North Vancouver is the second most expensive city for family homes after West Vancouver. Home prices in North Vancouver have been going up just like its neighbour West Van. This trend has continued for the past two decades and current projections point towards an even higher growth rate.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (October 2020):
As predicted by experts, overall sales in North Vancouver real estate was above the 8-year average. This is again due to foreign buyers and ongoing purchases by local buyers.
The North Vancouver real estate market hasn’t seen a change in the interest rates as well, which has kept the market fairly consistent and has attracted national attention. The average Vancouver home buyer spends between 1.3 million to 4 million on their first home purchase.
Homebuyers in North Vancouver keep their property for quite sometime before resale, almost for 10 years or more. This gives the homeowner a substantial return on investment.
North Vancouver also has a very busy condominium market which also happens to be near the Waterfront, better known as Lonsdale Quay. New developments in housing and condos in North Vancouver have reached another milestone. With the most amount of new homes sold in September 2020; North Vancouver is still considered a buyer’s market.
The most common type of houses in North Vancouver are three-bedroom detached homes. The average net worth of a home buyer in North Vancouver is between $750,000 to $5,000,000.00, thus making the real estate in North Vancouver a very lucrative market for investors, builders, and buyers looking for a long-term investment. Besides the new developments in North Vancouver continues to develop, it’s a complete rehab of the Lynn Valley Mall and other surrounding shops, continue to be constantly updated and upgraded.
Near the Waterfront Area, North Vancouver is experiencing a surge of new condo developments and communities that support them. In September alone, that was a 40% increase overall in New two-bedroom Condominiums and even a few Townhomes. The growth in North Vancouver’s real estate continues to rise with fluctuations happening during the end of the year.
In the past three years, Condominiums and high-rises have also been developing in North Vancouver, especially near the Lonsdale area. North Vancouver now has few new developments that are part of community-style developments, complete with modern amenities. North Vancouver is experiencing new buyers from core metro Vancouver as well since this demographic is now looking to purchase rather than rent properties.
North Vancouver’s close proximity to Downtown is also seen as a plus by most investors, especially by recent first-time buyers from Downtown, Vancouver. Since most still work is still in Downtown, North Vancouver housing is their top choice. This trend started two years ago and will continue for the next 5-7 years.
Due to the continuing influx of mostly affluent immigrants, North Vancouver continues to see a rise in real estate investment, in all 3 types of housing products (Condos, Detached homes, and townhomes). For other options, lots are available as well.
The demand also seems to rise as 60 percent of new properties and developments in North Vancouver have been pre-sold. The new developments in this area are being booked in advance which has made North Vancouver a strong market for investors of all types.
The current house buying trend is set to continue for 8 more years with an annual predicted growth of 31%. As the years go by, expect interest in condominiums in North Vancouver to gain a much higher interest than detached homes.
Listings Nearby provides you North Vancouver housing market stats, and how it has changed over the year. This will help you further in your research.
According to MLS® Summary – Real Estate Board of Greater Vancouver (October 2020):
If you’re looking to buy a new home 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.