Greater Vancouver saw double-digit increases in the third quarter as the market continues to be driven by a strong B.C. economy.
The aggregate price of a home in North Vancouver has risen substantially over past year, as current inventory is at less than half its normal level for this time of year. This has resulted in a median price increase of approximately 20% over 2014. While the detached market is the most competitive, the townhome and apartment markets are both moving very swiftly as well.
Inventory in the North Van marketplace is divided as follows; out of 502 homes currently for sale in North Vancouver:
Apartments – 57%
Detached – 34%
Townhomes/Duplexes – 9%
Residential home sales have been trending at 25-30% above the ten year sales average for the majority of 2015. Inventory just can’t keep up with demand, placing upward pressure on prices, especially in the detached market.
Are you a Buyer who is feeling swept away by this market? Check out our latest blog for some strategies you may find helpful on how to stay sane–and be successful–under current market conditions.
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