North Vancouver housing market Feb 2023

North Vancouver housing market Feb 2023

About North Vancouver housing market

The North Vancouver housing market continues to be a hot topic as we move further into 2023. With its stunning nature, proximity to outdoor recreation and easy access to downtown Vancouver, North Vancouver remains one of the most desirable places to live.

However, the housing market in North Vancouver continues to be highly competitive, with limited inventory and high demand up prices. According to the Real Estate Board of Greater Vancouver, the benchmark price for a detached home in North Vancouver was $ 2.13 million in January 2023.

The Factor of North Vancouver housing market

One factor contributing to the competitive nature of North Vancouver housing market is the limited supply of housing.  North Vancouver is made up of single family homes and townhouses, with little land available for new development. This scarcity of housing has led to bidding wars and housing selling for above asking price.

Another factor is its desirability as a place to live. North Vancouver offers residents access to world-class skiing and hiking, top-rated schools, and a secured community. It has a low crime rate and is known for clean air and natural beauty.

North Vancouver Feb 2023 market update

1. Townhouses

• Active ratio: 26.9%
• Listings: 52
• Sold: 14
• Average sale price: $1.235 million

2. Condos

• Active ratio: 23.1%
• Listings: 199
• Sold: 46
• Average sales prices: $749,000

3. Detached homes

• Active ratio: 12.9%
• Listings: 139
• Sold: 18
• Average sales prices: $2.03 million

This is a slight decrease from the double-digit growth seen in previous years, which may indicate a slight cooling in the market. As we head into the busier month (when the weather become warmer), We hope the market will be lively and active. 

Opportunities for buyers to enter the North Vancouver housing market

While prices maybe a barrier for some, There are some opportunities for buyers to enter the North Vancouver housing market. It is to look for properties that need some work or renovation, which can be more affordable and offer the opportunity to add value. Another option is to consider purchasing a smaller home or townhouse. 

Renovation company in North Vancouver

With its stunning natural beauty and access to world-class amenities, North Vancouver continues to be a highly desirable place to call home.

Anything curious about North Vancouver housing market ?

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