North Vancouver Real Estate Trends.

Vancouver is an extremely populated city, and this goes for the surrounding areas as well. North Vancouver is known to be an area where wealthier people reside. North Vancouver is located right on the Burrard Inlet. Though it is the smallest of the municipalities on the northern shore, it is the most densely populated and urbanized as well.

In terms of real estate, it is definitely not somewhere to consider if you are looking for affordability. The median listing price (as of 2017) is approximately 1.3 million dollars- yes you heard correctly! This makes North Vancouver in the top 30 most expensive cities in Canada.

Like most other cities, 3 bedrooms is what most buyers are looking for however supply does not match or align with this demand, as the average listing price is less than 3 bedrooms.

Bad news if you are a buyer; the number of listings has drastically decreased which reflects the fact that demand is MUCH higher than supply here. With North Vancouver being as urbanized as it is, the space to create new houses and condos is limited, making it difficult to create more supply to meet demand.

Where does this demand stem from? Well, many people seek houses in North Vancouver so they can wake up to the view of the Grouse mountains right there in their backyard. It’s also as close as suburbanly possible to downtown and you can commute by boat (in under 15 minutes). The waterfront access is also a huge selling point.

With the influx of a younger demographic, North Vancouver and all of the villages and neighbourhoods it is the home to many distilleries and craft breweries. This sense of community and livelihood is a trend that is drawing visitors and locals to look at year round and seasonal homes.