The North Shore real estate market in October 2024 revealed strong activity across North Vancouver and West Vancouver, showcasing notable demand particularly in townhouses and condos.
North Vancouver – Prices Declined Across Most Property Types, While New Listings Increased and Sales Ratios are high.
Price Analysis:
In October 2024, North Vancouver experienced a drop in pricing across detached homes and condos, while attached homes saw a surge. North Vancouver’s property prices continued to have benchmarks above those in Metro Vancouver.
House/Detached:
North Vancouver’s benchmark price for detached homes stood at $2,135,600 in October, a 3.4% drop month-over-month and a 4.6% decline year-over-year. Despite a drop in price, the benchmark exceeded Metro Vancouver’s average of $2,002,900.
Check out North Vancouver houses under $2,135,600 here, or find those priced over $2,135,600 here.
Townhouse/Attached:
Townhouses in North Vancouver reached a benchmark price of $1,364,500, significantly above Metro Vancouver’s benchmark of $1,108,800. Townhouse prices experienced a strong monthly increase of 7.4%, reaching $1,364,500, with a 1.9% gain year-over-year.
Explore North Vancouver townhomes under $1,364,500 here, discover townhouses priced over $1,364,500 here.
Condo/Apartments:
North Vancouver condos’ benchmark was at $790,400, also higher than Metro Vancouver’s $757,200 average, although there was a slight decrease of 1.0% this month and 2.1% dip from October 2023.
Browse North Vancouver condos under $790,400 here and view apartments over $790,400 here.
New Listings and Sales:
Detached homes in North Vancouver saw 158 new listings in October, marking a 15.8% year-over-year increase despite a slight decrease from September’s figures. Townhouse listings also rose to 85 units, marking an 11.8% year-over-year increase, meeting strong buyer demand. Meanwhile, condo listings in North Vancouver surged by 31.1% year-over-year, reaching 228 units.
Detached home sales were healthy, with 74 units sold, reflecting a strong sales ratio of 46.8%, a 5.6% increase over last October. This sales ratio is significantly higher than Metro Vancouver’s 13.4% average. Townhouses also performed well, with 45 units sold and a sales ratio of 52.9%, up 7.3% from last year and well above the regional average of 22.5%. Condo sales totaled 105 units, with a sales ratio of 46.1%, although this was a 26.2% decrease from October 2023. Despite the decline, the North Vancouver condo sales ratio remains strong, outpacing Metro Vancouver’s 22.2%. Take a look at all the houses in Norh Vancouver with an open house coming up here.
West Vancouver – Year-over-year Property Prices Drop, New Listings and Sales Ratios Rise For All Property Types.
Price Analysis:
West Vancouver remains a premium market with high benchmark prices, though it too has seen slight price adjustments.
House/Detached:
West Vancouver’s benchmark price for detached homes was $3,225,900 in October 2024, reflecting a premium price far above the Metro Vancouver average of $2,002,900. Though prices declined 1.3% from September, and down 2.4% year-over-year.
Explore Vancouver West homes under $3,225,900 right here, or uncover options priced over $3,255,900 here.
Condo/Apartments:
Condos in West Vancouver were benchmarked at $1,241,500, considerably above the regional benchmark of $757,200. With a slight dip of 0.3% from September and 4.5% year-over-year decline.
See West Vancouver condos under $1,241,500 here, and uncover prices over $1,241,500 here.
New Listings and Sales:
In October, West Vancouver recorded 145 new detached home listings, marking a 22.1% increase from the previous year. Townhouse listings, though limited, rose by 9.1% year-over-year to 11 units. Condo listings also saw a substantial increase, with 52 new units—a 23.1% rise year-over-year.
Detached home sales held steady, with 30 units sold, resulting in a sales ratio of 20.7%, though this is a 13.4% decrease from the previous year. Nonetheless, West Vancouver’s detached sales ratio remains above the Metro Vancouver average of 13.4%. Townhouse sales saw significant growth, with 8 units sold and a high sales ratio of 72.7%, a remarkable 263.6% increase over last October. This sales ratio greatly exceeds the Metro average of 22.5%. Condo sales improved to 19 units, achieving a sales ratio of 36.5%, though this marks a 39.1% decline from October 2023. Still, West Vancouver’s condo sales ratio remains well above Metro Vancouver’s average of 22.2%.
Transitioning towards a seller’s market, with strong sales ratios
Both West Vancouver and North Vancouver continue to show higher benchmark prices across all property types than the Metro Vancouver average, with West Vancouver being the most expensive area on the North Shore. Sales ratios in these areas have also risen across most property types since September 2023 and remain well above Metro Vancouver’s averages: 13.4% for detached homes, 22.5% for townhomes, and 22.2% for condos.
While prices across Metro Vancouver are starting to soften, the North Shore is seeing a more noticeable slowdown, particularly in the detached home category. Both Metro Vancouver and the North Shore experienced a notable increase in sales and new listings in October 2024 compared to October 2023, likely spurred by lower borrowing costs.
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