July 2024
Despite a second consecutive rate cut by the Bank of Canada, North Shore sales slowed from June to July. This decline is not unusual, as the summer typically sees fewer sales. However, sellers have remained unseasonably active, with new and total listings surpassing historical averages.
Consequently, sales have been inconsistent. While some segments are still experiencing price appreciation, many owners are selling at or below benchmarks set earlier in the year.
It’s possible we could see further rate cuts in the fall, which may encourage more buyers into the market. But for now, with listings outpacing demand, the overall trend is a softening market.
In North Vancouver sales were down 6.9 per cent from June, the third consecutive drop in sales since a peak in April.
New listings were up 37.0 per cent from July 2023, with total listings up 29.1 per cent from the same time, ending the month at 719 homes for sale – 2.1 per cent above the 10-year July average.
For all property types, the July 2024 sales-to-active listing ratio was 27.6 per cent.
By property type, the July ratios were: 24.6 per cent for detached houses, 30.5 per cent for townhomes, and 29.7 per cent for apartments.
By price range, the July ratios were:
| < $750,000: | 34.6 per cent |
| $750k to $1M: | 30.4 per cent |
| $1M - $1.5M: | 24.5 per cent |
| $1.5M - $2M: | 44.6 per cent |
| $2M - $2.5M: | 25.0 per cent |
| $2.5M - $3M: | 20.3 per cent |
| > $3M: | 9.8 per cent |
In West Vancouver sales were down 17.6 per cent from June.
New listings were up 18.3 per cent from July 2023, while total listings were up 13.1 per cent from the same time, ending the month at 710 homes for sale – 8.1 per cent above the 10-year July average.
For all property types, the July 2024 sales-to-active listing ratio was 8.6 per cent.
By property type, the July ratios were: 7.1 per cent for detached houses, 9.7 per cent for townhomes, and 11.9 per cent for apartments.
By price range, the July ratios were:
| < $1M: | 25.6 per cent |
| $1M - $2M: | 9.3 per cent |
| $2M - $3M: | 8.8 per cent |
| $3M - $4M: | 12.8 per cent |
| $4M-$5M: | 3.3 per cent |
| $5M-$6M: | 4.7 per cent |
| >$6M | 3.7 per cent |
Sales.
Search all North Shore sales as soon as they are reported, along with our entire database of sold homes:
North Vancouver Sales >> | West Vancouver Sales >>
As always, if you have any questions about the North & West Vancouver 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 | July 2024
North Vancouver
| July - 24 | July - 23 | % Chg | |
| New Listings | 415 | 303 | + 37.0 |
| Total Listings | 731 | 557 | + 31.2 |
| Sales | 202 | 185 | + 9.2 |
| Sales/Listings Ratio | 27.6% | 33% | - 16.9 |
| SP/Original LP | 98.5% | 99.1% | - 0.6 |
| Days on Market | 12 | 8 | + 50.0 |
| Median Sale Price | |||
| Condo | $849,000 | $799,900 | + 6.1 |
| Townhome | $1,397,500 | $1,330,000 | + 5.1 |
| House | $2,110,000 | $2,070,500 | + 1.9 |
West Vancouver
| July - 24 | July - 23 | % Chg | |
| New Listings | 213 | 180 | + 18.3 |
| Total Listings | 710 | 628 | + 13.1 |
| Sales | 61 | 51 | + 19.6 |
| Sales/Listings Ratio | 8.6% | 8.1% | + 6.2 |
| SP/Original LP | 94.7% | 94.3% | + 0.4 |
| Days on Market | 32 | 20 | + 60.0 |
| Median Sale Price | |||
| Condo | -- * | -- * | n/a |
| Townhome | -- ** | -- ** | n/a |
| House | $3,177,500 | $3,260,000 | - 2.5 |
Note: Median sale prices not reported when there are less than 20 sales [*West Van condo sales: July 2024: 16 - July 2023: 23] - [**West Van Townhome sales: July 2024: 3 - July 2023: 2]