If you’re wondering what the average house price in West Vancouver is, you’ve come to the right place. In this article, you’ll learn about the changes in average house prices in West Vancouver over the years. You’ll also learn about the decline in prices in neighbouring areas such as Surrey and North Vancouver.
Metro Vancouver’s median home price has increased over the years
In recent years, the price of houses has been rising rapidly in Metro Vancouver. In 2006, urban planner Andy Yan made a map of Vancouver that delineated the city’s west and east sides by a “million-dollar line.” By 2017, that line had been crossed, and the median price had surpassed $2 million, pushing the line further eastward. In 2017, there were five hundred and forty-six sales in the $3 million to $5 million range east of Main Street, compared to a mere three hundred and fifty-five sales west of Main Street. But the luxury end of the market has not experienced the same growth rates as the middle-class housing market.
While the average price of homes in Metro Vancouver has increased significantly in recent years, prices have fallen in some areas, including Maple Ridge, Surrey, and Vancouver. In June, the median price of homes in Delta dropped by more than $20,000 from its February 2018 high of $1.625 million. In Maple Ridge, the median home price dropped by almost twenty-five percent to $960K.
In the FVREB and the CDREB, the average home price has increased over the years, and it is predicted to increase by 25% and 16.4% in 2021, respectively. However, this growth is expected to slow down over the next two years, with average price growth a little over one percent in 2022 and a moderate growth rate of 0.4% in 2023. Those numbers represent a downward trend, but the market remains hot in the majority of Metro Vancouver.
West Vancouver’s median home price has declined over the years
West Vancouver’s median home price has declined by about 9% over the past three years. The decline is more pronounced in New Westminster and Port Moody, where median home prices dropped by as much as 9.9%. Coquitlam’s median home price fell by 3.9%, but is still well above the city’s average of $950,000.
The reasons for the slowdown are many, but one of the most significant is a crackdown on money laundering, as well as a spike in taxes on higher-end properties. This combination has caused the housing market to go into a deep freeze. In the past six months, there have been only 29 homes sold in West Vancouver that cost more than $3 million. This is almost half the number of sales in the region in March 2016, when the market was at its highest.
The average home price on the West Side has dropped from $3,768,000 in April to $3,544,000 in May. That is a steep decline compared to the city’s more affluent neighbourhoods. But despite this trend, many people still want to buy a West Side home. According to real estate agent David Hutchinson, a West Side property sold for $3,150,000 last month. The seller now wishes to settle in Kitsilano.
The slowdown in home sales may be a result of a slowdown in the supply of available homes in the city. With a lack of new listings, buyers are likely to take their time in making decisions and securing financing. With fewer homes for sale, prices are likely to decrease over time.
Surrey’s median home price has decreased over the years
In April, the Fraser Valley Real Estate Board released statistics on Surrey home prices. The median sold price decreased by 3.8% year over year, from $637,950 in April 2014. While detached house prices have increased dramatically over the past few years, apartment prices are holding steady. Although they have not skyrocketed as much as detached homes, they are still low when compared to other housing types.
The market is not yet in a sellers’ market, and prices have remained relatively stable. This means that the local market is not likely to experience a price fall anytime soon. Despite the current real estate market slump, there are still some opportunities available to buy a home in Surrey.
While Vancouver and the surrounding cities saw home prices rise, the median price for single-family detached homes in Surrey and Langley has dropped. Using artificial intelligence, the platform compares historic listings and estimates current values in real time. Using this data, HouseSigma compared the median price of homes in these two communities from February to May 17 in 2022. During that time, the average price of a Surrey single-family detached home decreased from $1.65 million to $1.59 million, or a 14.3% drop.
Housing costs are a huge expense. Although many communities have similar prices, housing costs are often the main driver of a community’s price index. The average housing cost in Surrey is still relatively low, making it a desirable place to live.
North Vancouver’s median home price has decreased over the years
The median home price in North Vancouver has decreased over the years. However, that does not mean the housing market has been slowing down. In fact, it has been rising steadily in recent years. The average home price in North Vancouver is $1,054,000, which is still significantly higher than the Vancouver average.
In fact, the market has become more affordable in the East Side of the city, where the median home price is $1,048,000. However, the West Side has experienced a much slower growth in home prices. In April 2022, the median price for a detached home on the West Side was $3,768,000.
This is despite the fact that the market has seen sliding sales in recent months. This is due in large part to interest rates. The Bank of Canada has stepped up interest rates since early spring. Meanwhile, the housing market has also slowed due to falling demand. According to a recent report by HouseSigma, the median home price in North Vancouver will decline 14.4% by July 2022, the year it peaked in February of last year.
The demand for real estate in North Vancouver is mainly driven by move-up buyers. They are looking for larger homes with more square footage. They also need home offices, gyms, and outdoor space for their families. In addition to the move-up buyers, first-time buyers are mainly young couples. Many of these first-timers are looking for condominiums and single-family homes, which are priced in the $500s to $600k range. The low interest rates will likely keep this group of homebuyers active into the year 2021.
Port Moody’s median home price has decreased over the years
Port Moody, BC‘s median home price has decreased over the past few years, but it is still much higher than the national average. The average price of a house in Port Moody is $983,617, and there have been 77 new listings in the last 28 days. Median days on market have decreased to 32 days.
Port Coquitlam’s median home price has decreased over the years
A look at housing data for Port Coquitlam shows the median home price is $884,710. That’s almost 50% lower than the median price in the Greater Vancouver Area (GVA). In fact, there have been 106 new listings in the last 28 days, with a median days on market of 23 days. That’s a big difference from just a few years ago, when the median home price was more than $1 million.
A report by Roomvu shows that Greater Vancouver’s median home price decreased by about one percent over the last year. That decrease is smaller than the 1.7 percent decline in the Fraser Valley, where prices have fallen by 14.6% since February 2022. The decline in Port Coquitlam is the lowest in Metro Vancouver, while in Vancouver, prices fell by more than one percent.
In Port Coquitlam, there are twelve apartments available for rent. The most common type of apartment is a two-bedroom unit. There are also four-bedroom units, but they are not common. Apartments for rent in Port Coquitlam range in price from affordable to luxury.
In comparison, the median value of attached and detached homes in the capital region has increased by only 0.5%. And a median price of a condo apartment in Metro Vancouver is $740,100. Despite this, the housing market in Metro Vancouver remains slow and buyers have the advantage. Despite the slowdown, Yu said that builders are aware of a slowing housing market. According to the real estate brokerage, housing starts have decreased drastically since September, particularly in urban areas. In the next two years, housing starts in the metro Vancouver region are expected to fall by at least 30 percent.
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.