West Vancouver is the most expensive city for single family homes after North Vancouver. Prices of home in West Vancouver have always been the highest in the city. Although North Vancouver is considered a close second, the pricing of single detached homes in West Vancouver can easily be 10 or 15 times more than the neighbouring city of North Van. In fact, it’s the highest in BC and one of the highest country wide.
Although the condominium market is not as busy in West Vancouver, it is still considered on the rise. Especially around the beginning of the city. New construction of condos in the West Vancouver area are now progressing but due to the local bylaws, new condo construction has always been kept to a minimum. For first time investor or home buyer with a larger than usual budget, West Vancouver properties are creating a very healthy return on investment.
Single large detached homes are the most common type of housing in the city of West Vancouver. With an average net worth of $3,233,234.00 million and a working family income of over $150,000 on average, the West Van area presents a very positive real estate market for investors. With proven ROI, the West Van new construction market will continue to grow in net profits.
Since the West Van market is also the most high end and sought after places to buy a home (In the entire country), real estate experts still predict the continuous growth of this region. This applies to the real estate prices as well. Majority of new construction homes in West Vancouver also offer waterfront views. This sometimes can double the asking price of a property. Investors are advised to take part in such properties for sale or something similar.
One of the biggest malls in Vancouver, Park Royal is also expanding rapidly which is fueling this region’s rapid growth. West Vancouver is also one of the most modern areas in Vancouver which is not attracting a lot of first time home buyers from the local tech industry. These houses easily range between $6,392,382.00 to $21,323,353.00 million.
Due to the high pricing, most homes bought in West Van are closed through large investor groups. This allocates the right ROI from the start for each investor in most real estate deals.
Foreign and local investors have once again pushed West Vancouver home sales. Overall, the sales were higher than expected for another consecutive year.
With stable mortgage rates, first time home buyers are also buying a sizable percentage of the real estate market here. Most buyers purchase single family detached homes outright. The average buying price of a house in West Vancouver is one of the highest in North America. So most buyers don’t apply for mortgages. Cash purchases here are very common which is why high end buyers have more than one home here.
With a 10% increase in overall sales since last year, the real estate housing market will continue to progress. This is a unique city that is attracting affluent buyers from major international hubs.
With over 89 listings in the last 27 days, houses in West Van are expected to command a higher premium price for at least the next 15 to 20 years.
West Vancouver is the most expensive city to buy a home in. This trend will continue due to ongoing celebrity purchases that happen here on a regular basis.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (August 2020):