Real Estate Board of Greater Vancouver (REBGV)
The trend has taken a bite out of property values, pushing down the benchmark price of a detached home in West Vancouver to $1.28 million from its $1.5-million peak in May 2008 — a decline of 14 per cent. In North Vancouver, the price slid to just under $750,000, a drop of 19 per cent.
The number suggest the unfolding economic crisis has slowed buyers down, said Rudy Nielsen, president of Landcor Data Corporation, a company that specializes in real estate information.
The North Shore’s declining home values are part of a larger trend across the Lower Mainland. November saw the benchmark price for a home in the Vancouver region fall to $496,000, a 12.8-per-cent drop from a year ago. In all, just 874 Lower Mainland homes sold last month compared to 2,883 in November 2007, meaning the region’s housing market has slowed by almost 70 per cent.
On the North Shore, the slow-down has erased more than a year of gains in all housing types. Compared to November 2007, West Vancouver detached homes are down 8.8 per cent and apartments almost 20 per cent. North Vancouver detached homes have dropped about 14 per cent and apartments roughly 12 per cent over the same period.
From the perspective of homeowners, a decline in the number of listings offered a bright spot. Just 190 North Vancouver homes were put on the market in November, down 27 per cent from the same month last year, when 262 were listed. West Vancouver saw an eight-per-cent decline, from 109 listings to 100. The drop in new listing suggests supply is declining and homeowners’ equity is holding, said Nielsen.