year sales average and 59.7 per cent below the sales peak set in 2015.
Total 2018 new listings were up 2.1 per cent from 2017 and 4% above the 10-year average.
For the year, the median sale price of a single family home was down 10.0 per cent to $2,800,000, the median attached price (townhomes and half duplexes) was down 8.2 per cent to $1,584,000, while the median price of condos was up 10.5 per cent to $1,165,000.
Recap. A lot of factors influenced the 2018 market including tougher mortgage qualifications, rising interest rates, an increase in the transfer tax and foreign buyer tax, the introduction of a speculation tax, and changes to the Residential Tenancy Act. All these added to lower buyer confidence and decreased purchasing power, so it’s no surprise sales suffered as a result. The hardest hit segment was the high-end market and single-family homes, though all price ranges and property types were affected.
Where will the market go in 2019? The market continues to adjust to these changes, and in the short term, we anticipate a similar market with inconsistent sales. In the long term, the lasting catalyst to reverse a softening market is lower prices. Although prices have declined in certain segments, before the market stabilizes it will need to adjust consistently across all price ranges and types.
The BC Assessments are now available with values assessed as of July 1st, 2018. Although we’ve seen a softening of the market, most of the price adjustments occurred in the later half of the year and would not be reflected in assessed values. If you have questions about your new assessment, would like to know if it is fair value for today’s market, or would like sales information to support an appeal you can contact us here.
As always, if you have any questions about our North and West Vancouver real estate market review, and if we can help with a move we’d be pleased to hear from you. We are entering our 40th year in real estate and would love the opportunity to put our experience to work for you. We can be reached at 604.983.2518.
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DECEMBER 2018 STATS
NORTH VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // DECEMBER 2018
|North Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||1,731,000||1,700,000||1.8|
|Days on Market||35||20||75.0|
WEST VANCOUVER REAL ESTATE MARKET
STATS + TRENDS // DECEMBER 2018
|West Vancouver Listings and Sales Stats|
|Average Sale Price [SF] ($)||2,890,000||3,500,000||-17.4|
|Days on Market||52||50||4.0|
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.