May 2023
Continuing an upward trend, North Shore home sales rose for the fourth consecutive month, surpassing 2022 levels for the first time this year.
In general, there has been an ongoing imbalance in the market with more buyers than ready or willing sellers. For many homes, this led to quick sales and appreciating prices.
That said, as we are nearing the summer market, we are already sensing a seasonal shift, as enthusiasm and overall activity is starting to level off - with unsold homes staying on the market longer and or needing price adjustments to realize a sale. This is common, as would be consumers get busy with summer plans; though may also be the result of some hesitation to higher prices. Coupled with renewed expectations of interest rate variability/increases, there is the potential for the market to trend towards more balance.
In North Vancouver sales rose 32.4 per cent from April and were up 2.9 per cent from May of last year.
New listings were down 8.5 per cent from May 2022, while total listings were down 14.4 per cent from the same time, ending the month at 483 homes for sale – 35.0 per cent below the 10-year May average.
For all property types, the May 2023 sales-to-active listing ratio was 59.0 per cent.
By property type, the May ratios were: 53.3 per cent for detached houses, 73.0 per cent for townhomes, and 60.4 per cent for apartments.
By price range, the May ratios were:
| < $750,000: | 83.6 per cent |
| $750k to $1M: | 84.7 per cent |
| $1M - $1.5M: | 57.1 per cent |
| $1.5M - $2M: | 52.5 per cent |
| $2M - $2.5M: | 63.9 per cent |
| $2.5M - $3M: | 43.9 per cent |
| > $3M: | 26.5 per cent |
In West Vancouver sales rose 13.0 per cent from April and were up 14.7 per cent from May of last year.
New listings were down 3.8 per cent from May 2022, while total listings were down 8.6 per cent from the same time, ending the month at 522 homes for sale –18.1 per cent below the 10-year May average.
For all property types, the May 2023 sales-to-active listing ratio was 14.9 per cent.
By property type, the May ratios were: 10.1 per cent for detached houses, 42.9 per cent for townhomes, and 31.2 per cent for apartments.
By price range, the May ratios were:
| < $1M: | 50.0 per cent |
| $1M - $2M: | 30.6 per cent |
| $2M - $3M: | 23.8 per cent |
| $3M - $4M: | 11.3 per cent |
| $4M-$5M: | 9.0 per cent |
| $5M-$6M: | 4.7 per cent |
| >$6M | 2.4 per cent |
Planning a move? If you have any questions about the North or West Vancouver market, or if we can assist you with a move we'd be pleased to hear from you. We can be reached at 604.983.2518, by completing the form on this page, or by appointment at our office 110 East 1st Street, North Vancouver.
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Past Listing & Sales STATS | May 2023
North Vancouver
| May - 23 | May - 22 | % Chg | |
| New Listings | 433 | 473 | - 8.5 |
| Total Listings | 483 | 564 | - 14.4 |
| Sales | 286 | 278 | + 2.9 |
| Sales/Listings Ratio | 59.2 | 49% | + 20.1 |
| SP/Original LP | 99.9% | 100.0% | - 0.1 |
| Days on Market | 8 | 8 | -- |
| Median Sale Price | |||
| Condo | $781,500 | $806,667 | + 4.7 |
| Townhome | $1,349,000 | $1,315,000 | - 3.1 |
| House | $2,250,000 | $2,150,000 | + 2.6 |
West Vancouver
| May - 23 | May - 22 | % Chg | |
| New Listings | 227 | 236 | - 3.8 |
| Total Listings | 522 | 513 | - 8.6 |
| Sales | 78 | 68 | + 14.7 |
| Sales/Listings Ratio | 14.9% | 12.0% | + 24.2 |
| SP/Original LP | 95.8% | 96.9% | - 2.5 |
| Days on Market | 13 | 9 | + 44.4 |
| Median Sale Price | |||
| Condo | $1,200,000 | --* | n/a |
| Townhome | -- ** | -- ** | n/a |
| House | $2,870,000 | $3,345,000 | - 14.2 |
Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: May 2023: 29 - May 2022: 18] - [**West Van Townhome sales: May 2023: 6 - May 2022: 3]