2023 Year End

Jan. 5, 2024

Once more, 2023 underscored the remarkable resilience of the Greater Vancouver real estate market. Despite new government policies targeting demand reduction and the highest borrowing costs in over a decade, the market experienced only single-digit year-over-year declines in sales and in most cases, modest adjustments in prices.

In North Vancouver, there were 2,158 homes reported sold in 2023, a 9.1 per cent drop from 2022 and 18.4 per cent below the 10-year sales average.

For the year, the median sale price of a North Vancouver single-family home was down 2.33 per cent to $2,100,000; the median sale price of a condo was up 1.16 per cent to $785,000; and the median sale price of an attached home (townhomes and half duplexes) was up 3.66 per cent to $1,399,450.

In West Vancouver, there were 638 homes sold in 2023, a 4.1 per cent decrease from 2022 and 25.9 per cent below the 10-year sales average.

For the year, the median sale price of a West Vancouver single-family home was up 2.5 per cent to $3,075,000; the median sale price of a condo was up 13.3 per cent to $1,246,000; while the median sale price of an attached home (townhomes and half duplexes) was down 17.8 per cent to $1,870,000.

Recap and the year ahead

2023 was an inconsistent year for real estate as the market dealt with numerous external factors impacting supply and demand. For much of the year we saw more ‘normal’ activity – with a return to homes taking longer to sell, with fewer showings, and in numerous cases, sellers requiring price reductions to realize a sale. This is indicative of the pace we would expect to see in a market with higher borrowing costs.

There is a prevailing expectation that the Bank of Canada will begin rate reductions this year, with some speculating that a move could come as early as the second quarter. Given this outlook, we may witness a number of buyers and sellers deferring decisions until there is a more distinct signal from the Bank. If this cautious approach becomes widespread, it has the potential to further limit the availability of listings and result in a subdued level of sales to start the year.

In addition, owners of single-family homes may take a wait-and-see approach until additional details are released regarding the Province's higher density zoning changes. 

The 2024 BC Assessments are now available with values as of July 1st, 2023. Many will see only modest changes from the previous year. If you have questions about your new assessment or would like sales information to support an appeal, you can contact us here.

Sales. Search all the North and West Vancouver homes that sold in 2023 with access to all sold data (including listed and sale prices, days on market, and more). 

North Vancouver Sales >>   |    West Vancouver Sales >>

Plus, see the top 10 sales of the year:

North Van Top 10 Sales >>   |   West Van Top 10 Sales >>

As always, we would be pleased to hear from you to answer any real estate questions or to assist you with your real estate needs.  We can be reached at 604.983.2518, by completing the form on this page, or by appointment at our office at 110 East 1st Street, North Vancouver.

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Past Listing & Sales STATS | December 2023

North Vancouver 

West Vancouver 

Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: Dec 2023: 15 - Dec 2022: 10] - [*West Van Townhome sales: Dec 2023: 1 - Dec 2022: 2]