The North Shore real estate market is continuing its snails-pace activity, which is hurting both sellers and agents alike.
Through April and May, the inventory of homes neared an all-time high, while sales were near or at an all-time low, said Brock Smeaton, a top-performing agent with Royal LePage Sussex who specializes in his home community of West Vancouver.
Things are especially tight for listings over $5 million, he said.
“The high end is really struggling. There’s just a massive glut of inventory, and they go weeks without any showings,” Smeaton said. “I think it’s just that people sense a bit of a recession, and people don’t want to buy a house for $10 million today and worth $9 million tomorrow.”
Overall, consumer confidence is low, which is really slowing down buying activity, he said.
That’s backed by data from Greater Vancouver Realtors, which showed May sales were 30.6 per cent below the 10-year seasonal average. Meanwhile, the number of listings is 45.9 per cent above the 10-year average.
The benchmark price of a single-family detached home in West Van was $3.19 million in May, down 4.5 per cent over the past year.
“At some point people have to sell,” Smeaton said. “Prices are being adjusted downward, and then it filters into the luxury condo market.”
The tough market is also impacting real estate agents. Many didn’t sell a single home last year, he said.
“It’s an expensive business, so you’re definitely going to see the number of Realtors diminish by 25 per cent … because most of them are making nothing,” Smeaton said.
While a change to interest rates or tax policy could shift the market, it will take time for things to normalize, he said.
“We’ve got three years’ worth of inventory over $5 million,” Smeaton said. “Nothing is going to get fixed quickly.”
That said, here are the most and least expensive North Shore homes to sell in April and May.
Most expensive detached home
The most expensive detached home to sell on the North Shore over the past two months is the modern mansion at 2303 Palmerston Ave. in West Vancouver.
Sitting on a 0.4-acre lot, the nearly 8,000-square-foot home sold for $12.38 million, for $500,000 less than the original asking price. It was sold May 17 by Angell, Hasman & Associates after 25 days on the market.
Overlooking West Van’s Dundarave neighbourhood, the seven-bedroom, nine-bathroom house was built in 2021. Designed by Craig Chevalier, the luxury residence overlooks a resort-size heated pool, with a heated driveway and three-car garage.
Least expensive detached home
The least expensive single-family lot to sell recently is 134 West Queens Rd. in North Van.
The 0.18-acre property sold for $1.36 million, at $339,000 under its original asking price. It was sold on April 10 by RE/MAX Crest Realty.
The 962-square-foot home on the property was built in 1917 and is currently being rented for $2,400 per month. According to the listing, this is a great property to rent until the owner builds their dream home or realizes the property’s value otherwise through redevelopment.
Most expensive apartment
The priciest apartment to sell was the sub-penthouse at 901-1930 Bellevue Ave. in West Van.
The 1,863-square-foot unit sold for $3.31 million — $78,000 under asking. It was sold by Royal LePage Sussex on April 18 after just three days on the market.
With stunning waterfront views, the two-bedroom, two-bathroom home has 127 square feet of patio space. A recent reno includes new windows and doors, ash hardwood floors, built-in audio and wood-burning fireplace.
Least expensive apartment
The thriftiest flat to sell was a studio at 810-2016 Fullerton Ave. in the Woodcroft Estates.
The 551-square-foot unit sold at asking for $368,000 after three days on the market. Renovations include a new kitchen with granite counters and wood cabinets.
Most expensive townhome
The most expensive townhome to recently sell doesn’t exist yet.
The future unit #TH10 2490 Marine Dr. sold at asking for $3.99 million on May 9, the same day the home was listed.
Once construction wraps up (estimated Fall 2026), the three-bedroom, 3.5 bathroom condo will boast 2,335 square feet of luxury living in West Van’s Dundarave neighbourhood. The unit features Italian-made cabinets, Gaggenau 400 series appliances, a Sub-Zero wine fridge and herringbone oak floors.
Least expensive townhome
The most affordable townhome to sell is a ground floor unit at 124-650 East Second St. in North Van.
The 554-square-foot home sold for $630,000, at nearly $20,000 under asking. It was sold by eXp Realty on May 14, after 15 days on the market.
Built in 2023, the one-bedroom, one-bathroom unit has built-in appliances, gas range, in-suite laundry and two outdoor patios.
