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Traditionally, real estate sales that take a summer hiatus in July and August pick up again in September. This year, however, there’s no uptick in sight.
“It just hasn’t happened,” said Calvin Lindberg, a real estate agent with Angell Hasman in West Vancouver. “We’re still continuing that downward trend.”
While buyers are still attending open houses, a lot of them are saying they’ll wait until next year when they believe prices will be lower, Lindberg said.
Rising interest rates are also having a cooling effect on the real estate market.
Sales in West Vancouver are down 66 per cent over last September, while sales in North Van are down about 34 per cent, he said. Year-to-date sales on the North Shore are down between 36 and 38 per cent, he added.
Buyers who are stepping up are tending to play more hardball at negotiating prices, he added. “It’s another indication we’ve moved into a buyer’s market.”
Given that not a great deal is selling, what did sell in September?
Here’s a look at some of the cheapest and most expensive detached homes, townhomes and condos sold on the North Shore last month.
Most-expensive detached house
In a change of pace last month, the most expensive detached home sold on the North Shore was in North Vancouver, on the Deep Cove waterfront.
The six-year-old, 8,850-square-foot, six-bedroom, eight-bathroom home on three-quarters of an acre sold after 141 days on the market.
Features of the oceanfront mansion include an infinity pool, 10-person hot tub, golf putting green, dock with boat lift, four-jet-ski slip and private ramp. Inside features double height ceilings, Miele appliances, movie theatre, billiard area, gym, sauna, steam room and wine room.
Property taxes were almost $58,000.
Most-expensive townhouse
The most expensive townhouse sold on the North Shore last month hasn’t been built yet. It’s a townhouse in Cypress Park Estates’ Hawksley development in West Vancouver which sold for just over $2.17 million on Sept. 15, after just two days on the market. The two-storey, 1,684-square-foot, three-bedroom, three-bathroom townhouse features high ceilings, a spacious kitchen with luxury appliances including a wine fridge.
Most-expensive apartment
The most expensive apartment sold on the North Shore in September was a four-year-old luxury condo in one of Lower Lonsdale’s chic waterfront highrise towers Cascade East, adjacent to the Shipyards District.
The condo at 801 – 185 Victory Ship Way sold for just over $2.3 million on Sept. 10, after 16 days on the market.
The 1,482-square-foot, three-bedroom, three-bathroom condo features floor-to-ceiling windows and an almost 300-square-foot patio. Billed as “as close to the water as it gets”, the condo is steps away from some of LoLo’s hippest coffee shops, restaurants as well as arts and cultural hubs.
Least-expensive detached home
Ahoy sailors! The-least expensive detached home sold on the North Shore in September doesn’t come with any land, but it does come with a sweet spot on the water. The 500-square-foot, one-bedroom, one-bathroom, five-year-old float home in the G02 spot at 415 Esplanade West in Mosquito Creek Marina sold for $532,000 on Sept. 11, after 17 days on the market.
Least-expensive townhouse
The least expensive townhouse to sell on the North Shore last month was an 862-square-foot, three-story, one-bedroom, one-bathroom townhouse at the corner of St. David’s Avenue and Third Street East in Lower Lonsdale. The 21-year-old townhouse at 24-288 St. David’s Ave. sold for $762,000 on Sept. 6, after 42 days on the market.
Billed as chic and contemporary with an open plan and great natural light, the townhouse features a window bench look out towards the mountains as well as a sunny outdoor patio.
Least-expensive apartment
The least expensive apartment sold on the North Shore in September was a top-floor, one-bedroom, 700-square-foot penthouse at Woodcroft Estates. The 49-year-old unit at 2009-2016 Fullerton Ave. was snapped up on Sept. 17 for $450,000, after just eight days on the market.
The apartment features “spectacular southeast views” in North Vancouver's Lower Capilano neighbourhood. From there, you can walk to Park Royal along the Capilano River trail.
According to the Real Estate Board of Greater Vancouver, the median selling price of a detached home in North Vancouver in September was about $1.85 million while the median selling price for a townhouse was just under $1.2 million. The median selling price of an apartment was $712,000. In West Vancouver, the median selling price of a detached home was just under $2.7 million.
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