The real estate market in North Shore’s two communities, North Vancouver and West Vancouver, has slowed down considerably through August.
The number of days on market for a property of any type in either North Vancouver or West Vancouver has hit an average of 24 days. On the short end of this scale, 18 days for condos and townhomes in North Vancouver. On the longer end of this scale, 30 days for detached homes in West Vancouver. These are increases of 33% to 130% compared to July. Total sales declined in North Vancouver detached homes and condos and townhomes, along with total sales of detached homes in West Vancouver. While West Vancouver has a lower inventory of condos and townhomes than North Vancouver, total sales had increased 35% from July to a total sales ratio of 24%.
Set against this backdrop of market conditions, let’s dive deeper into the market statistics.
North Vancouver
During the month of August, Central Lonsdale proved to be a competitive area for detached homes with a low inventory of 8 units, but with 6 sales. There are still home listings available in Central Lonsdale. Central Lonsdale is the City of North Vancouver’s core neighbourhood. Detached homes in this area are close enough to enjoy the convenience of the shops and services along Lonsdale Avenue, but the streets are far enough to remain quiet and local. Additionally, many blocks in the Central Lonsdale area have had traffic-calming measures implemented by the municipal government, reducing through traffic.
A close second to Central Lonsdale, Canyon Heights had 5 sales, but a larger pool of inventory at 24 homes available. The Canyon Heights neighbourhood owes its name to the Capilano Canyon, which runs along the western edge of the neighbourhood. This area is also home to the popular Capilano Canyon Suspension Bridge and the Cleveland Dam at the Capilano Lake Reservoir, at the foot of Grouse Mountain. If you’re interested, view available homes in Canyon Heights here.
On the subject of North Vancouver condos and townhomes, the overall sales ratio for this segment of the region’s residential market has slowed to a 29% sales ratio. August’s sales ratio is down from 43% and 41% in June and July, respectively. Despite the broader market conditions now beginning to affect North Vancouver, the $500,000 to $800,000 price band remained an area of strong sales for available condos in North Vancouver.
In terms of sheer sales volume, three neighbourhoods in North Vancouver stand out in the market stats. These neighbourhoods – Central Lonsdale, Lower Lonsdale and Pemberton – are also experiencing rapid growth from various residential development projects. For example, the sprawling Lions Gate Village development in the Pemberton neighbourhood, which accounts for an increasing inventory of available North Vancouver condo listings and new townhome units in this development next to the Capilano River.
West Vancouver
The sales ratio for detached homes in West Vancouver stayed the same at 7%, compared to the previous month. Similarly, total sales almost stayed the same, decreasing by 3% in line with a 3% decrease in inventory. Homes in the British Properties neighbourhood have begun to sell a little, after a couple months of no sales. There’s still around eighty single-family homes in inventory. View single-family homes in the British Properties, West Vancouver.
The majority of what few sales were completed in August occurred mostly in Dundarave, Ambleside and Sentinel Hill neighbourhoods. Much akin to the sales of condos and townhomes, Ambleside and Dundarave are appealing neighbourhoods for their concentration of services and accessibility to community amenities. Sentinel Hill on the other hand is—thanks to its topographic advantage—is a great neighbourhood for houses with views of the Burrard Inlet. It too is closely
- Click to view available Ambleside home listings.
- Click here to view Dundarave detached homes for sale.
- View homes with amazing views in Sentinel Hill.
With less than a hundred units of inventory, West Vancouver’s condo and townhome sales were mostly concentrated in Dundarave and Ambleside – where most apartment buildings are located in the District. Apartments are located within or in close proximity to the main core of services in these neighbourhoods. The Dundarave and Ambleside neighbourhoods are walkable, have good transit availability, closely positioned to the West Vancouver Centennial Seawalk (locally referred to as “the seawall”) and local shops.
- View available condo listings in Dundarave neighbourhood in West Vancouver.
- View available condo listings in Ambleside, West Vancouver.
What do you think?
Do you see these trends as part of some bigger macroeconomic shift, or just another twist in Metro Vancouver’s realty rollercoaster? What do you find more exciting, living in the new Lions Gate Village neighbourhood, or in a more-established area like on Lonsdale? Could the hillside British Properties homes in West Vancouver finally start selling after a summer of sales stagnation?
Leave your responses below.
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