North Shore Update: North Vancouver & West Vancouver in October 2022

The North Shore communities of North Vancouver and West Vancouver saw differing sales levels during October 2022. This has been continuing a trend of ups and downs as the real estate market continues to be at the whims of overarching economic conditions. However, not all performance dips or surges in unison. North Vancouver has fared better through the recent months than other communities, even parts of Vancouver. After a little dip in September, North Vancouver has returned to its dominant position in the region’s real estate market trends.

Homes in North Vancouver

Though not as steep a change as the condos & townhomes market, the market for North Vancouver single-family homes has warmed up. The total sales has increased 22% over September’s numbers, with a 9% rise in the average sale price. This has resulted in a 30% sales ratio for detached homes – which is higher than other parts of Vancouver. The most active priceband for detached homes in North Vancouver is 55% sales ratio for houses priced between $2,000,000 to $2,250,000. The second most active is single-family homes costing $1.75 million to $2 million with a 41% sales ratio (but more overall sales).

Single-family homes with 5-6 bedrooms sold at a 34% sales ratio proving they were the most popular option among homebuyers seeking houses with space to spare. Such as this beautiful 5-bedroom home in North Vancouver’s Westlynn neighbourhood. It features a downstairs suite which can be rented out, a backyard with a patio and pool, and an underdrive garage fitting two vehicles.

The most active North Vancouver neighbourhoods for detached home sales saw quite high sales ratios paired with commendable share of sales. The Pemberton Heights neighbourhood had an 83% sales ratio for the month of October. Popular Lynn Valley had a 47% sales ratio, stemming from 8 sales. While the Upper Lonsdale neighbourhood had 7 sales which created a 28% sales ratio. 

Some neighbourhoods with very few sales saw unbelievable sales ratios, like Blueridge’s 200% sales ratio for houses, or 133% sales ratio for homes in Calverhall.

Condo & Townhome Sales Increase in North Vancouver

North Vancouver condo & townhome sales rose 66% in October. That’s the big headline of the market in North Vancouver. Sure, the average sale price lowered a bit and the sale to list price ratio remained the same at 98%, but sales rose two-thirds over September’s sales figure. The most active priceband – in a broad sense – is $400,000 to $900,000. Sales of condos & townhomes in this price range reached almost 50% sales ratio. View available condos priced from $400K to $900K, and view townhomes in this priceband for sale in North Vancouver.

More specifically, the top performing priceband at 83% is for condos & townhomes priced between $500,000 to $600,000

Studios and properties with 1 bedroom were some of the most popular attached property types during the month of October. 

The three most active neighbourhoods among homebuyers of condos & townhomes in North Vancouver are Lower Lonsdale, Pemberton and Central Lonsdale. These neighbourhoods have previously been the most active neighbourhoods in other market updates and it’s not unexpected. New residential developments are breaking ground in these North Vancouver neighbourhoods all the time, especially in the Pemberton neighbourhood with its Lions Gate Village.

Lower Lonsdale at 39% sales ratio with 35 sales.

Pemberton neighbourhood at a 37% sales ratio with 19 sales.

Central Lonsdale at 29% sales ratio from 17 sales.

The Lynnmour neighbourhood deserves its own special mention. This neighbourhood is located next to Capilano University, near Lynn Valley and the Ironworkers Memorial Bridge. The neighbourhood saw a 23% sales ratio for condos & townhomes. View available listings in this quiet neighbourhood.

West Vancouver Homes in a Buyer’s Market

In October, West Vancouver became a Buyer’s Market for detached, single-family homes. This is owing to the low number of sales compared to a high inventory number. The sales ratio for the municipality was 7%. Even though total sales of properties rose 17%, this increase appears to have been buoyed by homes selling for an average of 8% under asking. 

The most active priceband for detached homes is $2.25 million to $2.5 million at a 23% sales ratio. The other most active priceband is for single-family homes costing between $3M to $3.5M at a 13% sales ratio. The most popular homes among homebuyers are actually at or below the average sale price of $3 million. There’s a significant number of homes priced above $7,500,000 which remain on the market – with only 1 sales in October for these luxury properties.

In terms of neighbourhood-by-neighbourhood sales activity, there’s a three-way tie for 1st place last month – with a total of 4 sales each. Both Caulfeild and Ambleside led with 13% sales ratios, while British Properties took third place with a 5% sales ratio. The neighbourhood, referred to locally as the BPs, has the largest inventory in West Vancouver, but still had the same sales as areas like Caulfeild and Ambleside.

Increased Demand for Condos & Townhomes in West Vancouver

The overall economy is undergoing a shift. That much has been talked about often, and it shouldn’t come as any surprise that the total number of sales in West Vancouver increased by 21%, but the average sale price on condos & townhomes declined by 30%. The new average sale price is $930,000 for these attached homes. Bearing that in mind, it makes sense that the most active priceband in West Vancouver are condos & townhomes costing $800,000 to $1,000,000. This has resulted in a 75% sales ratio. 

Since most of West Vancouver’s condo & townhome stock is concentrated in Ambleside and Dundarave, these two neighbourhoods had the highest sales ratios for October. With a 28% sales ratio, condos & townhomes in Dundarave proved to be very popular. Condos & townhomes in Ambleside held their own as well, at 21% sales ratio.

Technically, Cedardale had the highest sales ratio in West Vancouver. However, with only 2 total sales, this is not exactly fair against higher sales volumes in Dundarave and Ambleside. Nevertheless, there are condos & townhomes available for sale in the Cedardale area.

Condos & townhomes with 2-bedrooms were the most popular choice for homebuyers in October. It’s possible homebuyers are continuing to pursue more affordable properties as increased interest rates sink in, but still stretching for properties with room to grow. 2-bedroom properties represented 65% of all condo & townhome sales in West Vancouver. 

Listings in Lower Lonsdale, North Vancouver

217 - 650 E 2nd Street, Lower Lonsdale, North Vancouver photo number 2
Listed Today
217 - 650 E 2nd Street  
Lower Lonsdale, North Vancouver
$1,268,888 Townhome 2 Beds 3 Baths 1,142 sqft

Listed by Coldwell Banker Prestige Realty.

1403 - 175 W 1st Street, Lower Lonsdale, North Vancouver photo number 2
Just Listed
1403 - 175 W 1st Street  
Lower Lonsdale, North Vancouver
$718,000 Condo 1 Bed 1 Bath 609 sqft

Listed by Royal LePage Sussex.

TH11 - 188 E Esplanade Street, Lower Lonsdale, North Vancouver photo number 2
Just Listed
Open House Mar 25th - 26th, 2-4PM
TH11 - 188 E Esplanade Street  
Lower Lonsdale, North Vancouver
$1,599,000 Townhome 3 Beds 3 Baths 1,600 sqft

Listed by Rennie & Associates Realty Ltd..

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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.