2019 Year End
North and West Vancouver sales increased year-over-year for the first time in 4 years, led by a strong second half.
In North Vancouver, there were 2,170 sales reported for the year, 9.6 per cent above total 2018 sales. This was led by a strong second half, which saw sales increase 45 per cent over the second half of 2018, compared to first half sales down 15.3 per cent. Despite this, sales for the year finished 13.3 per cent below the 10 year average.
For the year, the median sale price of a single-family home was down 7.6 per cent to $1,550,000, the median sale price of a condo was down 5.3 per cent to $620,000, and the median sale price of an attached home (townhomes and half duplexes) was down 1.0 per cent to $985,000.
In West Vancouver, there were 596 sales reported for the year, 9.2 per cent above total 2018 sales. This was also led by a strong second half, which saw 35 per cent more sales than the second half of 2018, compared to a first half that saw sales down 12.5 per cent. Despite this, sales for the year finished well below the 10 year average, off 43.9 per cent.
For the year, the median sale price of a single family home was down 14.2 per cent to $2,400,000, the median sale price of a condo was down 15.0 per cent to $990,000, and the only segment to see gains was attached homes (townhomes and half duplexes), with a median sale price up 9.6 per cent to $1,735,500.
Recap. The factors that depressed the market in 2018 continued to weigh on sales through the first half of 2019. These included tougher mortgage qualification rules, interest rate uncertainty, an increase in the transfer tax and foreign buyer tax, the introduction of a speculation tax, and changes to the Residential Tenancy Act favouring tenants.
As is often the case, the market took time to adjust to these outside influences and for buyers and sellers to reset their expectations. Although these factors continue to influence the market, prices are now more reflective of these additional costs and added uncertainty.
Sales stats revisited. Despite the positive trend over the second half of the year, overall sales remain well below record highs. For perspective, compared to 2015, sales in North and West Vancouver were down 35 per cent and 57 per cent respectively. (2015 North Van sales: 3,339 | 2015 West Van sales: 1,387)
The takeaway? Although an increase in sales is positive, it does not indicate that values will automatically be back to double digit increases. Those were extraordinary markets. After three years of year-over-year decreasing sales, the market is now normalizing.
Search all North Shore Sales. As a reminder, you can now search all the North and West Vancouver sales that made up the stats in this report with access to all sold data (including listed and sale prices, days on market, and more). Get started at the links below:
North Vancouver Sales >> | West Vancouver Sales >>
The 2020 BC Assessments are now available with values as of July 1st, 2019. Prices softened since the 2019 assessments were set, and so many sales last year were occurring under assessed value. From our clients we’ve spoken to so far, their property values have decreased, and are likely a closer reflection of today’s market value. 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 please contact us here.
As always, if you have any questions about our North and West Vancouver real estate market review, or need assistance with a move or purchase, we’d be pleased to hear from you. This year will mark our 41st year in real estate and we would love to put our experience to work for you. We can be reached at the form on this page or by calling 604.983.2518.
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Past Listing & Sales STATS | December 2019
North Vancouver Real Estate Market Trends | December 2019
|Dec - 19||Dec - 18||% Change|
|Sale Price/Original LP||96.7%||94.6%||+2.2|
|Days on Market||34||35||-2.9|
|Med. Sale Price-Condo||$679,000||$620,000||+9.5|
|Med. Sale Price-Townhome||$990,000||$967,500||+2.3|
|Med. Sale Price-House||$1,620,000||$1,731,000||-6.4|
West Vancouver Real Estate Market Stats | December 2019
|Dec - 19||Dec - 18||% Change|
|Sale Price/Original LP||91.8%||88.3%||+4.0|
|Days on Market||59||47||+25.5|
|Med. Sale Price-Condo||-- *||--||--|
|Med. Sale Price-Townhome||-- *||--||--|
|Med. Sale Price-House||$2,400,000||$2,695,000||-10.9|
*Note: Median sale prices not reported when less than 20 sales - West Van condo sales: 11 | West Van Townhome Sales: 5