2016 proved to be quite the year for real estate, once again defying all expectations.

 

Sales across the North Shore were down, failing to keep up with the record pace set in 2015. In North Vancouver, total sales decreased 9.9% in 2016 (3008 vs 3339 sales in 2015), while West Vancouver sales dipped 18.4% (1132 vs 1387 sales in 2015).

 

2015 was a standout year, with North Van sales up 31% from 2014, and West Van sales up 28% - and yet, through the first half of the year the market was on track to set new records.  In North Van, first half sales were up 7.5% from 2015, while West Van saw a 13.6% increase.

 

The second half of the year saw the market shift due to a combination of factors including a normal market cycle with diminishing demand, government intervention designed to cool the market, and stricter mortgage rules. The result, sales in North and West Vancouver were down a staggering 30% and 55% respectively.

 

Moving forward for 2017, our expectation in the short term is for a continued weaker market. Consensus among buyers remains that prices should trend lower, and in the absence of an uptick in buyer confidence, it will likely take time for the market to find a comfortable footing.  

 

As is common for this time of year, there is currently a lack of inventory with total listings in North and West Vancouver 40% and 34% below the 2016 average respectively. If you are considering selling in 2017 now may be an opportune time.

 

If you have any questions about the market, questions about your new assessed value or know anyone who would like to receive our market updates, please let us know.

 

Wishing you and yours all the best for a terrific New Year!

 

To read the Real Estate Board of Greater Vancouver's stats report, click here.

 

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