Q3 [July-Sept] 2024
September marked a slower-than-expected start to the fall season, with sales in North and West Vancouver experiencing a decline compared to August. This is unusual, as September typically brings a surge of new listings, leading to an uptick in sales. While the number of new listings did increase from August, the anticipated seasonal demand did not follow suit.
We believe that buyer activity is picking up, encouraged by the Bank of Canada's three consecutive rate reductions. However, buyers remain cautious, price-sensitive, and prepared to wait for the right opportunity. This behavior is characteristic of a softer, more balanced market, where buyers feel they have the advantage of time, anticipating that both prices and interest rates could decline further.
In addition to local market dynamics, the upcoming Provincial, Federal, and U.S. elections may also be contributing to buyer hesitation. Elections often introduce a layer of uncertainty, and this year’s races, with politically opposing candidates, appear highly unpredictable. This uncertainty could be further tempering buyer enthusiasm, as many may choose to adopt a wait-and-see approach until more clarity emerges.
In North Vancouver there were 491 sales for the third quarter (Q3), down 4.5 per cent from Q3 2023, while new listings were up 18.6 per cent.
In September, total reported sales were down 14.8 per cent from 2023, and were 25.3 per cent below the 10-year September average.
New listings were up 13.4 per cent from September 2023, with total listings up 33.4 per cent from the same time, ending the month at 847 homes for sale – 11.7 per cent above the 10-year September average.
For all property types, the September 2024 sales-to-active listing ratio was 17.0 per cent (dropping into a balanced market for the first time this year).
By property type, the September ratios were: 14.4 per cent for detached houses, 19.2 per cent for townhomes, and 18.6 per cent for apartments.
By price range, the September ratios were:
| < $750,000: | 30.4 per cent |
| $750k to $1M: | 15.2 per cent |
| $1M - $1.5M: | 17.8 per cent |
| $1.5M - $2M: | 19.6 per cent |
| $2M - $2.5M: | 13.0 per cent |
| $2.5M - $3M: | 14.9 per cent |
| > $3M: | 6.1 per cent |
In West Vancouver there were 163 sales for the third quarter (Q3), up 1.2 per cent from Q3 2023, while new listings were down 0.7 per cent.
In September, total reported sales were down 16.7 per cent from 2023, and were 23.7 per cent below the 10-year September average.
New listings were down 8.2 per cent from September 2023, with total listings up 10.9 per cent from the same time, ending the month at 694 homes for sale – 5.5 per cent above the 10-year September average.
For all property types, the September 2024 sales-to-active listing ratio was 6.5 per cent (the lowest rate recorded since January).
By property type, the September ratios were: 5.7 per cent for detached houses, 3.4 per cent for townhomes, and 9.5 per cent for apartments.
By price range, the September ratios were:
| < $1M: | 36.7 per cent |
| $1M - $2M: | 4.7 per cent |
| $2M - $3M: | 8.3 per cent |
| $3M - $4M: | 3.9 per cent |
| $4M-$5M: | 3.2 per cent |
| $5M-$6M: | 4.5 per cent |
| >$6M | 4.5 per cent |
Sales.
Search all North Shore sales as soon as they are reported sold, along with our entire database of sold real estate listings:
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 | September 2024
North Vancouver
| Sept - 24 | Sept - 23 | % Chg | |
| New Listings | 540 | 476 | + 13.4 |
| Total Listings | 847 | 635 | + 33.4 |
| Sales | 144 | 169 | - 14.8 |
| Sales/Listings Ratio | 17.0% | 27% | - 36.1 |
| SP/Original LP | 97.6% | 98.3% | - 0.7 |
| Days on Market | 16 | 7 | + 128.6 |
| Median Sale Price | |||
| Condo | $771,101 | $836,000 | - 7.8 |
| Townhome | $1,300,000 | $1,295,000 | + 0.4 |
| House | $2,050,000 | $2,007,500 | + 2.1 |
West Vancouver
| Sept - 24 | Sept - 23 | % Chg | |
| New Listings | 225 | 245 | - 8.2 |
| Total Listings | 694 | 626 | + 10.9 |
| Sales | 45 | 54 | - 16.7 |
| Sales/Listings Ratio | 6.5% | 8.6% | - 24.4 |
| SP/Original LP | 95.0% | 94.8% | + 0.2 |
| Days on Market | 43 | 16 | + 168.8 |
| Median Sale Price | |||
| Condo | -- * | -- * | n/a |
| Townhome | -- ** | -- ** | n/a |
| House | $3,448,000 | $3,000,000 | + 14.9 |
Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: September 2024: 12 - September 2023: 18] - [**West Van Townhome sales: September 2024: 1 - September 2023: 3]