February 2021

March 3, 2021

Strong demand and limited supply continued to define the North Shore market through February.

In North Vancouver, reported sales increased 53.7 per cent from Feb 2020 and were 43.0 per cent above the 10-year February average.

Despite the strong demand, new listings only rose 16.4 per cent from a year earlier, ending the month with 470 homes for sale  (down 29.3 per cent from Feb 2020 and 32.8 per cent below the 10-year February average).

For all property types, the February 2021 sales-to-active listing ratio was 67.0 per cent – the highest absorption rate on record since 2016.

By property type, the February ratios were: 54.0 per cent for detached houses, 97.4 per cent for townhomes, and 64.4 per cent for  apartments.

By price range, the ratios were:

The MLS® Home Price Index (HPI) composite benchmark price of a house in North Vancouver was $1,783,200 (up 15.3 per cent from February 2020). The MLS® HPI price of a condo in North Vancouver was $600,000 (up 4.5 per cent from February 2020). The MLS® HPI price of a townhome in North Vancouver was $1,036,300 (up 9.4 per cent from February 2020).

In West Vancouver, reported sales increased 88.9 per cent from Feb 2020 and were 23.0 per cent above the 10-year February average.

New listings increased 13.5 per cent from a year earlier, ending the month with 456 homes for sale (down 16.0 per cent from Feb 2020 and 22.2 per cent below the 10-year February average).

For all property types, the February sales-to-active listings ratio was 22.4 per cent – also the highest absorption rate on record since 2016.

By property type, the February 2021 sales-to-active listing ratios were: 23.6 per cent for  detached houses, 19.0 per cent for townhomes, and 15.1 per cent for apartments.

By price range, the ratios were:

The MLS® Home Price Index (HPI) composite benchmark price of a house in West Vancouver was $2,972,400 (up 16.8 per cent from February 2020). The MLS® HPI price of a condo in West Vancouver was $1,114,800 (up 9.9 per cent from February 2020).
 

Sales. Search all the North and West Vancouver sales 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 Market.

Competition among buyers, far outpacing the supply of listings, is putting upward pressure on pricing, pushing values to new near term record highs.

Many sellers and listing agents are strategically under pricing their homes with the goal of realizing extraordinary sales. As we get closer to the spring market, with additional sales setting new benchmarks for pricing and increased listings, it is likely we will see less of this.

Until then, if you are thinking of selling, be aware that conditions differ depending on location and property type. For some sellers, pricing low for multiple offers may be an appropriate plan, however others may benefit from pricing in line with market expectations.  Our team would be pleased to discuss pricing strategies with you to determine a plan that suits your goals.

If you are thinking about buying, be aware that the listing price may not be in line with values or recent sales. Our team has experience in competitive markets like these, and we would be pleased to assist you on how best to navigate a purchase.

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

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Past Listing & Sales STATS | February 2021

North Vancouver 

West Vancouver 

**Note: Median sale prices not reported when there are less than 20 sales [West Van condo sales: Feb 2021: 14 - Feb 2020: 7] -- [West Van Townhome sales: Feb 2021: 4 - Feb 2020: 3]