Q2 [APRIL - JUNE] 2024
In June, sellers were more active than buyers despite the Bank of Canada lowering rates. Consequently, inventory has started to accumulate to pre-pandemic levels, with double-digit year-over-year increases in both North and West Vancouver.
Overall, we describe the market as ‘inconsistent.’ While sought-after and well-priced homes are selling, many others are taking longer to sell and requiring price adjustments to attract buyers. This is common in a balancing market and is likely being accentuated by seasonal trends, as summer is typically less active.
It has been suggested that we could see another rate change in July. Although this may encourage some buyers to enter the market, we typically observe more urgency when rates are rising rather than falling. Therefore, if the next rate change is modest, we don’t anticipate it having a significant impact on market activity. Instead, if inventory continues to outpace demand, sales may further soften.
In North Vancouver there were 712 sales for the second quarter (Q2), down 4.6 per cent from Q2 2023, while new listings were up 38.0 per cent.
In June, total reported sales were down 11.0 per cent from 2023, and were 18.2 per cent below the 10-year June average.
New listings were up 17.3 per cent from June 2023, with total listings up 37.0 per cent from the same time, ending the month at 767 homes for sale – 5.5 per cent above the 10-year June average.
For all property types, the June 2024 sales-to-active listing ratio was 28.4 per cent.
By property type, the June ratios were: 24.0 per cent for detached houses, 31.9 per cent for townhomes, and 31.0 per cent for apartments.
By price range, the June ratios were:
| < $750,000: | 52.9 per cent |
| $750k to $1M: | 31.5 per cent |
| $1M - $1.5M: | 23.0 per cent |
| $1.5M - $2M: | 26.0 per cent |
| $2M - $2.5M: | 26.0 per cent |
| $2.5M - $3M: | 20.6 per cent |
| > $3M: | 19.2 per cent |
In West Vancouver there were 209 sales in Q2, up 3.5 per cent from Q2 2023, while new listings were up 15.8 per cent.
In June, total reported sales were up 32.1 per cent from June 2023 and just 3.1 per cent below the 10-year June average.
New listings were down 0.5 per cent from 2023, with total listings were up 15.8 per cent from the same time, ending the month at 688 homes for sale – 5.3 per cent above the 10-year June average.
For all property types, the June 2024 sales-to-active listing ratio was 10.7 per cent.
By property type, the June ratios were: 8.3 per cent for detached houses, 12.5 per cent for townhomes, and 18.8 per cent for apartments.
By price range, the June ratios were:
| < $1M: | 45.0 per cent |
| $1M - $2M: | 19.7 per cent |
| $2M - $3M: | 13.3 per cent |
| $3M - $4M: | 4.6 per cent |
| $4M-$5M: | 5.3 per cent |
| $5M-$6M: | 8.6 per cent |
| >$6M | 3.0 per cent |
Sales.
Search all North Shore sales as soon as they are reported, along with our entire database of sold homes:
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 | June 2024
North Vancouver
| June - 24 | June - 23 | % Chg | |
| New Listings | 455 | 388 | + 17.3 |
| Total Listings | 767 | 560 | + 37.0 |
| Sales | 218 | 245 | - 11.0 |
| Sales/Listings Ratio | 28.4% | 44% | - 35.2 |
| SP/Original LP | 98.4% | 100% | - 1.6 |
| Days on Market | 10 | 8 | + 25.0 |
| Median Sale Price | |||
| Condo | $730,000 | $789,900 | - 7.6 |
| Townhome | $1,415,000 | $1,365,500 | + 3.6 |
| House | $2,437,500 | $2,200,000 | + 10.8 |
West Vancouver
| June - 24 | June - 23 | % Chg | |
| New Listings | 213 | 214 | - 0.5 |
| Total Listings | 688 | 594 | + 15.8 |
| Sales | 74 | 56 | + 32.1 |
| Sales/Listings Ratio | 10.8% | 9.4% | + 14.9 |
| SP/Original LP | 96.0% | 96.7% | - 0.7 |
| Days on Market | 19 | 18 | + 5.6 |
| Median Sale Price | |||
| Condo | $940,000 | $987,000 | - 4.8 |
| Townhome | -- ** | -- ** | n/a |
| House | $2,875,000 | $3,440,000 | - 16.4 |
Note: Median sale prices not reported when there are less than 20 sales [**West Van Townhome sales:June 2024: 3 - June 2023: 6]