North Shore Update: North Vancouver & West Vancouver, November 2022

Through November 2022, North Vancouver fared better than West Vancouver in almost every statistic. While there are more detached homes for sale in West Vancouver, these homes are usually priced out of reach from the average homebuyer who is facing inflation and rising interest rates. North Vancouver continues to be a hot market for home sales, even with rents increasing in the area.

North Vancouver Homes

During November 2022, almost 25% of detached home inventory went off the market, bringing the total inventory down to 154. The number of homes sold decreased 10% from October. However, the average sale price remained at 96% of the average list price. This reduction is possibly due to properties sitting on the market through the tumultuous summer we had and thus expiring. 

While the overall sales ratio for homes in North Vancouver was 36% during November, specific price ranges performed better than others. The most active price band in North Vancouver was for detached homes priced from $1,250,000 to $2,250,000. More specifically, the highest sales ratio was for single-family homes costing $1.5M to $1.75M – at 65%. 

Regarding the preferred home configuration, houses with 3-4 bedrooms sold the most. Take a look at homes with 3 to 4 bedrooms available for sale.

The most popular neighbourhoods among homebuyers appear to be Lynn Valley, Pemberton Heights, Canyon Heights, Upper Lonsdale and Central Lonsdale. These are highly-desirable areas in their own specific ways, either due to their proximity to the City of North Vancouver’s hub, or their bordering on the lush nature surrounding North Vancouver. These neighbourhoods are each special in their own ways, but the clear leaders are Lynn Valley (110%), Pemberton Heights (100%) and Canyon Heights (56%).

Consider this beautiful 5-bedroom, 3-bathroom home in North Vancouver’s Westlynn neighbourhood. The home has a two-car underdrive garage with a legal secondary suite in the basement. In the backyard, there’s a spacious patio for entertaining, a lawn AND a pool! This property is available for $2,499,000.

Open house on December 11, 2022 from 2:00pm to 4:00pm.

North Vancouver Condos

Overall, the condo & townhome market in North Vancouver cooled during November 2022 after a steady performance throughout the real estate market’s troubled summer and iffy autumn seasons. The average sales ratio for all price ranges is at 29%. The total sales declined by 29% as well (not intentionally confusing) while the sale to list price ratio actually increased by 2%. Attached homes in North Vancouver sold, on average, for 100% of their listing price. However, sold properties usually sat on the market 4 more days than in October.

The most popular price range for condos & townhomes in North Vancouver is $500,000 to $900,000. There’s only a handful of townhomes at this price point on the market – most of them fairly new. This has been a consistently popular price range as rents have increased in both the City and District of North Vancouver so the attainability of these more modestly-priced properties have continued to make them a hot-selling commodity. Condos & townhomes priced above $1.25M have had a harder time selling, with almost half of the area’s inventory in this price range. 

The highest-performing price range is for condos & townhomes costing between $800,000 to $900,000. This price bracket had 21 sales overall with a 53% sales ratio. The select few townhomes in this price range have 1 to 3 bedrooms.

Lynn Valley

Central Lonsdale

Lower Lonsdale

If the past few months have been any indicator – and the increasing rents for condos & townhomes in North Vancouver – then you probably cannot go wrong with a condo or townhome in North Van.

West Vancouver Homes

If you’ve seen an economy-related headline recently, you will not be surprised. West Vancouver’s detached home sales have slowed in the past month. The sales ratio is down to 5% due to a 39% reduction in sales (17). This was already a slim ratio. Home market inventory has reduced by about 20, meaning there are still lots of homes on the market (371). Adding to this, the sale to list price ratio has declined to 90% – meaning on average homes are selling for 10% under list price. Also, homes which do sell are often on the market for more than a month, if not more.

The unheard of part is that the average sale price has declined by 16% to $2,599,900. That’s a huge reduction by $400K from October.

In the sporadic sales behaviour of the past month, the highest sales ratio that isn’t a fluke is for single-family homes priced from $2,000,000 to $2,250,000. This is a 33% sales ratio. The next price bracket to watch is detached homes costing $5,000,000 to $5,500,000 at 27%.

On a neighbourhood basis, the darling of November 2022 is Cypress Park Estates. Technically encompassing the majority of Cypress mountain north of the highway, the largest MLS neighbourhood in West Vancouver incorporates part of what is locally referred to as the British Properties extending westward to the neighbourhood next to Cypress Falls Park. The Cypress Park Estates had a sales ratio of 27% and led the neighbourhoods with 4 sales overall.

Otherwise, the next highest sales ratios for detached, single-family homes were for Bayridge (22%) and Gleneagles (20%).

West Vancouver Condos

Compared to detached homes in West Vancouver, condos & townhomes had both a similar and yet different experience last month. Drastic decline in sales – down 35% – but a rise in the average sale price by 27% to $1,180,000. This means the lower end of the market is snapped up much faster than the higher-end properties concentrated into specific price points.

The most active price band for West Vancouver condos & townhomes is for properties priced between $1,000,000 to $1,500,000. View available condo listings in this persevering price point.

Condo units available in West Vancouver’s best-performing neighbourhoods: 

Check out townhomes available for sale in these neighbourhoods:

Listings in Westlynn, North Vancouver

1359 Briarlynn Crescent, Westlynn, North Vancouver photo number 2
Just Listed
Open House Dec 2nd - 3rd, 1-3PM
1359 Briarlynn Crescent  
Westlynn, North Vancouver
$1,849,000 House 4 Beds 3 Baths 2,125 sqft

Listed by Engel & Volkers Vancouver.

1317 E 17th Street, Westlynn, North Vancouver photo number 2
1317 E 17th Street  
Westlynn, North Vancouver
$1,729,000 House 3 Beds 2 Baths 2,288 sqft

Listed by RE/MAX Crest Realty.

108 - 1111 E 27th Street, Westlynn, North Vancouver photo number 2
108 - 1111 E 27th Street  
Westlynn, North Vancouver
$1,128,000 Condo 3 Beds 2 Baths 1,119 sqft

Listed by Multiple Realty Ltd./Royal LePage West Real Estate Services.

Vancouver, Fraser Valley and Chilliwack MLS® Reciprocity Brought to you by your friendly REALTORS® through the MLS® System, courtesy of Ken Stef for your convenience.
Disclaimer: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.