Recent Real Estate Board of Greater Vancouver (REBGV) stats release shows that residential property sales in North Vancouver was down, not unlike West Vancouver, approximately 32% and 10% from sales recorded in 2021 and 2020 respectively.
Last year’s sales total was approximately 9% below the 10-year sales average.
“Closing out 2022, the data show that the Bank of Canada’s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver,” Andrew Lis, REBGV’s director, economics and data analytics said.
“While the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer than previously expected since the latest inflation figures aren’t showing signs of abating quickly.
“We’ll watch the 2023 spring market closely to see if buyers and sellers have adjusted to the higher borrowing-costs and are participating more actively in the market than we have seen over the last 12 months.”
Check out below five pages with more details for North Vancouver residential property market activity including detached homes, condos and townhomes:JuneConway2022-12-31North-VancouverStats