North Vancouver Real Estate Market Update for July 2024: Trends, Insights, and Future Outlook
My Interpretation of All of the Info Below
Putting together an article like this requires a ton of research and, full disclosure, I have the old ChatGPT help me (otherwise I'd need a research assistant) Chat scrubs through a bunch of market research sites to bring you this info and I then read through it and add in (here) real-world interpretations of the data. Most other sites just present this and you can interpret it how you will. I want to give you some insight but you can absolutely arrive at your own determinations. Just know, this is info is factual data taken from the MLS. It won't include private sales, FSBO, exclusive stuff or pre-sale.
Introduction
Whether you're looking to buy or sell, keeping up with the latest in the real estate market is crucial. This July, North Vancouver's housing scene is as dynamic as ever, shaped by economic shifts, seasonal rhythms, and evolving buyer tastes. Here’s a deep dive into the latest trends, a thorough breakdown by property type, and some insights into where the market might be headed.
Understanding these trends is vital for everyone involved. For buyers, it’s about making informed decisions in a market that’s constantly changing. For sellers, knowing when to list and how to price your property can make a significant difference.
What You’ll Discover in This Update:
An overview of North Vancouver’s real estate market for July 2024.
Detailed analysis of trends across different property types—detached homes, townhomes, and condos.
Key data on sales, listings, and market ratios.
Insights into economic and policy factors influencing the market.
Predictions and expert advice for the months ahead.
Whether you're buying your first home, investing in property, or planning to sell, this report provides the essential information to help you navigate North Vancouver’s real estate landscape.
Section 1: Market Overview
North Vancouver Real Estate Market Trends for July 2024
July 2024 in North Vancouver is showcasing a real estate market that’s both dynamic and evolving. Here’s a quick snapshot of the key trends and metrics:
Key Metrics for July 2024:
Average Home Price: $1,348,624 (up 3.5% from June 2024)
Number of Sales: 712 (down 4.6% from July 2023)
New Listings: 455 (up 17.3% from July 2023)
Comparative Analysis:
Metric | July 2024 | June 2024 | July 2023 | % Change (YoY) |
Average Home Price | $1,348,624 | $1,304,950 | $1,309,500 | +3.0% |
Number of Sales | 712 | 745 | 746 | -4.6% |
New Listings | 455 | 410 | 388 | +17.3% |
What’s Shaping the Market?
Economic Climate: Steady economic growth and interest rate adjustments are key players in how buyers and sellers are behaving.
Seasonal Trends: Summer usually brings a lull in activity compared to the busier spring months.
Inventory Levels: With more listings on the market, buyers have more options, potentially leading to longer selling times and price adjustments.
Section 2: Detailed Market Analysis by Property Type
Detached Homes in North Vancouver
Sales and Price Trends: Detached homes remain in demand, though the market shows signs of balancing.
Metric | July 2024 | June 2024 | % Change (MoM) |
Average Price | $2,223,500 | $2,150,000 | +3.4% |
Median Price | $2,100,000 | $2,050,000 | +2.4% |
Number of Sales | 218 | 230 | -5.2% |
Days on Market | 30 | 28 | +7.1% |
Market Demand and Supply: The supply of detached homes has increased, giving buyers more choices. Sellers need to be strategic with pricing and marketing.
Inventory Snapshot for July 2024:
Total Active Listings: 781
Sales-to-Active Listings Ratio: 28.4% (indicative of a balanced market)
Neighbourhood Spotlight: Popular neighbourhoods include Edgemont Village, Deep Cove, and Lynn Valley, known for their vibrant communities and excellent amenities.
Townhomes in North Vancouver
Sales and Price Trends: Townhomes offer a balance between space and affordability, maintaining steady growth in the market.
Metric | July 2024 | June 2024 | % Change (MoM) |
Average Price | $1,415,000 | $1,400,000 | +1.1% |
Median Price | $1,385,000 | $1,370,000 | +1.1% |
Number of Sales | 115 | 120 | -4.2% |
Days on Market | 23 | 21 | +9.5% |
Market Demand and Supply: Townhomes are experiencing moderate demand with a steady rise in new listings.
Inventory Snapshot for July 2024:
Total Active Listings: 340
Sales-to-Active Listings Ratio: 31.9% (suggesting a seller's market)
Neighbourhood Spotlight: Key areas include Lower Lonsdale, Mosquito Creek, and Central Lonsdale, offering a blend of urban convenience and residential charm.
Condos and Apartments in North Vancouver
Sales and Price Trends: Condos and apartments are seeing gradual growth with slight price increases.
Metric | July 2024 | June 2024 | % Change (MoM) |
Average Price | $905,000 | $890,000 | +1.7% |
Median Price | $875,000 | $860,000 | +1.7% |
Number of Sales | 379 | 395 | -4.1% |
Days on Market | 29 | 28 | +3.6% |
Market Demand and Supply: Condos and apartments remain attractive for first-time buyers and investors due to their affordability and convenience.
Inventory Snapshot for July 2024:
Total Active Listings: 400
Sales-to-Active Listings Ratio: 31.0% (indicating a strong seller’s market)
Neighbourhood Spotlight: Prime locations include Lonsdale Quay, Parkgate, and Seymour, valued for their proximity to amenities and transportation.
Section 3: Factors Influencing the Market
Economic and Interest Rate Impacts
The real estate market is heavily influenced by the broader economic landscape and interest rates. As of July 2024, stable interest rates set by the Bank of Canada are fostering a balanced market environment.
Key Economic Indicators:
Inflation Rate: 2.5% (stable)
Unemployment Rate: 5.3% (slightly decreasing)
Average Mortgage Rate: 4.79% for a 5-year fixed term
Seasonal Trends and Their Effect on July 2024
July typically experiences a slowdown as families take vacations and prepare for the new school year, leading to fewer transactions and longer days on the market.
Regulatory and Policy Changes
Recent policy changes are aimed at increasing housing supply and accessibility:
Increased Housing Density: More multi-family units are allowed in areas previously zoned for single-family homes.
Mortgage Rule Adjustments: New stress test guidelines ensure buyers can manage potential interest rate hikes.
First-Time Buyer Incentives: Government grants and tax incentives support first-time buyers entering the market.
New RTA Rules: New rules for rental unit investors will have an affect on pricing and movement in the market. Check out the video I did on this today here.
Section 4: Market Statistics and Key Metrics
North Vancouver Real Estate Statistics for July 2024
Sales-to-Active Listings Ratio: This ratio provides a clear picture of market health, balancing supply and demand.
Property Type | Sales-to-Active Listings Ratio |
Detached | 24.0% |
Townhomes | 31.9% |
Condos | 31.0% |
A ratio between 20% and 40% generally indicates a balanced market, while a ratio above 40% suggests a seller’s market.
NB: Jac's note: Here in North Van we are accustomed to a seller's market so this feels weird for us.
Price Trends and Average Days on Market:
Property Type | Average Price | Median Price | Days on Market (Median) |
Detached | $2,223,500 | $2,100,000 | 30 |
Townhomes | $1,415,000 | $1,385,000 | 23 |
Condos | $905,000 | $875,000 | 29 |
By understanding these detailed metrics and trends, buyers and sellers can make more informed decisions in the North Vancouver real estate market. Whether you're navigating through the busy summer or planning ahead, staying informed is key to making the most of your real estate opportunities.
My own conclusion based on the info above:
Again, we're used to a seller's market where demand outweighs supply (usually). Since we're currently in a balanced market it feels like things are very slow...and they are.
Buyer's who were waiting for an interest rate drop are not moving as fast as we anticipated and are likely hoping to see more dips in the rates and a downward trend prior to making the big decision to get a mortgage. Makes sense to me!
Seller's, who anticipated that the market would take off after a rate drop, are seeing their listings sit for longer than normal but things are moving. Just a bit slower than we've seen in previous years.
If you want some info that is specific to your neighbourhood give me a call or book a chat. Happy to provide info any time.
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