As the North Shore heads into autumn, the real estate markets in North Vancouver and West Vancouver show signs of adjustment.
North Vancouver – Prices Declined Across All Property Types, While New Listings Increased and Sales Ratios Fell.
Price Analysis:
In September 2024, North Vancouver experienced an overall drop in pricing across detached homes, townhouses, and condos, reflecting a cooling market. Despite this decline, property prices in the area remain above the benchmarks for Metro Vancouver, highlighting its continued market strength and appeal.
House/Detached:
The benchmark price for detached homes in North Vancouver stood at $2,210,500 in September 2024, showing a 2.6% decrease from August. This price is notably higher than the overall Metro Vancouver benchmark of $2,022,200 for detached properties. Year-over-year, the North Vancouver market saw a 1.3% decline, suggesting a stabilising trend after previous growth phases.
Check out North Vancouver houses under $2,210,500 here, or find those priced over $2,210,500 here.
Townhouse/Attached:
Townhouses in North Vancouver had a benchmark price of $1,270,400, down 4.3% month-over-month. Compared to the Metro Vancouver benchmark of $1,099,200, North Vancouver’s townhouses command a premium, reflecting their appeal and location. The 2.7% decrease over the past year indicates a market adjusting to changing buyer preferences.
Explore North Vancouver townhomes under $1,270,400 here, discover townhouses priced over $1,270,400 here.
Condo/Apartments:
With a benchmark price of $797,900, North Vancouver’s condo market remains above the Metro Vancouver benchmark of $762,000. Prices dipped by 0.6% from August but remain fairly steady year-over-year with a 0.8% decrease.
Browse North Vancouver condos under $797,900 here and view apartments over $797,900 here.
New Listings and Sales:
The number of new house listings rose significantly to 179 in September 2024, up from 80 in August, reflecting a 5.0% increase compared to September 2023. New townhouse listings in North Vancouver increased to 105 in September 2024 from 42 in August, reflecting an 11.4% year-over-year rise. Meanwhile, new condo listings jumped to 255 in September 2024, up from 146 in August, showing a 16.5% increase compared to September 2023.
The sales ratio for detached homes in North Vancouver was 25.7%, well above the Metro Vancouver average of 9.1%. While this represents a 14.3% decrease compared to September 2023, the elevated ratio suggests that buyer interest remains strong despite a cooling from last year’s peak demand. The townhouse segment in North Vancouver also saw a sales ratio of 25.7%, surpassing the Metro Vancouver average of 16.9%. Although this is a 27.5% decline from last year’s ratio, it points to a more balanced market as buyers adjust to current pricing and supply levels.
North Vancouver’s condo market recorded a sales ratio of 27.8%, nearly double the Metro Vancouver average of 14.6%. Despite a 29.4% drop in the ratio year-over-year, this segment remains relatively competitive, with steady demand balancing the increase in new listings.
West Vancouver – Year-over-year Property Prices Mostly Decline, Except for Detached Homes, New Listings Vary, and Sales Ratios Rise for Houses and Townhouses but Drop for Condos.
Price Analysis:
While most segments in West Vancouver and Metro Vancouver show year-over-year price declines, West Vancouver houses buck this trend with a slight increase
House/Detached:
West Vancouver’s benchmark price for detached homes was $3,269,200 in September, far exceeding the Metro Vancouver average of $2,022,200. The market saw a 3.3% decrease month-over-month but remained steady year-over-year with a 0.2% increase. This stability highlights West Vancouver’s continued allure for buyers seeking luxury properties.
Explore Vancouver West homes under $3,269,200 right here, or uncover options priced over $3,269,200 here.
Condo/Apartments:
The benchmark price for condos in West Vancouver reached $1,245,400, a significant premium over the Metro average of $762,000. The 0.8% monthly increase indicates a slight rebound, though prices are still down 7.3% year-over-year, suggesting some correction after previous price highs.
See West Vancouver condos under $1,245,400 here, and uncover prices over $1,245,400 here.
New Listings and Sales:
In September 2024, new house listings in West Vancouver rose to 156, up from 101 in August, though this was still 23.1% lower than the same time last year. Townhouse listings remained steady, with 14 new listings in September, a slight increase from 7 in August but a 7.1% decline year-over-year. In contrast, new condo listings saw a significant rise, jumping to 56 in September from 22 in August, marking a 33.9% increase compared to September 2023.
The detached housing market in West Vancouver was more active than the Metro Vancouver average (9.1%), with a sales ratio of 19.2%, reflecting a 15.4% increase from September 2023 and indicating stronger buyer engagement despite a tighter supply. The townhouse segment also outperformed the regional average (16.9%), with a sales ratio of 21.4%, up 7.1% year-over-year, suggesting sustained interest even with limited inventory. Meanwhile, the condo market in West Vancouver had a sales ratio of 21.4%, well above the Metro average of 14.6%. However, despite the increased listings, the 56.0% drop in the sales ratio from last September signals a cooling trend as the supply of new listings outpaced demand.
Overall, West Vancouver’s property market remains active, especially in the detached and townhouse segments, though the condo market shows signs of adjustment with increased inventory but slower sales.
Transitioning towards a buyer’s market, with rising inventory, declining prices, and lower sales ratio
North Shore followed Metro Vancouver trends, showing signs of transitioning toward a buyer’s market, marked by increasing inventory, declining prices, and sales-to-active listings ratios that suggest weakening demand. North Vancouver and West Vancouver, in particular, reflect this trend, with rising listings and lower prices (except for West Vancouver houses), similar to the broader market conditions in Metro Vancouver.
Sales ratios in both areas have decreased compared to September 2023, but they remain notably higher than the Metro Vancouver average for detached houses, townhomes, and condos, which stand at 9.1%, 16.9%, and 14.6%, respectively.
Despite the current cooling trend, the potential for external factors—such as further policy rate cuts—could reignite demand later in the fall of 2024. This adds a layer of uncertainty to the market outlook, as renewed buyer interest might stabilise or even drive up prices. Buyers and sellers in North and West Vancouver should keep a close watch on these developments to make well-informed decisions as market conditions evolve.
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