In August, condo sales continued to outpace the rest of the North Shore market.

 

In North Vancouver, condo sales were up 49.3% from August 2016, while total sales finished the month up 36.6%.

 

In West Vancouver, condo sales were up 11.8% from August 2016, despite this, total sales were down 7.5%.  

 

August, traditionally a slower month of the year, is typically not the best indicator of market trends (sales in North Vancouver were 7.6% below the 2017 monthly average, while sales in West Vancouver were 35.5% below the 2017 monthly average). In general, listings are receiving less traffic, through both agent showings and opens, compared to earlier in the year. Although there are still select strong sales, for the most part properties are taking longer to sell with numerous examples of price reductions – all signs of a more normal market.

 

Typically September provides an indication on how the market will fare to end the year with the expectation for listing inventory to begin to rise, likely bringing greater balance.

 

Factors to watch moving forward: Provincial Government potential policy changes, increased interest rates (variable and fixed), increased value of the Canadian dollar making real estate less attractive for foreign buyers, proposed tougher mortgage qualification rules, and near record pricing.

 

As always, if you have any questions about our North and West Vancouver real estate market review, would like to discuss the value your home or investment property, or have questions about an upcoming purchase, we’d be pleased to discuss with you. We can be reached at 604.983.2518.

 

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Sales, listings, and price data from the Real Estate Board of Greater Vancouver. *Days on Market and Average Sale Price are calculated as the Median amount. Medians not available for periods with less than 20 sales.

Click here to read the Real Estate Board's August Stats Report.

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