August 2022
Market activity continued to shift below long-term averages through August, as concerns about the economy, inflation, and higher rates is tempering confidence.
Overall, this shift is edging prices lower, as buyers are looking for better value to offset the rising costs of ownership and expectations of where the market is headed.
Typically, market activity increases in September once both buyers/sellers and agents return from summer holidays. With that in mind, it is likely we will see a more active market as we head to the fall, though at the moment, all indications are that prices will continue to soften from the highs earlier in the year.
In North Vancouver, total reported sales were down 41.8 per cent from August 2021 and were 33.9 per cent below the 10-year August average.
New listings were down 7.4 per cent from August 2021, while total listings were up 3.4 per cent from the same time, ending the month at 520 homes for sale – 30.3 per cent below the 10-year August average.
For all property types, the August 2022 sales-to-active listing ratio was 23.8 per cent (maintaining a seller’s market though dropping to the lowest level in over 2 years).
By property type, the August ratios were: 18.4 per cent for detached houses (the second consecutive month as a balanced market), 22.8 per cent for townhomes, and 29.9 per cent for apartments.
By price range, the August ratios were:
| < $750,000: | 49.4 per cent |
| $750k to $1M: | 26.9 per cent |
| $1M - $1.5M: | 33.7 per cent |
| $1.5M - $2M: | 17.5 per cent |
| $2M - $2.5M: | 12.1 per cent |
| $2.5M - $3M: | 15.6 per cent |
| > $3M: | 6.8 per cent |
In West Vancouver, total reported sales were down 19.7 per cent from August 2021 and 20.4 per cent below the 10-year August average.
New listings were up 18.4 per cent from August 2021, while total listings were down 4.0 per cent from the same time, ending the month at 534 homes for sale – 18.6 per cent below the 10-year August average.
For all property types, the August 2022 sales-to-active listing ratio was 9.9 per cent (maintaining a buyer’s market, though up slightly from July’s 8.5 per cent).
By property type, the August ratios were: 6.6 per cent for detached houses, 20.0 per cent for townhomes, and 24.1 per cent for apartments.
By price range, the August ratios were:
| < $1M: | 31.8 per cent |
| $1M - $2M: | 19.6 per cent |
| $2M - $3M: | 18.6 per cent |
| $3M - $4M: | 11.8 per cent |
| $4M-$5M: | 2.5 per cent |
| $5M-$6M: | 4.3 per cent |
| >$6M | 1.4 per cent |
Sales.
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Past Listing & Sales STATS | August 2022
North Vancouver
| Aug - 22 | Aug - 21 | % Chg | |
| New Listings | 226 | 244 | - 7.4 |
| Total Listings | 520 | 503 | + 3.4 |
| Sales | 124 | 213 | - 41.8 |
| Sales/Listings Ratio | 23.8% | 42% | - 43.7 |
| SP/Original LP | 96.4% | 98.9% | - 2.5 |
| Days on Market | 22 | 13 | + 69.2 |
| Median Sale Price | |||
| Condo | $700,129 | $675,000 | + 3.7 |
| Townhome | $1,272,500 | $1,277,500 | - 0.4 |
| House | $1,835,000 | $1,860,000 | - 1.3 |
West Vancouver
| Aug - 22 | Aug - 21 | % Chg | |
| New Listings | 148 | 125 | + 18.4 |
| Total Listings | 534 | 556 | - 4.0 |
| Sales | 53 | 66 | - 19.7 |
| Sales/Listings Ratio | 9.9% | 11.9% | - 16.8 |
| SP/Original LP | 92.4% | 95.5% | - 3.2 |
| Days on Market | 27 | 21 | + 28.6 |
| Median Sale Price | |||
| Condo | $1,400,000 | --** | -- |
| Townhome | -- * | -- ** | -- |
| House | $2,790,000 | $2,886,500 | - 3.3 |
*Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: August 2022: 21 - August 2021: 19] -- [**West Van Townhome sales: August 2022: 2 - August 2021: 3]