October 2023
Activity returned closer to typical seasonal levels in October, as sales kept pace with last year and the rate of new listings slowed from September (down 23.3 percent and 33.5 per cent in North and West Vancouver respectively).
In our October 2022 report we noted that “concerns about inflation, rising interest rates, and the overall economy are continuing to weigh on confidence”. The same statement is true today.
Financing a purchase, even with the Bank of Canada holding rates steady, remains challenging and expensive, with the highest borrowing costs we have seen in over a decade. This no doubt is impacting affordability and prices across all segments of the market.
In North Vancouver sales matched October 2022 with 194 homes sold, however were 16.7 per cent below the 10-year October average.
New listings were up 6.7 per cent from October of last year, while total listings were down 9.0 per cent from the same time, ending the month at 599 homes for sale – 17.7 per cent below the 10-year October average.
For all property types, the October 2023 sales-to-active listing ratio was 32.4 per cent.
By property type, the October ratios were: 23.5 per cent for detached houses, and 40.0 per cent for both townhomes and apartments.
By price range, the October ratios were:
| < $750,000: | 51.1 per cent |
| $750k to $1M: | 35.0 per cent |
| $1M - $1.5M: | 32.5 per cent |
| $1.5M - $2M: | 51.7 per cent |
| $2M - $2.5M: | 21.7 per cent |
| $2.5M - $3M: | 20.4 per cent |
| > $3M: | 10.1 per cent |
In West Vancouver sales were up 12.8 per cent from October 2022, although were 28.2 per cent below the 10-year October average.
New listings were down 0.6 per cent from October 2022, while total listings were down 0.7 per cent from the same time, ending the month at 591 homes for sale – 7.8 per cent below the 10-year October average.
For all property types, the October 2023 sales-to-active listing ratio was 9.0 per cent.
By property type, the October ratios were: 5.8 per cent for detached houses, 7.7 per cent for townhomes, and 26.1 per cent for apartments.
By price range, the October ratios were:
| < $1M: | 32.0 per cent |
| $1M - $2M: | 26.8 per cent |
| $2M - $3M: | 11.2 per cent |
| $3M - $4M: | 4.3 per cent |
| $4M-$5M: | 7.6 per cent |
| $5M-$6M: | 3.5 per cent |
| >$6M | 2.4 per cent |
Sales.
Search all North and West Vancouver 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 Shore real estate market, or if we can assist you with a purchase or sale (now or in the new year) we'd be pleased to hear from you. We can be reached at 604.983.2518, via 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 | October 2023
North Vancouver
| Oct - 23 | Oct - 22 | % Chg | |
| New Listings | 365 | 342 | + 6.7 |
| Total Listings | 599 | 658 | - 9.0 |
| Sales | 194 | 194 | -- |
| Sales/Listings Ratio | 32.4 | 29% | + 9.8 |
| SP/Original LP | 98.3% | 97.4% | + 0.9 |
| Days on Market | 8 | 10 | - 20.0 |
| Median Sale Price | |||
| Condo | $828,500 | $655,000 | + 26.5 |
| Townhome | $1,477,000 | $1,249,900 | + 18.2 |
| House | $2,050,000 | $2,012,500 | + 1.9 |
West Vancouver
| Oct - 23 | Oct - 22 | % Chg | |
| New Listings | 163 | 164 | - 0.6 |
| Total Listings | 591 | 595 | - 0.7 |
| Sales | 53 | 47 | + 12.8 |
| Sales/Listings Ratio | 9.0% | 7.9% | + 13.9 |
| SP/Original LP | 95.5% | 94.2% | + 1.4 |
| Days on Market | 23 | 24 | - 4.2 |
| Median Sale Price | |||
| Condo | $1,332,000 | --* | n/a |
| Townhome | -- ** | -- ** | n/a |
| House | $3,650,000 | $3,092,500 | + 18.0 |
Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: Oct 2023: 24 - Oct 2022: 16] - [*West Van Townhome sales: Oct 2023: 1 - Oct 2022: 1]