North and West Vancouver Real Estate Market Update by Prudential Sussex Realtor® Michelle Vaughan

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Local Realtor® Michelle Vaughan discusses the current sales and prices in the North and West Vancouver Real Estate Market.

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“I don’t think anyone expects to see prices accelerate any time soon like in the previous run-up,”
Cameron Muir
Chief Economist
BC Real Estate Association

One of the big questions on everybody’s minds these days is, "What is going on with the local Real Estate Market?" North and West Vancouver Realtor® Michelle Vaughan comments, “For the most part there seems to be a sort of holding pattern right now, with Sellers maintaining higher prices and Buyers waiting for the market to drop. It is a frustrating scenario, resulting in longer days on market to achieve a satisfactory outcome.”

Rather than relying on conjecture, Realtor® Michelle Vaughan points out it makes sense to look at the actual data reported by the Real Estate Board of Greater Vancouver. The most recent data reflects sales up to the end of March 2013.

The following statistics have been collected and reported by the Real Estate Board of Greater Vancouver. In West Vancouver the number of detached houses sold this year by the end of March is 127. In 2012 there was 185 units sold for this period, which is a decrease of 31% in houses sold. In 2011 there were 290 detached houses sold for the same period. The number of active detached listings this year is 516, which is a 21% increase over the 426 that were active at the same time last year. Average price per unit is 5% less than at the same time last year. In the townhouse market, 2013 year to date shows 10 sales, while 2012 had 22 sales and 2011 had 19 units sold. This year there are 56 active listings, as compared with 42 last year, an increase of 33%. Average price per unit is about the same as last year. For condo sales, year to date there have been 33 sales, with 44 sales in 2012 and 52 in 2011. The number of active listings is 122, which is 9% more than last year at 111. The prices of apartments in West Vancouver are up about 25% from last year.

The following figures have been compiled and reported by the Real Estate Board of Greater Vancouver. In North Vancouver, for 2013 up until the end of March, the data reflects 241 detached house sales. The same time period in 2012 there was 281 sales, which is a 14% decrease from last year. In 2011 there were 291 sales of detached houses for the same period. The number of active detached listings this year is 416, which is a 38% increase over the 288 that were active at the same time last year. Prices are relatively the same as the same time last year. In the townhouse market, 2013 year to date shows 74 sales, while 2012 had 90 sales and 2011 had 101 units sold. This year there are 122 active listings, as compared with 91 last year, an increase of 34%. Prices are slightly down at about 4% less than last year. For condo sales, year to date there have been 152 sales, with 221 sales in 2012 and 232 in 2011. The number of active listings is 416, which is 4% less than last year at 434. Sales prices are down approximately 2%.

“As I would expect”, says North Shore Realtor® Michelle Vaughan, "North Vancouver is not showing as much of a decrease in units sold this year over last year to date as West Vancouver is. The lower average prices in North Vancouver are contributing to a much more active market than in other areas."

Tsur Somerville, a professor at the University of British Columbia’s Sauder School of Business, said sluggish prices could be in store for Vancouver for the rest of 2013, but a crash landing is unlikely. “Given where interest rates are, it would be silly to expect a large change in prices,” he said. Still, Prof. Somerville cautioned that if interest rates skyrocket and if there is a major meltdown in financial markets, then Canada’s housing market, not just Vancouver’s, would face turmoil.

Realtor® Michelle Vaughan agrees, “this is just a different market than we have become used to in Vancouver. It takes some adjustment in thinking to realize that properties aren’t selling in just days for over asking.”

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