The North and West Vancouver housing market saw continued declines in activity through April as the Covid-19 pandemic took a priority.
In North Vancouver, total reported sales were down 35.8 percent from April 2019, and 59.8 per cent below the 10-year April average.
New listings were down 56.6 per cent from last April, while total listings were down 42.4 percent from the same time, ending the month at 619 homes for sale (26.6 per cent below the 10-year April average).
The MLS® HPI price of a house in North Vancouver was $1,545,100 (up 2.2 per cent from April 2019). The MLS® HPI price of a condo in North Vancouver was $572,500 (up 1.6 per cent from April 2019). The MLS® HPI price of a townhome in North Vancouver was $986,100 (up 4.1 per cent from April 2019).
For all property types, the April sales-to-active listing ratio was 15.3 per cent (this is up 10.9 per cent from April 2019, but is nearly half last month’s 30.0 absorption rate).
By property type, the April 2020 sales-to-active listing ratios were: 14.3 per cent for detached houses, 8.9 per cent for townhomes, and 17.8 per cent for apartments.
By price range, the ratios were 26.8 per cent under $750,000, 15.3 per cent $750k to $1.5 M, 14.5 percent $1.5 M - $2.5 M, and 5.3 per cent over $2.5M.
In West Vancouver, total reported sales were down 40.4 percent from April 2019, and 71.4 percent below the 10-year April average.
New listings were down 63.5 per cent from last April, while total listings were down 33.7 percent from the same time, ending the month at 492 homes for sale (23.0 per cent below the 10-year April average).
The MLS® HPI price of a house in West Vancouver was $2,570,900 (down 0.4 per cent from April 2019). The MLS® HPI price of a condo in West Vancouver was $572,500 (down 7.0 per cent from April 2019).
For all property types, the April sales-to-active listings ratio was 5.7 per cent (this is nearly half of last month’s 10.5 absorption rate).
By property type, the April 2020 sales-to-active listing ratios were: 5.8 per cent for detached houses, 4.3 per cent for townhomes, and 6.1 per cent for apartments.
By price range, the ratios were 8.4 per cent under $2M, 8.5 per cent $2M - $3M, 7.0 per cent $3M - $4M, 5.3 per cent $4M-$5M, and n/a over $5M (there were 0 sales to 128 listings over $5M).
Sales. 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 >>
Our Sense of the Market. Despite the significant drops in listings and sales last month, in certain segments and price ranges demand remains strong. Specifically, over the last few weeks we’ve had an increase in agent showings and had a number of homes receive multiple offers. No doubt this is helped by a general lack of listings for this time of year, but nonetheless positive that there is potentially pent up demand. That said, segments that rely on foreign investment or seniors appear to be receiving the least interest and may see adjustments the longer the outbreak lasts.
Looking at real estate during Covid-19. Our industry has adapted to social distancing guidelines and as a result altered how we facilitate showings. Most agents, ourselves included, require a waiver to be signed confirming all parties are healthy and will follow terms of entry. As well, it is now common practice for listing realtors to require all parties through to be pre-qualified for financing, and if they're not, agents and owners are reserving the right to decline access. Although this is new for many buyers who were used to casually looking, it's a necessary change to help serve clients in a responsible way. If, in the coming months, buying a home is in your plans, as a first step, talk to a mortgage broker and an agent about the process and what’s involved during Covid (we’d be pleased to hear from you if we can help).
As always, if you have questions or concerns about the market or the value of your home, we would be pleased to hear from you. We can be reached at the form on this page or at 604.983.2518.
- From our family to yours, please stay strong & be safe.
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Past Listing & Sales STATS | April 2020
|April - 20||April - 19||% Chg|
|New Listings||219||505||- 56.6|
|Total Listings||619||1,075||- 42.4|
|Sales/Listings Ratio||15.3%||13.8%||+ 10.9|
|SP/Original LP||96.5%||96.4%||+ 0.1|
|Days on Market||11||15||- 26.7|
|Median Sale Price|
*Note: Median sale prices not reported when there are less than 20 sales [North Van Townhome Sales: April 2020: 8 - April 2019: 29]
|April - 20||April - 19||% Chg|
|New Listings||88||241||- 63.5|
|Total Listings||492||742||- 33.7|
|Sales/Listings Ratio||5.7%||6.3%||- 9.5|
|SP/Original LP||90.5%||88.1%||+ 2.7|
|Days on Market||28||43||- 34.9|
|Median Sale Price|
**Note: Median sale prices not reported when there are less than 20 sales [West Van condo sales: April 2020: 6 - April 2019: 8] -- [West Van Townhome sales: April 2020: 1 - April 2019: 0]