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There are tremendous differences between the West and North Vancouver condo markets and the type of buyer they attract. Just a quick look at the August benchmark sale prices (the going price for a typical condo in a market) demonstrates that. While the North Vancouver number of $365,000 is not out of reach for a first-time buyer, West Van’s benchmark of $688,400 is 88 per cent higher and not likely to attract your typical property virgin.
The number of condos in North Vancouver far outstrips its neighbour. As of September 4, there are 371 active condo listings on the North Shore, 77 per cent of which are in North Vancouver. Sale volumes were down in both areas in August compared to July: 25 per cent in NV and 24 per cent in WV. While it’s not unusual for the market to slow as the summer progresses, the North Shore prices declined significantly more than the Greater Vancouver average of -14 per cent. North Shore condo sellers can take heart that, when comparing August 2014 and 2015 sales, these were 26 per cent stronger this year in North Vancouver and remained the same in West Vancouver.
Taking a look at recent sales, 19 condos sported “sold” signs between August 22 and September 4. They ranged from a $208,600 one-bedroom, 42-year-old unit in Lower Lonsdale to a $1.23 million two-bedroom, 10-year-old unit in Cypress Park Estates. Only four properties went for over asking, one of which is our earlier Lower Lonsdale example. With an asking price of $195,000, its new owners paid seven per cent more.
Only two of the recent 19 sales were in West Vancouver. The North Vancouver community to see the most sold signs appear on condos was Lower Lonsdale. Here selling prices went as high as $900,000 with the sold condos on the market an average of 44 days. One owner held out for 127 days, finally accepting an offer $10,000 below their $220,000 asking price.
When it comes to active listings, Lower Lonsdale again leads the pack with 105 available condos. Condo hunters here can check out a recently listed studio for $189,000 or, if they have deep pockets, make an offer on a $2.69 million four-bedroom that’s been on the market for over 100 days. Central Lonsdale also has considerable inventory with 67 active listings as of September 4. The range here is from $207,000 for a one-bedroom to $2.35 million for a two-bedroom.
North Shore Condo Market Snapshot
