Although mainly known for single homes or large family homes, North Vancouver has now one of the largest numbers of condo developments in the North shore area, mainly near the Lonsdale Quayside which is next to the Seabus. This area scores high in transportation and is attracting a lot of new developments.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (October 2020), the benchmark price of a North Vancouver apartment condo has changed by +53.9% in the last 5 years and is currently $588,900.
Move-In Ready Condos
All New Construction Condos in North Vancouver BC
New Condo Developments in North Vancouver
Two to Three-bedroom condos are the most sought after in the lower North Vancouver side. The area is developing into mini communities which feature all the latest amenities and perks. Property prices here are still considered high and that is due to a very robust and proven infrastructure. More smaller families are now making their move towards these areas from core downtown. These high-income remote workers are seeking a quieter area and larger space to raise their families.
For the past 10 years, new condo developments have increased by almost 70%. With 45% in the last three years alone. Mainly due to change in the demographics of other nearby cities around North Vancouver. A lot of new condo buyers are from outside of North Vancouver but still from some area in BC.
With North Van being one of the most stable places to own real estate (especially for less aggressive investors), the influx of investors and buyers continues to create an overall healthy real estate market here.
Investor’s in the North Vancouver market are also mostly locals with 20% of foreign investors. This is keeping the taxes at a very minimal rate and has opened new opportunities for local buyers. With an average price range that is between $753k to $1.5 million, the North Vancouver condo market is still considered as one of the most expensive condo markets in this part of Vancouver. Second after West Vancouver and third after core downtown.
Accredited investors are fully supporting this real estate condo growth and have put in $43 million in foundation capital, continuing to push North Van’s condo market to increase by 13% every quarter.
New condo developments in North Vancouver are being constructed by the same developers that are currently shaping metro Vancouver and nearby cities like Burnaby and Coquitlam.
New Construction Condos in North Vancouver
The average buyer of a new construction condo in North Vancouver is in their mid-30s to mid-40s, highly educated and works in the tech field. This kind of demographics have encouraged investors to continue developing this area further.
As high-income tenants are greatly favored by new construction condo owners. The current construction condo occupancy rate is at 67% and is expected to reach high 80s in less than 2 years.
Quality builders and mature investors have created a robust real estate condo market. This market is supposed to create high gains and a 30% ROI.
Presale condos in North Vancouver
18% growth rate was expected when presale condos came in North Vancouver. Now this rate is expected to double.
The 2 to 3-bedroom condos are already showing these numbers along with sub-penthouses, penthouses and lofts. Overall, housing is showing healthy growth, even during expected downtime. Most condos are being occupied by high income families with a median income range of $88,323.00 to $138,992.00.
North Vancouver has also reported to have new presence in the builders and mortgage brokers. This is to help the current market and to assist buyers with their high purchasing power.
The North Vancouver presale condo market is experiencing rapid growth and it is expected to grow till 2026. During this time, the real estate condo market is expected to be more saturated with an increase in buying power from foreign buyers.
Also, the overall price range of presale condos is expected to go up by 43%. This is a very stable market for investors and first-time home buyers and this trend is expected to continue till 2026.
Preconstruction condos in North Vancouver
Several lots have been pre-booked due to pre-construction condos. Mainly near the Lonsdale area. With the averaging pricing now seen as a barrier to entry for most first-time home buyers, the local real estate market is depending on foreign investments to continue its growth.
The affluent and high-end buyers are still present in North Vancouver which is keeping the market quite steady.
Overall, the preconstruction condo market is expected to mature in the next several years. This is when the pricing is expected to stabilize for the next 2 years before any further movement.
North Vancouver Condos Housing Market Stats
Listings Nearby provides you North Vancouver housing market stats, and how it has changed in the last 12 months. This will help you further in your research.
According to MLS® Summary – Real Estate Board of Greater Vancouver (October 2020):
- The sale of condos/apartments in October 2020 was 142 which was 1.4% more than 140 sales in September 2020. The median price in October 2020 was $674,000.
If you’re looking to buy a new condo in North Vancouver, contact us and we will connect you to the right person who can provide you the detailed information on the development(s) you’re interested in and help you in deciding & buying your dream home.