May 2024
The pace of new listings and sales slowed slightly from April to May as the market continued to move towards greater balance. Despite some strong sales reminiscent of earlier in the year, the overall market remains inconsistent and is generally softening, with listings exceeding demand. This shift is providing many buyers with a more traditional purchasing experience, offering more options and less urgency.
The general consensus is that the Bank of Canada will lower rates either this month or soon. Many sellers hope this will lead to increased buying power and higher prices. While that might happen in the long term, for now, our sense is that basic supply and demand fundamentals are driving the market.
In North Vancouver sales were down 1.6 per cent from April and were 14.0 per cent lower than May of last year.
New listings were up 23.1 per cent from May 2023, with total listings up 48.4 per cent from the same time, ending the month at 776 homes for sale – 8.5 per cent above the 10-year May average.
For all property types, the May 2024 sales-to-active listing ratio was 31.6 per cent.
By property type, the May ratios were: 33.9 per cent for detached houses, 24.8 per cent for townhomes, and 32.5 per cent for apartments.
By price range, the May ratios were:
| < $750,000: | 42.6 per cent |
| $750k to $1M: | 33.6 per cent |
| $1M - $1.5M: | 27.5 per cent |
| $1.5M - $2M: | 23.3 per cent |
| $2M - $2.5M: | 43.0 per cent |
| $2.5M - $3M: | 36.9 per cent |
| > $3M: | 21.2 per cent |
In West Vancouver sales were down 4.3 per cent from April and were 15.4 per cent lower than May of last year.
New listings were up 13.2 per cent from May 2023, while total listings were up 22.1 per cent from the same time, ending the month at 669 homes for sale – 6.5 per cent above the 10-year May average.
For all property types, the May 2024 sales-to-active listing ratio was 9.9 per cent.
By property type, the May ratios were: 6.7 per cent for detached houses, 30.0 per cent for townhomes, and 20.6 per cent for apartments.
By price range, the May ratios were:
| < $1M: | 22.5 per cent |
| $1M - $2M: | 20.3 per cent |
| $2M - $3M: | 16.1 per cent |
| $3M - $4M: | 4.5 per cent |
| $4M-$5M: | 5.3 per cent |
| $5M-$6M: | 5.6 per cent |
| >$6M | 3.8 per cent |
Sales.
Search all May 2024 North Shore sales along with our entire database of sold homes (with sales posted as soon as they are reported sold):
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 we'd be pleased to hear from you. We can be reached at 604.983.2518, via the form on this page, or at our office 110 East 1st Street, North Vancouver.
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Past Listing & Sales STATS | May 2024
North Vancouver
| May - 24 | May - 23 | % Chg | |
| New Listings | 533 | 433 | + 23.1 |
| Total Listings | 776 | 523 | + 48.4 |
| Sales | 245 | 285 | - 14.0 |
| Sales/Listings Ratio | 31.6 | 55% | - 42.0 |
| SP/Original LP | 99.2% | 99.9% | - 0.7 |
| Days on Market | 8 | 8 | -- |
| Median Sale Price | |||
| Condo | $809,000 | $781,500 | + 3.5 |
| Townhome | $1,340,000 | $1,349,000 | - 0.7 |
| House | $2,392,500 | $2,250,000 | + 6.3 |
West Vancouver
| May - 24 | May - 23 | % Chg | |
| New Listings | 257 | 227 | + 13.2 |
| Total Listings | 669 | 548 | + 22.1 |
| Sales | 66 | 78 | - 15.4 |
| Sales/Listings Ratio | 9.9% | 14.2% | - 30.3 |
| SP/Original LP | 96.3% | 95.8% | + 0.5 |
| Days on Market | 19 | 13 | + 46.2 |
| Median Sale Price | |||
| Condo | $1,297,500 | $1,200,000 | + 8.1 |
| Townhome | -- ** | -- ** | n/a |
| House | $3,104,000 | $2,870,000 | + 8.2 |
Note: Median sale prices not reported when there are less than 20 sales [**West Van Townhome sales: May 2024: 6 - May 2023: 6]