2022 Year End

Jan. 4, 2023

North Shore sales returned to pre-pandemic levels in 2022 as increased interest rates and concerns about the economy tempered demand. 

In North Vancouver, there were 2,375 homes reported sold in 2022, a 32.3 per cent drop from 2021 and 10.5 per cent below the 10-year sales average.

For the year, the median sale price of a North Vancouver single-family home was up 8.6 per cent to $2,150,000; the median sale price of a condo was up 10.5 per cent to $776,000; and the median sale price of an attached home (townhomes and half duplexes) was up 8.0 per cent to $1,350,000.

In West Vancouver, there were 670 homes sold in 2022, a 34.6 per cent drop from 2021 and 25.5 per cent below the 10-year sales average.

For the year, the median sale price of a West Vancouver single-family home was up 0.1 per cent to $2,999,000; the median sale price of a condo was up 3.7 per cent to $1,099,500; while the median sale price of an attached home (townhomes and half duplexes) was up 12.3 per cent to $2,275,000.

Recap and the year ahead. 2022 was an interesting year for real estate. The first few months saw unprecedented demand yet limited inventory giving way to frenzied buyer activity. As a result, the majority of homes received multiple offers and realized prices that far exceeded expectations (with the most extreme sale we heard of receiving 39 offers). 

The Spring saw the market begin to transition as inventory seasonally rose and affordability concerns took hold. Compounding this typical shift was the beginning of higher interest rates and concerns about the economy. Demand quickly levelled off, though standing listings remained well below historical levels, keeping the market much more balanced than anticipated. 

To end the year, many buyers and sellers adjusted to the new market, though continued concerns about rates and the economy resulted in inconsistent sales.

Moving forward, 2023 brings significant new government policies including a Federal ban on foreign buyers and a new Provincial rescission period for residential real estate sales. It’s likely these new measures will have limited long-term impacts on prices, though in the short-term they will add additional uncertainty to the market. 

Overall, we are optimistic that the North Shore remains a desirable location to own real estate, though if interest rates continue to rise, it may give way to a more  challenging year. 

The 2023 BC Assessments are now available with values as of July 1st, 2022.  Although we’ve seen a softening of the market, most of the price adjustments occurred in the later half of the year and are not  reflected in assessed values. If you have questions about your new assessment, would like to know if it is fair value for today’s market, or would like sales information to support an appeal, you can contact us here.

Sales. Search all the North and West Vancouver sales that sold in 2022 with access to all sold data (including listed and sale prices, days on market, and more). 

North Vancouver Sales >>   |    West Vancouver Sales >>

Plus, see the top 10 sales of the year:

North Van Top 10 Sales >> | West Van Top 10 Sales >>

As always, we would be pleased to hear from you to answer any real estate questions or to assist you with your real estate needs.  We can be reached at 604.983.2518, by completing the form on this page, or by appointment at our office  110 East 1st Street, North Vancouver.

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Past Listing & Sales STATS | December 2022

North Vancouver 

*Note: Median sale prices not reported when there are less than 20 sales [North Van townhome sales Dec 2022: 19] 

West Vancouver 

*Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: Dec 2022: 10 - Dec 2021: 17] -- [**West Van Townhome sales: Dec 2022: 2 - Dec 2021: 3]