With the first month of 2025 in the rearview, home sales on the North Shores still aren't catching up to the expectations of market watchers.
As interest rates trickled down throughout 2024, real estate agent Peter Joudaki with Angell Hasman & Associates was optimistic that the market would finally pick up.
“So far this year, it’s been much of the same of last year,” he said. “For example, in West Vancouver there’s only been about 16 sales.”
And only two of those sales were above $5 million.
Comparatively, there’s been a bit more activity in North Van, but not much of an uptick from last year either.
“Inventory is a little bit lower in North Vancouver. In West Van, we’re close to 400 [homes for sale]. In North Vancouver, I think we’re around 180,” Joudaki said.
His explanation matches other analyses of the lack of activity over the past while: uncertainty.
“The threats of the tariffs from the U.S., and then the upcoming federal election here in Canada, and the [interest] rates are still not where they need to be for things to start opening up again,” Joudaki said.
Despite volatility, his view is that the Greater Vancouver market is very resilient, and warned that prospective buyers shouldn’t hold out too long for a better deal.
“There are a lot of people that are on the sidelines,” he said. “I think once a shift happens, things could turn around pretty quickly here.”
Recent standout sales for Joudaki include 5375 Kew Cliff Rd., with its architecturally unique 57-year-old home on a 0.73-acre lot with a private 50-foot dock.
“That’s a really special property,” he said.
Another is 226 Onslow Place, a whopping 1.21-acre piece of land next to Capilano Golf and Country Club, which sold for $4.25 million. Originally they had that lot priced as high as $10 million, Joudaki said.
“I know this seller is a developer,” he said. “A lot of developers are either holding off or selling their losses.”
That reality also ties in with uncertainty, “of sale prices and the cost of construction and the cost of carrying the property while you get the permits and get it on the market – that just doesn’t make sense, or it’s too big of a risk.”
Here’s a look at the most and least expensive North Shore homes that sold in December and January.
Most-expensive detached home
The top residential property to sell in recent months is the rarity at 5375 Kew Cliff Rd. in West Vancouver. The southwest-facing waterfront lot with its aforementioned 50-foot dock sold for $11.5 million on Jan. 5, at $4.5 million under asking.
Built in 1968, with designs from Ian Davidson and Russell Hollingsworth, the seven-bedroom, six-bathroom home with an indoor pool sat on the market for 215 days before being snapped up by a buyer.
Though the house itself will catch the eye of certain architectural enthusiasts, most of the value is in the land, and its dock access in particular. It was sold by Sotheby’s International Realty Canada.
Least-expensive detached home
For $1.34 million, the least-expensive single-family property to sell is the 1,023-square-foot rancher at 356 West 23rd St. in North Van.
“Opportunity knocks,” reads the listing for the 0.13-acre lot with a 1948-built, three-bedroom, two-bathroom house. It spent 21 days on the market before being sold by RE/MAX Masters Realty.
Most-expensive apartment
The priciest apartment that recently sold is a ninth-storey corner unit in a highly sought-after location, The Bellevue by Cressy building. The unit at 903-2289 Bellevue Ave. sold immediately after going on the market Jan. 13.
It was sold by Royal LePage Sussex for $6.39 million – just $5,000 under asking. The two-bedroom, three-bathroom luxury apartment offers nearly 2,100 square feet of living space. The interior flows onto an oversized patio with three built-in heaters. Below the building is a private triple-car garage for the suite’s owner.
Least-expensive apartment
Meanwhile, a large, top-floor apartment in a 55-year-old Central Lonsdale building was the least-expensive to sell. The unit at 302-145 West 18th St. sold for $369,000 on Jan. 5 after 41 days on the market.
The apartment has a single bedroom and bathroom, in a Tudor-style building with an elevator and shared laundry. Interestingly, the building is managed by a B.C. corporation, and ownership involves a transfer of shares, and is not a strata or co-op.
Most-expensive townhome
The top townhome to sell is a brand-new duplex at 366 East Keith Rd. in North Van. It was sold by RE/MAX Crest Realty on Dec. 24 for $2.57 million, around $128,000 less than its asking price.
Its 25 feet of street frontage leads to a deceptively large, 3,000-square-foot interior with five bedrooms and five bathrooms. The interior has a high-end, modern feel with custom millwork throughout.
The unit is topped with a patio and views of downtown Vancouver, while the lower floor has a self-contained, two-bedroom legal suite.
Least-expensive townhome
The lowest price paid for a townhome over the past two months is a two-storey unit at 169 Esplanade. The north-facing, loft-style corner unit sold for $815,000 on Jan. 22 after nine days on the market.
The one-bedroom, two-bathroom and den unit features ceilings that are nearly 17 feet tall, and has a private patio. Shared amenities include an indoor pool, hot tub and sauna.
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