July 2023

Aug. 3, 2023

North Shore sales declined for the second consecutive month as the market followed a typical summer trend.

However, compounding the seasonal slowdown was another rate hike from the Bank of Canada, the 10th since March 2022, which brought the benchmark interest rate to 5 per cent. 

This marks the first time the benchmark rate has reached this level since April 2001.  

For perspective, in April 2001 the median price of a detached house on the Shore was $370,000 in North Vancouver and $531,000 in West Vancouver (adjusted for inflation this is $589,300 and $845,700 respectively). Compare this to last month when the median prices were $2,070,500 in North Van and $3,260,000 in West Van – a sharp contrast and a much more challenging environment for buyers to qualify for financing.

Overall, sales continue to trail historical averages, though they did improve from July of last year, perhaps highlighting the resilience of our market and the confidence in the value of North Shore real estate long term.  

In North Vancouver sales were up 6.3 per cent from July of last year, though were down 24.8 per cent from June and 14.8 per cent below the 10-year July average. 

New listings were up 1.3 per cent from July 2022, while total listings were down 21.3 per cent from the same time, ending the month at 498 homes for sale – 33.0 per cent below the 10-year July average.

For all property types, the July 2023 sales-to-active listing ratio was 37.1 per cent (down from 46 per cent last month and a 2023 peak of 55 per cent in May).

By property type, the July ratios were: 28.7 per cent for detached houses, 38.5.0 per cent for townhomes, and 45.0 per cent for apartments.

By price range, the July ratios were:

In West Vancouver sales were up 10.9 per cent from July of last year, though were down 8.9 per cent from June and 25.0 per cent below the 10-year July average. 

New listings were up 24.1 per cent from July 2022, while total listings were down 1.4 per cent from the same time, ending the month at 583 homes for sale – 11.7 per cent below the 10-year July average.

For all property types, the July 2023 sales-to-active listing ratio was 8.7 per cent (representing a buyers market).

By property type, the July ratios were: 5.7 per cent for detached houses, 18.2 per cent for townhomes, and 24.0 per cent for apartments.

By price range, the July ratios were:

Sales. 

Search all North and West Vancouver sales with access to all sold data (including listed and sale prices, days on market, and more):

North Vancouver Sales >>    |    West Vancouver Sales >>

As always, if you have any questions about the North or West Vancouver market, or if we can assist you with a move 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 | July 2023

North Vancouver 

West Vancouver 

Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: July 2023: 23 - July 2022: 13] - [*West Van Townhome sales: July 2023: 2 - July 2022: 4]