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Watch Canyon Heights and Upper Capilano detached house prices.
The District is moving forward on zoning that will allow 130 lots in the area to be split into 197 lots. The zoning goes to a public hearing in January, but seems to have the necessary support. Much like Vancouver’s zoning that allows laneway houses to be stratified, this change could make some lots worth more, and may also provide some lower-cost, smaller houses. The Canyon Heights benchmark price is $1.9 million. The benchmark in the Capilano neighbourhood is $1.7 million.
North Vancouver’s detached house market was fairly balanced n November: the sale-to-new-listing ratio was 51%; the benchmark price was unchanged from September, at $1.69 million.
The North Vancouver townhouse market was technically balanced in November, since the sales-to-new-listings were 53%, but there were many anomalies that suggest the balance could tip either way. The benchmark rose marginally to $983,600. New listings, at 45, were lower than the average over the past few months; and the 24 sales were lower than of any month this year. The latter shows some hesitation. Potential sellers perhaps wonder if they could find something similar if they sold, and so decide to wait until after Christmas. Some buyers were perhaps put off by the low selection and decided to wait until there is more to choose from. Fortunately, Faith Wilson Group offers the Peace of Mind Guarantee, which assures sellers and buyers they can act with confidence.
November also revealed the most stark example I have seen of the importance of setting the right price when you list a townhouse for sale .
The listing price for a townhouse is more telling than in the detached houses because townhouses are mostly similar in size and design and the size of the lot is not a factor. In November, one townhouse was listed in the $800,000 to $850,000 range. It sold immediately. Another was listed at from $900,000 to $950,000 and it also sold. Yet 10 townhouses were listed at from $850,000 to $900,000 and none of them sold, while the 5 listed at from $1.050 million to $1.1 million all sold. Consider, just 10% or even a 5% difference in the listing price can alter the buying experience by that much. Faith Wilson has been a leader in the real estate market for over 20 years and we have learned that setting the precise price is a combination of experience and a deep knowledge of the local market. We are third-party recognized for the ability to set a market value that will attract the most buyers and the quickest sale at a price that satisfies the sellers.
There appeared to be no hesitation on the part of North Vancouver condominium apartment buyers in November. Condo sales were up 33.7% from November 2016 to one of the highest levels this year. Buyers snapped up new listings within a median of 9 days, close to the pace seen over the past six months. The demand help drive the benchmark price up 1.7% (that is about $9,500) from October. This trend is being seen across Metro Vancouver over the past two months. We suspect the looming change to mortgage lending has a lot to do with it. The second ‘stress test’ will likely have the greatest effect on buyers who do not have a substantial downpayment and are the most sensitive to higher monthly mortgage costs. This defines a number of first-time buyers and investors who are among the most active condominium buyers After January 1, some could be among the 20% of buyers who may not qualify for the mortgage they want. The new mortgage rules require that, regardless of the downpayment, the borrower must qualify at a mortgage rate 2% higher than the prevailing rate.
However, there are some options. One is that some Credit Unions, which are not federally regulated, may continue with the existing regulations. There are also private lenders in the market, though they will likely charge a higher interest rate for being more flexible with qualifying applicants, especially investors. Faith Wilson Group has a full-time mortgage professional on our team who can provide timely information on all the mortgage changes and how it they affect your individual strategy.
The sales-to-new-listing ratio across North Vancouver in November was 65%, which understandably signalled a seller’s market. The sales ratio was closer to 90% in the most popular price range of from $500,000 to $700,000 where half (60) of the 119 sales took place. Still, condo buyers found property across a wide price range of from $300,000 to more than $1 million. By neighbourhood, the most popular avenue was Lonsdale, where a total of 71 condos sold, including 44 in Lower Lonsdale.
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