West Vancouver is one of the most sought after locations in Canada. People flock to this area for its breathtaking views, picture-perfect sunsets, and safe neighbourhoods.
The housing market has hit a rough patch recently. This is primarily due to higher interest rates and inflation.
1. Year-over-Year
West Vancouver Condo Prices have been on a roaring rise for the past 5 years. Back in 2013, you could purchase a West Van condo for around $736,100. Today, you can find a typical West Van condo for $1,295,900.
This means that the average price of a West Vancouver condo has soared 75 percent in the last five years! The same can be said for townhomes and single-family homes.
When it comes to calculating prices, you need a reliable benchmark to help compare homes between periods of time. The MLS(r) Home Price Index (HPI) is one of the most common ways to track real estate trends in Canada.
The HPI is updated monthly and can provide a more stable view than market prices. It can also show you what areas of the country are seeing prices increase and decrease compared to other areas.
Currently, the MLS(r) HPI for Metro Vancouver is $1,114,300, down 3.3 per cent from December 2021 and 1.5 per cent from November 2022. This decline is attributed to lower demand for property in the region as well as higher interest rates.
But that doesn’t mean the real estate market is in free fall! According to the REBGV’s latest report, residential sales in Metro Vancouver were 1,870 in August, a 0.9% decrease from July and a 40.7% decline from August of 2021.
In contrast, the apartment benchmark price for Metro Vancouver was still $1,234,700, which is the same as it was in July, meaning that a significant portion of the region’s homes are priced above $1 million. This is a trend that will probably continue as the region moves into its next phase of growth.
With the exception of West Vancouver, which remains the highest benchmark price for apartments in Metro Vancouver, all other areas have seen prices decline. The smallest decreases were recorded in Burnaby South (0.3%), West Vancouver (0.7%) and Port Moody (0.9%).
This means that if you are thinking about purchasing a West Vancouver Condo, it’s important to do your research before making any purchases. This will ensure you don’t make a mistake and buy a home that you will regret later on.
2. Month-over-Month
The average condo price in West Vancouver rose by 6% month-over-month to $2,507,804 in October. The market experienced a significant increase in sales this month, with 135 homes selling, compared to 106 in September.
Despite the strong market, this month’s MLS data also revealed that the number of listings in the area is on the rise. This means that there is a limited supply of properties for sale in the area, and buyers are having a hard time finding a place to buy.
This is a sign that the housing market is entering a slowdown, but it doesn’t necessarily mean that prices are going to drop. Rather, this is an indicator that sellers are waiting to see what happens before they decide to put their homes up for sale.
The price history chart for the Vancouver market shows that detached homes are on track to continue climbing higher over the next few months, whereas condominiums are struggling to maintain their upward trend. Detached home prices are still 3% below their market peak from May 2017 and condo values have risen 7% over the past two years, but are only 1% above their cycle lows.
Overall, detached prices are rising faster than condos in Vancouver and across the board, indicating that a strong buyer’s market is emerging. However, there are a few areas that are in a seller’s market.
Strata prices in Port Moody are on the rise, with detached and townhouse prices rising by 14% and 5% month-over-month, respectively, in October. Meanwhile, the city’s inventory of strata properties is dwindling, which is driving prices up.
In a similar trend, East Vancouver is seeing a strong seller’s market. In fact, its sales-to-listings ratio is running at 87% for houses and townhouses, and 76% for condos.
This is an important factor to keep in mind, because it indicates that buyers are able to find a property at a reasonable price if they look hard enough. This is why we recommend that buyers and sellers work with a realtor who has extensive knowledge of the area where they want to buy or sell a property.
3. Quarter-over-Quarter
The Real Estate Board of Greater Vancouver recently released their quarterly condo price data, and it looks like it’s going to be a slow month. The benchmark “typical” condo slipped to $736,900 in July, down 0.1% from the previous month, and up 8.4% over the same period last year. It’s hard to say whether this is a good thing or not, but it’s still a bit of a downer.
The best way to get an up-close look at the latest West Vancouver Condo prices is to rely on the experts at the MLS(r). We’ve put together the most interesting and relevant statistics and rolled them into our aptly named condo price history chart. If you’re in the market for a new home, this is the place to start your search. It’s also the place to go for the latest and greatest news, trends and stats about Vancouver’s housing market. Our interactive suite of tools will help you make the most informed decision possible. To get started, please select your preferred area below. We’re looking forward to helping you find your dream home.
4. Year-to-Date
A year-to-date price history chart is used to compare the prices of homes during a certain period, and is often used in real estate analysis. It’s useful for comparing how one market changes from another, and can be especially helpful for investors.
The West Vancouver Condo Price History Chart shows that the benchmark prices for detached and townhouse homes in the city have dropped significantly over the past year. However, these declines have been balanced out by the increase in apartment benchmark prices.
This trend has been particularly pronounced in the West Vancouver area, which features some of the most expensive properties in the country. This makes it a great place to buy if you want a spacious property with stunning views and a luxurious lifestyle.
Meanwhile, the price-to-income ratio for West Vancouver is also high, which indicates that home prices are out of reach for many Canadians. And that may not bode well for future economic growth in the region.
Overall, a strong demand for Vancouver real estate has been the main driver of prices. This is because the area’s population is rising – and there is an influx of people looking to move into the city for work or study.
The vacancy rate for apartments is also low, and is predicted to remain at this level for the foreseeable future. In addition, there are many new rental units being built in the area, which is expected to continue to boost rental rates and demand for West Vancouver condominiums.
Although the vacancy rate is low, it’s important to note that it’s not a reliable indicator of market activity. This is because sub-markets can have a smaller number of monthly sales, which could influence the numbers reported by the regional Metro Vancouver Report.
Nevertheless, it’s still worth monitoring the market in order to get an idea of how the prices are changing in your neighbourhood. This is an essential part of any real estate purchase, as it gives you a full picture of the current state of your local market.
The West Vancouver Condo Price History Chart is an excellent way to learn more about the current state of the city’s housing market. It will help you to decide whether it’s the right time to buy or sell a property in West Vancouver, and will give you an idea of how the market is currently performing.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.