August 2024
In August, North Shore activity remained below long-term averages, with declines in sales, new listings, and total inventory compared to July. This aligns with the typical summer trend, as many buyers, sellers, and agents take advantage of the good weather and temporarily shift their focus away from real estate.
As of today, the Bank of Canada has implemented its third rate cut since June. While these reductions have made home purchases more affordable, an expected increase in urgency has yet to materialize, as many buyers remain cautious.
Moving forward, September is typically a busy month for new listings, which we anticipate will lead to an increase in sales. However, if new listings continue to exceed buyer demand, prices will likely remain soft.
In North Vancouver August sales were down 28.2% from July, marking the fourth consecutive monthly decline this year. Additionally, sales were 19.4% below the 10-year August average.
New listings were down 35.4 per cent from July, with total listings down 13.3 per cent, ending the month at 675 homes for sale.
For all property types, the August 2024 sales-to-active listing ratio was 21.5 per cent (the lowest absorption rate on record for 2024)
By property type, the August ratios were: 16.2 per cent for detached houses, 19.6 per cent for townhomes, and 25.2 per cent for apartments.
By price range, the August ratios were:
| < $750,000: | 31.4 per cent |
| $750k to $1M: | 23.9 per cent |
| $1M - $1.5M: | 25.6 per cent |
| $1.5M - $2M: | 17.7 per cent |
| $2M - $2.5M: | 23.0 per cent |
| $2.5M - $3M: | 15.4 per cent |
| > $3M: | 8.3 per cent |
In West Vancouver sales were down 6.5 per cent from July, the second consecutive drop this year. Additionally, sales were 3.7 per cent below the 10-year August average.
New listings were down 38.9 per cent from July, with total listings down 10.1 per cent, ending the month at 657 homes for sale.
For all property types, the August 2024 sales-to-active listing ratio was 8.7 per cent (a slight increase from 8.3 per cent in July, although still representative of a buyer’s market).
By property type, the August ratios were: 6.9 per cent for detached houses, 3.4 per cent for townhomes, and 19.4 per cent for apartments.
By price range, the August ratios were:
| < $1M: | 14.3 per cent |
| $1M - $2M: | 22.1 per cent |
| $2M - $3M: | 12.5 per cent |
| $3M - $4M: | 5.6 per cent |
| $4M-$5M: | 5.6 per cent |
| $5M-$6M: | 1.6 per cent |
| >$6M | 3.8 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 | August 2024
North Vancouver
| Aug - 24 | Aug - 23 | % Chg | |
| New Listings | 268 | 252 | + 6.3 |
| Total Listings | 665 | 523 | + 27.2 |
| Sales | 145 | 160 | - 9.4 |
| Sales/Listings Ratio | 21.8% | 31% | - 28.8 |
| SP/Original LP | 97.6% | 98.3% | - 0.7 |
| Days on Market | 19 | 9 | + 111.1 |
| Median Sale Price | |||
| Condo | $795,950 | $821,000 | - 3.1 |
| Townhome | $1,387,500 | $1,425,000 | - 2.6 |
| House | $2,135,000 | $2,335,000 | - 8.6 |
West Vancouver
| Aug - 24 | Aug - 23 | % Chg | |
| New Listings | 130 | 147 | - 11.6 |
| Total Listings | 654 | 592 | + 10.5 |
| Sales | 57 | 56 | + 1.8 |
| Sales/Listings Ratio | 8.7% | 9.5% | - 8.4 |
| SP/Original LP | 95.0% | 94.8% | + 0.2 |
| Days on Market | 37 | 19 | + 94.7 |
| Median Sale Price | |||
| Condo | $1,330,000 | -- * | n/a |
| Townhome | -- ** | -- ** | n/a |
| House | $2,800,000 | $2,892,500 | - 3.2 |
Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: August 2024: 21 - August 2023: 17] - [**West Van Townhome sales: August 2024: 1 - August 2023: 2]