With interest rates dropping and plenty of properties for sale, real estate agents are scratching their heads as to why buyers aren’t snapping up more homes.
Looking back at August and September, the market has been a lot quieter than usual, said Eric Christiansen, a top-selling Realtor at Bellevue Realty Group in West Vancouver.
From January to the beginning of October, detached home sales have nudged up slightly (312 compared to 300 in 2023) but that’s a far cry from the volume in previous years – 374 in 2022 and 531 in 2021 over the same period.
According to Greater Vancouver Realtors, September data don’t show signs of renewed market demand in response to recent mortgage-rate reductions. Sales continue trending around 25-per-cent below the 10-year seasonal average, with a slight improvement over last year.
In North Vancouver, the benchmark price for a single-family home fell 1.3 per cent to $2.21 million compared to a year ago, and in West Van it inched up just 0.3 per cent to $3.27 million.
“I don’t want to sound too doom and gloom, because I’ve got lots of great listings,” Christiansen said. “There’s a ton of great deals out there … and, for whatever reason, they’re just not selling.”
There are lots of potential buyers out there waiting for some sign to buy, Christiansen said, but he’s not exactly sure what that indicator is.
One factor could be the amount of volatility in the world right now.
“I mean, there’s two wars going on. We don’t really know what’s happening with our government in the [U.S.] or Canada,” he said. “But if buyers are willing to step out a little bit, there’s some great opportunities.”
Here are the most- and least-expensive homes sold on the North Shore in August and September.
Most-expensive detached home
The priciest home sold on the North Shore in the late summer/early fall came off the market with half-a-million dollars cut off its price tag. On Sept. 8, the property at 6189 Nelson Ave. in West Vancouver was sold for $12.4 million by Malcolm Hasman. That’s after the 7,500-square-foot waterfront mansion in the Gleneagles neighbourhood listed for $12.98 million in June.
Near the top of the list of selling points are the breathtaking ocean views of the Queen Charlotte Channel and Bowen Island behind. Banks of floor-to-ceiling windows draw the eye outside. Beyond the five bedrooms and 6.5 bathrooms are a swimming pool, spa, fire-side outdoor lounge and summer dining area.
According to Zealty.ca, the home last sold in 2004 for $2.67 million. It listed in 2021 for $14.8 million but did not sell. It listed again in 2022 for $12.98 million but didn’t sell then either.
Most-expensive apartment
The most-expensive apartment to sell in August and September was the penthouse at Evelyn’s Forest Edge in West Vancouver. The luxury unit at 788 Arthur Erickson Place sold for $3.75 million on Aug. 26, down from an asking price of $3.95 million when it went on the market in May.
Designed by Ciccozzi Architecture Inc., the building was constructed in 2019. The new home features 10-foot ceilings with more than 2,000 square feet of interior living space and a 1,600-foot terrace with views of Lions Gate Bridge.
Underlining a feel of luxury are wide-plank oak hardwood floors, gourmet Miele appliances, a Savant home control system and built-in speakers.
The apartment was first listed last year for the same asking price but was taken down. It was sold this year by Engel & Volkers Vancouver. The penthouse in the adjacent 768 Arthur Erickson Place building sold for just less than $3.5 million in February.
Most-expensive townhome
Nestled at the foot of Hollyburn Mountain is the most steeply priced townhome to sell over the past two months. The two-storey duplex at 3172 Deer Ridge Dr. in West Vancouver sold for $2.63 million on Aug. 8 – at $63,000 under asking after 58 days on the market.
The 3,300-square-foot, three-bedroom, three-bathroom home offers ocean views toward Point Grey. The unit features luxury appliances and designer finishings. On the strata property outside is a large garden area and tennis courts.
Since last selling for $1.35 million in 2015, the home has appeared several times on the market after being listed for $2.99 million in September 2022.
Least-expensive detached home
The least-expensive home on the North Shore in the past two months sold on Sept. 5 for $1.23 million after 187 days on the market. The forested property at 626 West 22nd St. in North Vancouver listed on the market for $1.73 million in March.
At just shy of 2,000 square feet, the three-bedroom, three-bathroom detached home rests on the slope of the high bank of Mosquito Creek. It’s described as being ideal for empty nesters seeking an alternative to condo living. Emphasized in the listing is a 450-square-foot outdoor deck and a large soaker tub.
Least-expensive apartment
The least-expensive private residence to sell recently on the North Shore is an apartment in the Woodcroft Estates development in North Vancouver. The unit at 910-2016 Fullerton Ave. sold for $365,000 on Aug. 21 – down from its original asking price of $405,000 near the end of June.
The 531-square-foot studio unit is south facing, and is described as being a “great opportunity for someone to update and enjoy, or buy and hold for investment.” The strata allows for one cat and minimum 30-day rentals in the unit. Strata amenities include gated security, indoor pool, sauna and games room.
Least-expensive townhome
The least-expensive townhome over the past two months is a 1,738-square-foot unit in the Lynnmour neighbourhood of North Van. It sold for $826,000 on Aug. 27 after being listed just eight days earlier for $899,000.
The three-bedroom, two-bathroom home is described as being in a quiet, family-friendly complex close to Capilano University. The “well-loved, one-owner home” has a large garden patio, with an outdoor pool in the strata complex and easy access to nearby trails and transit.
