February 2023
North Shore sales activity increased from January but still remained below historical averages.
Overall, there is a sense that the market is firming up, with a continued reluctance from sellers to list their homes and active buyers facing limited choice. In numerous cases, this is resulting in multiple offers and, for some properties, modest price increases over recent sales.
However, as we head towards the spring, we expect the pace of new listings to pick up, which should bring greater balance to the market.
In North Vancouver sales rose 80.5 per cent from January with 148 homes reported sold. Despite this increase, sales were down 43.1 per cent from February 2022 and 34.1 below the 10-year February average.
New listings were down 37.0 per cent from February 2022, while total listings were up 6.4 per cent from the same time, ending the month at 418 homes for sale – 31.0 per cent below the 10-year February average.
For all property types, the February 2023 sales-to-active listing ratio was 35.4 per cent.
By property type, the February ratios were: 32.7 per cent for detached houses, 39.6 per cent for townhomes, and 37.6 per cent for apartments.
By price range, the February ratios were:
| < $750,000: | 60.9 per cent |
| $750k to $1M: | 33.3 per cent |
| $1M - $1.5M: | 43.2 per cent |
| $1.5M - $2M: | 37.3 per cent |
| $2M - $2.5M: | 12.5 per cent |
| $2.5M - $3M: | 24.0 per cent |
| > $3M: | 21.3 per cent |
In West Vancouver sales rose 59.3 per cent from January, yet were down 46.9 per cent from February 2022 and 47.1 below the 10 year February average.
New listings were down 29.7 per cent from February 2022, while total listings were down 2.8 per cent from the same time, ending the month at 415 homes for sale – 23.9 per cent below the 10-year February average.
For all property types, the February 2023 sales-to-active listing ratio was 10.4 per cent.
By property type, the February ratios were: 8.5 per cent for detached houses, 25.0 per cent for townhomes, and 12.8 per cent for apartments.
By price range, the February ratios were:
| < $1M: | 20.0 per cent |
| $1M - $2M: | 20.8 per cent |
| $2M - $3M: | 17.0 per cent |
| $3M - $4M: | 4.6 per cent |
| $4M-$5M: | 8.5 per cent |
| $5M-$6M: | 10.0 per cent |
| >$6M | 2.1 per cent |
As always, if you have any questions about the North Shore market, or if we can assist you with a purchase or sale we'd be pleased to hear from you. 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 | February 2023
North Vancouver
| Feb - 23 | Feb - 22 | % Chg | |
| New Listings | 250 | 397 | - 37.0 |
| Total Listings | 418 | 393 | + 6.4 |
| Sales | 148 | 260 | - 43.1 |
| Sales/Listings Ratio | 35.4 | 66% | - 46.5 |
| SP/Original LP | 98.1% | 104.1% | - 5.8 |
| Days on Market | 10 | 7 | + 42.9 |
| Median Sale Price | |||
| Condo | $801,500 | $738,810 | - 7.8 |
| Townhome | $1,375,000 | $1,379,900 | + 0.4 |
| House | $2,303,500 | $1,852,500 | - 19.6 |
West Vancouver
| Feb - 23 | Feb - 22 | % Chg | |
| New Listings | 149 | 212 | - 29.7 |
| Total Listings | 415 | 427 | - 2.8 |
| Sales | 43 | 81 | - 46.9 |
| Sales/Listings Ratio | 10.4% | 19.0% | - 45.3 |
| SP/Original LP | 93.9% | 97.3% | - 3.5 |
| Days on Market | 26 | 8 | + 225.0 |
| Median Sale Price | |||
| Condo | --* | --* | n/a |
| Townhome | -- ** | -- ** | n/a |
| House | $3,000,000 | $2,884,000 | - 3.9 |
Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: Feb 2023: 10 - Feb 2022: 18] - [**West Van Townhome sales: Feb 2023: 2 - Feb 2022: 2]