The heading of this post may sound like a joke, but it is not.
As anyone who has been looking for property lately in North Vancouver is aware, the North Vancouver market is in serious sellers’ market territory, with detached home sales boasting an 87% sales ratio in October (or a staggering 100% sales ratio for homes between $1,000,000 and $2,000,000), and homes on average selling for 4% above asking price. Madness.
Historically, West Vancouver has been perceived as the more exclusive and in turn, much more expensive, community to the West. The reality though is that with so many young people (or not-so-young people!) trying to get into the market, and assuming their only option for the North Shore is North Vancouver, the “lower end” of the West Vancouver market (under $2,000,000) has not been quite as active as the equivalent price band in North Vancouver.
Don’t get us wrong. The West Van market is still firmly in sellers’ territory with a 28% sales ratio for detached homes, and homes on average selling for 2% below asking price. That being said, other than highly desireable building lots and the odd “downsizers dream” (a nicely finished townhouse perfect for someone downsizing out of their $4 million dollar tear down with a view), the West Van market simply is not moving as fast as the North Van market.
Currently, there are 35 detached homes on the market between $1,000,000 and $2,000,000 in West Vancouver. This is the most active price band in North Vancouver, but in West Vancouver, many of the homes in this price range have been on the market for more than a month – meaning that a prospective buyer would not have to contend with a multiple offer situation and the likelihood of having to pay more than the asking price to get their new home.
We thought a few examples would help illustrate our point:
5525 Marine Drive, West Vancouver, currently listed at $1,649,000
This property offers truly incredible value and all while being in easy walking, transit, or driving distance from the beaches, marinas, excellent schools, community centres and other desirable spots in West Vancouver. Do not let the Marine Drive address fool you either – this home is set way back on the almost 20,000 square foot property, offering plenty of privacy and parking, while still enjoying sunny exposure and mountain views.
As this property happens to be our own listing, see more at:
Compare that property on Marine Drive for example to 3144 Fairmont Drive, a 65 year old home in the Edgemont Village area of North Vancouver which was listed for $1,599,000 and sold (presumably with multiple offers) for $1,680,000 in September. This was a smaller lot with an older and much less updated house which the eventual buyers likely had to compete to have the privilege of owning.
Another example of a current listing in West Vancouver is 4721 Meadfeild Road, West Vancouver. This property has been on the market for months. It is currently listed at $1,799,000. It is a 3200 square foot, 5 bedroom home in Caulfeild, which is a really lovely, family oriented area in West Vancouver where Mark and Christine just happened to grow up. The area retains much of the charm it had when we grew up there and the prices have not yet caught up with the rest of the North Shore relative to the value, in our opinion.
Again, compare the above home in Caulfeild to 1090 Handsworth Road, which is another property in North Van that sold for $1,800,000 in August. While the property has a large, tree covered lot, the house itself was not updated since 1985.
There are plenty more examples out there of very good value in West Vancouver, particularly in Caulfeild or further west to Eagle Harbour, Gleneagles, Horseshoe Bay, and beyond. Higher up in the British Properties, Glenmore also offers some gems, some of which even have ocean views, for less than the cost of a teardown house in a nice area of North Van.
Just thought you should know.
Contact us at 604-910-5888 or email@example.com if you would like some more information!