January 2021

Feb. 2, 2021

The North and West Vancouver housing market saw a continuation of strong demand and limited supply for the first month of the New Year.

In North Vancouver, reported sales increased 80.0 per cent from Jan 2020 and were 42.9 per cent above the 10-year January average.

At the same time, new listings were down 9.3 per cent from a year earlier, ending the month with 452 homes for sale (down 25.5 per cent from Jan 2020 and 27.5 per cent below the 10-year January average).

For all property types, the January 2021 sales-to-active listing ratio was 39.8 per cent.

By property type, the January ratios were: 32.4 per cent for detached houses, 53.7 per cent for townhomes, and 40.2 per cent for  apartments.

By price range, the ratios were 43.9 per cent under $750,000, 47.7 per cent $750k to $1M, 50.0 per cent $1M - $1.5M, 32.9 per cent $1. 5M - $2M, 21.9 per cent $2M - $2.5M, 35.3 per cent $2.5M - $3M, and 18.4 per cent over $3M.

The MLS® Home Price Index (HPI) composite benchmark price of a house in North Vancouver was $1,722,300 (up 12.0 per cent from January 2020). The MLS® HPI price of a condo in North Vancouver was $591,400 (up 5.9 per cent from January 2020). The MLS® HPI price of a townhome in North Vancouver was $1,020,700 (up 7.6 per cent from January 2020).

In West Vancouver, reported sales increased 55.5 per cent from Jan 2020, although were 10.2 per cent below the 10-year January average.

New listings increased 7.5 per cent from a year earlier, ending the month with 465 homes for sale (down 12.9 per cent from Jan 2020 and 13.8 per cent below the 10-year January average).

For all property types, the January sales-to-active listings ratio was 9.7 per cent.

By property type, the January 2021 sales-to-active listing ratios were: 8.5 per cent for  detached houses, 18.2 per cent for townhomes, and 12.1 per cent for apartments.

By price range, the ratios were 20.0 per cent under $1M, 14.1 per cent $1M - $2M, 12.2 per cent $2M - $3M, 9.5 per cent $3M - $4M, 3.6 per cent $4M-$5M, and 6.0 per cent over $5M.

The MLS® Home Price Index (HPI) composite benchmark price of a house in West Vancouver was $2,906,700 (up 13.3 per cent from January 2020). The MLS® HPI price of a condo in West Vancouver was $1,072,900 (up 7.7 per cent from January 2020).

The Market. Well priced homes are generating intense interest, in some cases with 50-100 showings, numerous pre-inspections, and often multiple, subject free offers. This competition among buyers is fueling upward pressure on values, pushing sale prices to new recent highs.

That said, it’s important to note that this feverish demand is not consistent market wide, as shifting housing needs brought on by the pandemic has concentrated interest in townhomes and entry level houses (plus houses with suites).

It is likely, in time, that the market will start to balance as more listings come on and some buyers, either through fatigue or being priced out, remove themselves from looking.

Until then, if you are thinking of selling, either to leave the area, move up or down market, or if you have an underperforming investment property, now is a great time to take advantage of the demand.

If you plan to buy, our team has experience in fast moving markets like these and we would be pleased to assist you on how best to navigate the competition.

As always, we can be reached at 604.983.2518 or by completing the form on this page

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 >>

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Past Listing & Sales STATS | January 2021

North Vancouver 

West Vancouver 

**Note: Median sale prices not reported when there are less than 20 sales [West Van condo sales: Jan 2021: 11 - Jan 2020: 6] -- [West Van Townhome sales: Jan 2021: 4 - Jan 2020: 2]