Following Vancouver Market trends, North Shore’s Real Estate Market also experienced significant growth in new listings in February among all home categories. This contributed to a notable number of properties into the market, going against home sellers’ primary hesitancy in January. According to this monthly report, speeding the pace of new listings from January will minimise the pressure that was starting to build and it also amplifies buyers’ options as we enter spring and summer markets.
Let’s analyse the latest statistics concerning North Shore offering insights into price movements, listing, and sales activities in North Vancouver and West Vancouver.
North Vancouver
Price Analysis:
House/Detached:
The benchmark price for a house in North Vancouver rose to $2,216,600, marking a solid 1.3% increase from January 2024. Year-over-year, there was a 4.6% increase, showcasing the region’s resilience and sustained demand.
Find North Vancouver houses under $2,210,000 here or priced over $2,210,000 here.
Townhouse/Attached:
Townhouses also saw a notable increase in prices, rising by 2.0% from the previous month to reach a benchmark price of $1,342,000. However, on an annual basis, there was a slight decline of 1.6%.
You can browse North Vancouver townhomes under $1,340,000 here, and priced over $1,340,000 here.
Condo/Apartments:
Condos witnessed a robust price appreciation, with a 2.2% increase from January 2024, reaching a benchmark price of $809,400. Year-over-year, there was a significant 5.8% increase, highlighting the segment’s attractiveness to buyers.
Check out condos for under $810,000 in North Vancouver here or over $810,000 here.
New Listings and Sales:
February 2024 saw a considerable increase in new listings across all property types compared to the same period last year. Notably, condos in North Van experienced a substantial surge of 32.2% year-over-year. Single family homes and townhouses in North Vancouver saw very similar increases in their new listings by 17.9% and 16.9%, respectively.
While the sales ratio remained healthy across property types with 44.2% for houses, 44.6% for townhomes and 50.8% for condos, there were fluctuations compared to February 2023. Notably, the sales ratio for detached properties saw a significant relative change of -28.2% decrease, indicating shifting market dynamics. Apartments also witness a drop in relative sales ratio change of -19.7%. Attached properties, on the other hand, barely fluctuated with a relative change of 0.4% in their sales ratio.
West Vancouver
Price Analysis:
House/Detached:
The benchmark price for a house in West Vancouver experienced a slight decrease, reaching $3,076,200, marking a 4.8% decline from January 2024. Year-over-year, there was a modest 3.3% increase, suggesting stability in the segment.
You can look for West Vancouver houses under $3,070,000 here, and priced over $3,070,000 here.
Condo/Apartments:
Condos, however, saw a notable increase in prices, rising by 4.1% from the previous month to reach a benchmark price of $1,339,900. Year-over-year, there was a respectable 3.8% increase, indicating sustained demand in the segment.
You can find West Vancouver condos under $1,340,000 here or priced over $1,340,000 here.
New Listings and Sales:
West Vancouver experienced fluctuations in new listings compared to February 2023, with notable increases in townhouses and condos in West Van of 62.5% and 22.2% each. The year-over-year percentage change in new listings for house‘s stayed the same with 0.0% increase.
The sales ratio for houses, townhouses, and condos stood at 36.0%, 25.0%, and 26.7%, respectively for February 2024. While the relative change in sales ratio for townhouses decreased significantly compared to the same month last year, with -87.5%, condos experienced a slight decrease of -6.7%. On the other side, for detached properties, the relative change of sales ratio experienced an increase of 48.1%. These significant fluctuations in the sales ratio indicate shifting buyer preferences and market conditions.
Conclusion
North Shore’s real estate market was very dynamic in February 2024 with notable increases in property prices and continued buyer interest across different segments. Sales ratios across all property types indicate a seller market but the overall market remained resilient.
