Q1 [JAN-MARCH] 2022
North Shore home sales rose for the second consecutive month helped by slowly building listing inventories. In North Vancouver, sales were up 31.9 per cent from February, while West Van saw a 7.4 per cent increase.
Despite activity picking up, sales for the First Quarter (Q1) finished well below the levels seen last year. Why? In both North and West Vancouver, March 2021 saw the highest monthly sales ever reported, so it is not surprising that this year failed to keep pace.
That said, we are starting to sense greater balance in the market, with what seems to be fewer buyers looking and more listings to choose from. As a result, for some properties, there is a sense of a cooling trend, as demand and motivation are not as strong as earlier in the year.
Moving Forward.
The North Shore market often follows a seasonal trend, although consumer behaviour changed during the pandemic, it is likely with restrictions lifted that we will start to see a return to this. As such, we expect the market to continue to realize greater balance – though until listing inventories see a material increase, expect activity to continue to favour sellers.
Market Stats.
In North Vancouver, Q1 [Jan-March] sales were down 22.2 per cent from the same three months in 2021, while new listings were down 21.1 per cent.
In March, total reported sales were down 26.2 per cent from March 2021, although were 19.5 per cent above the 10-year March average.
New listings were down 29.7 per cent from last March, while total listings were down 31.2 per cent from the same time, ending the month at 412 homes for sale (41.0 per cent below the 10-year March average).
For all property types, the March 2022 sales-to-active listing ratio was 83.3 per cent – the second highest absorption rate on record (second only to March 2016 at 90.0 per cent).
By property type, the March ratios were: 69.8 per cent for detached houses, 128.9 per cent for townhomes, and 86.2 per cent for apartments.
By price range, the March ratios were:
| < $750,000: | 90.3 per cent |
| $750k to $1M: | 124.5 per cent |
| $1M - $1.5M: | 104.2 per cent |
| $1.5M - $2M: | 67.4 per cent |
| $2M - $2.5M: | 89.8 per cent |
| $2.5M - $3M: | 65.8 per cent |
| > $3M: | 38.2 per cent |
In West Vancouver, Q1 sales were down 26.7 per cent from the same period in 2021, while new listings were down 16.5 per cent.
In March, total reported sales were down 40.0 per cent from March 2021 and 6.0 per cent below the 10-year March average.
New listings were down 37.4 per cent from last March, while total listings were down 18.7 percent from the same time, ending the month at 413 homes for sale (29.0 per cent below the 10-year March average).
For all property types, the March sales-to-active listings ratio was 21.1 per cent.
By property type, the March 2022 sales-to-active listing ratios were: 17.9 per cent for detached houses, 72.7 per cent for townhomes, and 19.1 per cent for apartments.
By price range, the March ratios were:
| < $1M: | 31.3 per cent |
| $1M - $2M: | 33.3 per cent |
| $2M - $3M: | 50.7 per cent |
| $3M - $4M: | 25.3 per cent |
| $4M-$5M: | 19.7 per cent |
| $5M-$6M: | 4.4 per cent |
| >$6M | 3.5 per cent |
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 >>
As always, if you have any questions about our North Shore 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.
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Past Listing & Sales STATS | March 2022
North Vancouver
| Mar - 22 | Mar - 21 | % Chg | |
| New Listings | 486 | 691 | - 29.7 |
| Total Listings | 412 | 599 | - 31.2 |
| Sales | 343 | 465 | - 26.2 |
| Sales/Listings Ratio | 83.3% | 78% | + 7.3 |
| SP/Original LP | 102.4% | 100.2% | + 2.2 |
| Days on Market | 7 | 7 | -- |
| Median Sale Price | |||
| Condo | $852,500 | $695,000 | + 22.7 |
| Townhome | $1,395,000 | $1,150,000 | + 21.3 |
| House | $2,320,000 | $1,915,000 | + 21.1 |
West Vancouver
| Mar - 22 | Mar - 21 | % Chg | |
| New Listings | 181 | 289 | - 37.4 |
| Total Listings | 413 | 508 | - 18.7 |
| Sales | 87 | 141 | - 40.0 |
| Sales/Listings Ratio | 21.1% | 28.5% | - 26.0 |
| SP/Original LP | 98.2% | 96.5% | + 1.8 |
| Days on Market | 12 | 10 | + 20.0 |
| Median Sale Price | |||
| Condo | --* | $998,500 | -- |
| Townhome | -- ** | -- ** | -- |
| House | $3,000,000 | $2,939,000 | + 2.1 |
*Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: March 2022: 9 - March 2021: 31] -- [**West Van Townhome sales: March 2022: 8 - March 2021: 9]