October 2021
A busier than average month of sales saw buyers competing for far fewer homes listed than typical for October.
In North Vancouver, total listings were down 50.2 per cent from October 2020, and 46.7 per cent below the 10-year October average. Despite this, sales for the month were 11.7 per cent above the 10-year average.
This resulted in the highest absorption rate in 6 months at 59.0 per cent for all property types.
By property type, the October ratios were: 55.3 per cent for detached houses, 46.3 per cent for townhomes, and 65.4 per cent for apartments.
By price range, the October ratios were:
| < $750,000: | 93.1 per cent |
| $750k to $1M: | 45.3 per cent |
| $1M - $1.5M: | 52.6 per cent |
| $1. 5M - $2M: | 50.6 per cent |
| $2M - $2.5M: | 113.9 per cent |
| $2.5M - $3M: | 29.0 per cent |
| > $3M: | 26.8 per cent |
North Van Prices.
The MLS® Home Price Index (HPI) composite benchmark price of a house in North Vancouver was $1,939,500 (up 16.5 per cent from October 2020). The MLS® HPI price of a condo in North Vancouver was $654,300 (up 7.7 per cent from October 2020). The MLS® HPI price of a townhome in North Vancouver was $1,175,300 (up 16.7 per cent from October 2020).
In West Vancouver, total listings were down 22.5 per cent from October 2020 and 25.7 per cent below the 10-year October average; while sales for the month were 10.8 per cent above the 10-year average.
This saw the absorption rate climb to 17.9 per cent for all property types, the highest in 6 months.
By property type, the October ratios were: 14.4 per cent for detached houses, 28.6 per cent for townhomes, and 40.0 per cent for apartments.
By price range, the October ratios were
| < $1M: | 42.1 per cent |
| $1M - $2M: | 40.5 per cent |
| $2M - $3M: | 35.3 per cent |
| $3M - $4M: | 12.0 per cent |
| $4M-$5M: | 9.2 per cent |
| $5M-$6M: | 10.6 per cent |
| >$6M | 4.8 per cent |
West Van Prices.
The MLS® Home Price Index (HPI) composite benchmark price of a house in West Vancouver was $3,201,200 (up 16.7 per cent from October 2020). The MLS® HPI price of a condo in West Vancouver was $1,124,100 (up 2.7 per cent from October 2020). (stats for townhomes not available due to a lack of sufficient sales numbers)
The Market Moving Forward
As seen from the above stats, the market remains very tight, with a continued strong appetite from buyers, and a lack of sellers ready or able to make a move. This is putting pressure on values, and for many property types, pushing prices higher.
As we get closer to the Holidays, we expect the pace of new listings to reduce further, as many sellers start to target the New Year to bring their home to market, possibly putting additional upward pressure on values.
As always, if you have any questions about our Market Review or if we can help with a move we'd be pleased to hear from you. We can be reached at 604.983.2518 or by completing the form on this page.
Sold.
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 | October 2021
North Vancouver
| Oct - 21 | Oct - 20 | % Chg | |
| New Listings | 290 | 445 | - 34.8 |
| Total Listings | 441 | 885 | - 50.2 |
| Sales | 260 | 332 | - 21.7 |
| Sales/Listings Ratio | 59.0% | 37.5% | + 57.3 |
| SP/Original LP | 100.0% | 98.2% | + 1.8 |
| Days on Market | 8 | 12 | - 33.3 |
| Median Sale Price | |||
| Condo | $702,500 | $674,000 | + 4.2 |
| Townhome | $1,280,000 | $1,050,000 | + 21.9 |
| House | $2,187,500 | $1,757,500 | + 24.5 |
West Vancouver
| Oct - 21 | Oct - 20 | % Chg | |
| New Listings | 162 | 205 | - 21.0 |
| Total Listings | 502 | 648 | - 22.5 |
| Sales | 90 | 103 | - 12.6 |
| Sales/Listings Ratio | 17.9% | 15.9% | + 12.6 |
| SP/Original LP | 96.8% | 94.1% | + 2.9 |
| Days on Market | 23 | 28 | - 17.9 |
| Median Sale Price | |||
| Condo | $1,127,000 | $1,265,000 | - 10.9 |
| Townhome | -- ** | -- | -- |
| House | $2,625,000 | $2,891,500 | - 9.2 |
**Note: Median sale prices not reported when there are less than 20 sales [West Van Townhome sales: Oct 2021: 4 - Oct 2020: 6]