Q2 [April-June] 2023
North Shore sales declined for the first month of the year as renewed concerns about interest rates started to dampen enthusiasm and seasonal trends continued to take hold.
In North Vancouver, sales were down 14 per cent from May, while West Vancouver saw a 28 per cent drop.
Seasonally, we typically see a decrease from May to June, as consumers and agents get busy with summer plans. However, anecdotally, we are also starting to hear increased concerns from buyers regarding rising rates, as both variable and fixed rates have increased.
In the short term, as rates rise, generally there is a slight increase in sales as buyers take advantage of expiring rate holds. Longer term, if fixed rates stay up and the Bank of Canada raises rates again, or signals that further hikes may be coming, we expect the market to soften towards more balance.
In North Vancouver there were 748 sales for the second quarter (Q2), down 0.5 per cent from Q2 2022, while new listings were down 17.7 per cent.
In June, total reported sales were up 23.0 per cent from June 2022, though were 7.0 per cent below the 10-year June average.
For all property types, the June 2023 sales-to-active listing ratio was 46.9 per cent.
By property type, the June ratios were: 40.6 per cent for detached houses, 50.0 per cent for townhomes, and 53.5 per cent for apartments.
By price range, the June ratios were:
| < $750,000: | 88.1 per cent |
| $750k to $1M: | 55.9 per cent |
| $1M - $1.5M: | 46.5 per cent |
| $1.5M - $2M: | 41.4 per cent |
| $2M - $2.5M: | 63.8 per cent |
| $2.5M - $3M: | 27.3 per cent |
| > $3M: | 11.8 per cent |
In West Vancouver there were 203 sales for the in Q2, down 2.5 per cent from Q2 2022, while new listings were down 6.6 per cent.
In June, total reported sales were down 6.7 per cent from June 2022 and 31.1 per cent below the 10-year June average.
For all property types, the June 2023 sales-to-active listing ratio was 10.1 per cent.
By property type, the June ratios were: 6.4 per cent for detached houses, 60.0 per cent for townhomes, and 22.4 per cent for apartments.
By price range, the June ratios were:
| < $1M: | 66.7 per cent |
| $1M - $2M: | 17.5 per cent |
| $2M - $3M: | 6.3 per cent |
| $3M - $4M: | 7.6 per cent |
| $4M-$5M: | 8.6 per cent |
| $5M-$6M: | 9.5 per cent |
| >$6M | 3.4 per cent |
Sales.
Search North and West Vancouver June sales with access to all sold data (including listed and sale prices, days on market, and more):
North Vancouver Sales >> | West Vancouver Sales >>
As always, 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.
Enjoy our market reviews? Never miss an update. Subscribe at the link below.
Past Listing & Sales STATS | June 2023
North Vancouver
| June - 23 | June - 22 | % Chg | |
| New Listings | 389 | 459 | - 15.3 |
| Total Listings | 524 | 652 | - 19.6 |
| Sales | 246 | 200 | + 23.0 |
| Sales/Listings Ratio | 46.9 | 31% | + 52.8 |
| SP/Original LP | 100% | 99.4% | + 0.6 |
| Days on Market | 8 | 7 | + 14.3 |
| Median Sale Price | |||
| Condo | $789,450 | $784,000 | + 0.7 |
| Townhome | $1,365,500 | $1,377,500 | - 0.9 |
| House | $2,200,000 | $2,025,000 | + 8.6 |
West Vancouver
| June - 23 | June - 22 | % Chg | |
| New Listings | 214 | 200 | + 7.0 |
| Total Listings | 556 | 598 | - 7.0 |
| Sales | 56 | 60 | - 6.7 |
| Sales/Listings Ratio | 10.1% | 10.0% | + 1.0 |
| SP/Original LP | 96.7% | 96.9% | - 0.2 |
| Days on Market | 18 | 14 | + 28.6 |
| Median Sale Price | |||
| Condo | $987,000 | $1,242,500 | - 20.6 |
| Townhome | -- ** | -- ** | n/a |
| House | $3,440,000 | $3,063,500 | + 12.3 |
Note: Median sale prices not reported when there are less than 20 sales [*West Van Townhome sales: June 2023: 6 - June 2022: 5]