Q1 [JAN-MARCH] 2023

April 4, 2023

North Shore home sales rose for the second consecutive month facilitated by active buyers and an increase of new listings. In North Vancouver, sales were up 43.9 per cent from February, while West Vancouver saw a 57.1 per cent increase.

Despite this positive trend, sales for the First Quarter (Q1) finished well below last year’s levels – down 40.6 per cent in North Vancouver and 36.9 per cent in West Vancouver. 

This was to be expected, as last March was the peak of the 2022 market and activity has trended lower since. 

That said, currently the market is shifting back to favouring sellers, as buyers have adjusted to the higher rates and economic climate, and are having to be aggressive to be successful in the low inventory environment. 

It's important to note that while the market is showing signs of improvement, it's still far from the pandemic's peak activity levels. For instance, March 2021 saw more sales in both North and West Vancouver than the entire first quarter of this year.

So, while the market is presently favoring sellers, price increases are modest, and buyers remain cautious, looking for more affordable options to safeguard themselves in case the economy worsens. 

Market Stats. 

In North Vancouver there were 443 sales for the quarter, down 40.6 per cent from Q1 2022, while new listings were down 26.9 per cent. 

In March, total reported sales were down 37.9 per cent from March 2022, and were 26.0 per cent below the 10-year March average.

New listings were down 26.3 per cent from last March, while total listings remained relatively stable, down just 0.7 per cent, ending the month at 446 homes for sale (30.8 per cent below the 10-year March average).

For all property types, the March 2023 sales-to-active listing ratio was 47.8 per cent.

By property type, the March ratios were: 38.1 per cent for detached houses, 58.2 per cent for townhomes, and 52.9 per cent for  apartments.

By price range, the March ratios were:

In West Vancouver there were 135 sales for the quarter, down 36.9 per cent from Q1 2022, while new listings were down 19.4 per cent. 

In March, total reported sales were down 24.1 per cent from March 2022, and were 27.9 per cent below the 10-year March average.

New listings were down 13.3 per cent from last March, while total listings remained relatively stable, down just 0.7 per cent, ending the month at 440 homes for sale (20.8 per cent below the 10-year March average).

For all property types, the March sales-to-active listings ratio was 15.0 per cent.

By property type, the March 2022 sales-to-active listing ratios were: 12.4 per cent for  detached houses, 11.1 per cent for townhomes, and 23.4 per cent for apartments.

By price range, the March ratios were:

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 | March 2023

North Vancouver 

West Vancouver 

Note: Median sale prices not reported when there are less than 20 sales  [*West Van condo sales: March 2023: 22 - March 2022: 9] - [**West Van Townhome sales: March 2023: 1 - March 2022: 8]