North Vancouver condos and North Shore in general continues to be a great place to buy real estate. Especially when compared to Vancouver neighbourhoods, you’ll find condos and townhouses on the North Shore much more moderately priced. First time home owners or buyers looking for an investment property will be pleased to find condos in many neighbourhoods in North Vancouver priced within the $400,000 to $800,000 range. Most of the real estate in the municipality is selling well within that price band.
For buyers looking to purchase a condo here, we recommend Lynnmour, Central Lonsdale and Lower Lonsdale for their higher inventories and well situated locations in the heart of the North Shore. Prospective buyers can expect newer properties as well as larger lots in North Vancouver. Coupled with affordable prices and safe family friendly neighbourhoods, you couldn’t ask for more. We’re always happy to chat with you and discuss the Greater Vancouver housing market. As your trusted Realtor, we will walk you through the best options for your budget and housing needs. We understand firsthand how trying house hunting and listing can be and we look froward to making the process as smooth as possible for you.
North Vancouver Condos & Sales
Good news for the condo and townhouse market: sales are robust and prices continue to rise across Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) has released their April numbers and it’s an excellent time for the condo and townhouse real estate market. Although prices for detached homes continue to increase and price out some potential buyers, other housing options are being seen as strong contenders on the local real estate market. We dig a bit deeper into what the data means and share our insights into how the Vancouver housing market is doing and where some of the best places to find a bargain home are. As mentioned above, North Vancouver condos and townhomes are very attractive as they are priced well in comparison to other areas of Greater Vancouver
Moderate Prices of Condos and Townhouses Attracting Buyers
As the prices of detached homes continue to rise, owning a house has become a more selective process for many first time buyers and younger families. We’re seeing real estate prices for detached housing continue to venture up and into the $1.5 million range and beyond, nudging buyers towards more reasonably priced housing options. Condos, townhouses and duplexes have become a preferable choice for a significant number of buyers looking to buy a home that won’t bust their budget.
On top of the rising prices of detached housing deterring buyers, real estate investors on the hunt for an investment property recognize that rental rates are poised to remain steady into 2018. As a result, those looking for an moderately priced property are zoning in on purchasing a condo or townhouse instead of splurging on a more expensive detached home.
While sales volumes of properties have decreased from April 2016, sales prices have continued to increase since last April. Condo prices continue to showcase their competitiveness with increases of nearly 17% over the past year. Additional REBGV data points to condo prices having risen by 8.2% in the past three months alone. Coming in second is the price of townhouses with a spike of 5.3% and detached homes a distant third at nearly 3%. It’s an indisputably strong market for condo and townhouse owners looking to sell their property.
Detached Home Sales Slowing
Although data for all of Greater Vancouver housing has been looked at here, North Vancouver real estate and particularly detached house market is in line with other area. The detached houses in North Vancouver have seen an explosion in prices, making affordability out of reach for most homebuyers. This narrowing of the market has slowed the sales of houses in North Vancouver as well. In return we’ve experienced a boost to North Vancouver condos selling, along with upward pressure in prices.
Greater Vancouver real estate sales volumes have been decreasing in the house category. Sales of detached housing in particular have seen a decline of nearly 40% compared to the same time last year. Snapstats’ April 2017 data states the reduced demand for higher end detached housing and a contrasting spike in demand for condos and townhouses as key reasons for a lower sales volume. Detached homes in Vancouver’s Westside listed for above $2.5 million are seeing lower sales ratios and a longer time on the market. By comparison, condos and townhouses in the area listing for less than $1 million are selling more quickly and condo prices aren’t abating.