With a significant 25-point rate cut from the Bank of Canada in September, buyers and sellers sitting on the fence in the home market made their moves in October.
That’s according to industry watchers, who saw Metro Vancouver home sales surge nearly 32 per cent compared to October 2023. Still, that’s 5.5 per cent below the 10-year seasonal average.
Market activity in North Vancouver followed the wave, with October 2024 detached home sales up 61 per cent over September, per data from Greater Vancouver Realtors.
While a less-pronounced uptick continued for much of the Metro region in November, home sales in North Van dipped month-over-month, with detached home sales down 25.7 per cent and attached home sales down 35.6 per cent.
With its stock of predominantly high-value, single-family homes, West Van remained relatively flat over the period, with a slight boost to apartment sales in October.
The summer market was really quiet, and then the September interest rate decrease came and we saw the result in October, said Derek Grech, founder and partner with The Partners Real Estate.
“People that were kind of on the shelf … made decisions to move forward with sales and purchases. And then now it’s gotten quiet again,” he said.
What’s confusing for many is why prices haven’t dropped more, which would spur more sales activity, Grech said.
“Even though the sales volumes are at the lowest numbers they’ve ever been, price is still over achieving what it did when we were in the busiest market in 2021 to 2022,” he said. “Scientifically, if volumes go down, then shouldn’t the sales prices follow?”
The cause is a stalemate where sellers are unwilling to go down and buyers won’t come up, Grech said, noting that average sales for his firm are historically 60 per month or higher, compared to the 25 he tracks now.
And looking forward to the new year, he doesn’t see much coming that will change that.
“I think 2025 is going to be very similar to 2024,” he said. “I think it’s going to be slow and steady.”
But some factors could change that, like a big dip in the stock market, Grech said. It also remains to be seen if the Vancouver real estate market is rosier when the snow melts, as it typically is.
“Vancouver has always proven everyone wrong,” he said. “That’s why sellers over here have the right to say, ‘I’ll just wait till the spring,’ because historically that’s always occurred.”
Check out the most- and least-expensive homes sold on the North Shore in October and November.
Most-expensive detached home
The most-expensive home to sell over the past two months was the newly built residence at 3165 Dickinson Cres. in West Vancouver. Described as a “coastal California home,” the 6,400-square-foot mansion sold for $7.89 million on Oct. 28 after 101 days on the market. Over that time, nearly $1 million was taken off its original price tag of $8.8 million.
The home’s exterior exudes luxury, clad in painted white brick with black wood accents. A staircase to the front door is overlooked by an inviting archway. Inside, its owners are treated to an open-concept main floor with 10-foot ceilings and oak herringbone floors. A marble kitchen and large soapstone island open out onto a sunny pool deck with a covered lanai and barbecue area. The home was sold by Angell, Hasman & Associates.
Least-expensive detached home
The least-expensive detached dwelling to come off the market was Lot 7 in the Cosy Cove community in Indian Arm, North Vancouver. With an original asking price of $1.28 million, it sold for $940,000 on Oct. 26 after 106 days on the market.
The 1,848-square-foot “solid cabin” was built in 1970. A large selling feature is the 1.25-acre waterfront lot with a ramp/dock and 230-feet of water frontage. The lot also comes with two separate parcel identifiers so there’s potential to build a second dwelling to the south.
Most-expensive townhome
At an eyewatering $9.15 million, half a duplex at 2446 Bellevue Ave. was the top townhome to sell. It was snapped up on Oct. 12 after 25 days on the market, shedding half-a-million off its original asking price of $9.68 million.
In West Vancouver’s Dundarave neighbourhood, the Russell Hollingsworth-designed waterfront home boasts 4,172 square feet over two storeys. Floor-to-ceiling windows reveal the stunning ocean view beyond.
The two-bedroom, four-bathroom unit has been renovated and stocked with top-of-the-line appliances from Wolfe and Sub Zero. It was sold by Royal LePage Sussex.
Least-expensive townhome
At $600,000, the least-expensive townhome to sell was 4101-33 Chesterfield Place in North Van. The 39-year-old loft/warehouse conversion went off the market Oct. 30 after just one day, with $25,000 off the original asking price.
Located in Lower Lonsdale, the 838-square-foot, one-bedroom and den townhome also has a 145-square-foot patio. The unit is steps away from the Spirit Trail, Lonsdale Quay, SeaBus, as well as grocery stores and restaurants.
Most-expensive apartment
The most expensive apartment to sell recently is the penthouse at 1960 Bellevue Ave. in West Van. It sold for $6.67 million on Oct. 28 after 47 days on the market. It’s original asking price was $6.83 million.
Built in in 1993, the two-bedroom, three-bathroom apartment has been renovated with an open floor plan and vaulted ceilings. Floor-to-ceiling windows open onto a wrap-around outdoor patio with vast waterfront views of Burrard Inlet and Stanley Park.
Least-expensive apartment
The unit at 217-2012 Fullerton Ave. sold for $338,000 on Nov. 14, making it the least-expensive apartment. It sold after 41 days on the market, with $2,000 off the original asking price.
The “most-affordable condo” is a bachelor apartment in the Woodcroft Estates complex. At 480 square feet, the listing says it’s “perfect for updating or conversion to a one bedroom.” The building also has an updated roof, plumbing and elevator, with improvements made to the common area. The apartment is cat friendly. Meow!
