The summer real estate market has proved a bit of a head scratcher on the North Shore. “We call it ‘inconsistent’,” said Aaron Rossetti of North Vancouver’s Rossetti Realty Ltd. There was an assumption that once interest rates started heading down, a surge of buyers would come into the market.
But while listings have increased, buyers haven’t been as active as expected, he said. That’s a trend seen across the Lower Mainland. In North Vancouver, affordability is a key factor, with detached homes priced under $2 million the most sought after.
The median selling price of a typical detached house in North Vancouver has remained steady at just under $2.3 million, according to the Greater Vancouver Realtors. A typical townhouse in North Vancouver went for $1.
35 million in July while an apartment went for $814,000. Sales of detached homes in North Vancouver between May and July this year were down six per cent compared to sales in the same period last year, while sales of apartments were down 12 per cent. In West Vancouver, where total numbers of sales are smaller, sales of detached homes were up 23 per cent over the same three-month period last year.
Lynn Valley, upper and central Lonsdale and Canyon Heights were popular areas for detached home sales in North Vancouver, according to statistics from Zealty.ca, while apartment buyers favoured lower and central Lonsdale. In West Vancouver, Dundarave and the British Properties were popular for detached home buyers while D.