August 2023

Sept. 6, 2023

North Shore sales activity continued to trend below long-term averages through August.

Typically, August is one of the slowest months of the year, as many consumers and agents take advantage of the summer and turn their focus away from real estate. 

This year, with a looming Bank of Canada interest rate announcement, we suspect many have taken a wait and see approach – which likely depressed listings and sales.

Today, the Bank of Canada held rates steady, which may inject some confidence back into the market and may spur further activity. However, despite the Bank’s decision, it remains a very challenging market to finance a purchase, and over time, will likely continue to dampen confidence and sales. 

In North Vancouver sales were up 29.8 per cent from August of last year, though were down 12.9 per cent from July and 13.3 per cent below the 10-year August average. 

It is worth noting that August 2022 was a particularly slow month (with sales down 41.8 per cent from the previous year), so although sales were up double digits from 2022, it is a misleading statistic).  

New listings were up 11.5 per cent from August 2022, while total listings were down 22.6 per cent from the same time, ending the month at 469 homes for sale – 32.6 per cent below the 10-year August average.

For all property types, the August 2023 sales-to-active listing ratio was 34.3 per cent.

By property type, the August ratios were: 18.0 per cent for detached houses, 60.0 per cent for townhomes, and 42.8 per cent for apartments.

By price range, the August ratios were:

In West Vancouver sales were up 5.7 per cent from August of last year and up 9.8 per cent from last month, though were 10.4 per cent below the 10-year August average. 

New listings were down 0.7 per cent from August 2022, while total listings were down 3.1 per cent from the same time, ending the month at 559 homes for sale – 12.1 per cent below the 10-year August average.

For all property types, the August 2023 sales-to-active listing ratio was 10.0 per cent.

By property type, the August ratios were: 7.7 per cent for detached houses, 13.3 per cent for townhomes, and 19.1 per cent for apartments.

By price range, the August 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 Shore real estate 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.

Enjoy our market reviews? Never miss an update. Subscribe at the link below.

Subscribe

Past Listing & Sales STATS | August 2023

North Vancouver 

West Vancouver 

Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: Aug 2023: 17 - Aug 2022: 21] - [*West Van Townhome sales: Aug 2023: 2 - Aug 2022: 2]