NEW MARKET SUMMARY NORTH SHORE

The North Shore submarket will be upgraded to “Green Light” status for the First Quarter of 2023, having recorded 82 sales - a 91 percent increase compared to the Fourth Quarter of 2022, with sales nearly doubling from 43 to 82. The significant sales increase can be attributed to the launch of a new Low Rise project which recorded 35 sales out of 64 units released, representing 43 percent of total sales in the submarket. Despite being the most expensive Low Rise project in the area and without incentives, the project saw sales success, highlighting the demand for new products in the area. The absorption rates for High Rise, Low Rise, and Townhomes have increased to 10, 45, and 17 percent, respectively. To counteract diminished sales activity for projects that have been on the market for some time, incentives such as GST credit, reduced deposit structures, and assistance with lower mortgage payments have been offered.

Market Highlights

Lennox, a 64-unit Low Rise in North Vancouver by Polygon released in mid-March and achieved 35 sales at an average price of $1,260 per square feet

Yew and Seymour, the first release of Anthem’s North Vancouver masterplan, Baden Park, achieved seven sales over the First Quarter of 2023 before pausing sales to start construction

The West building of Seymour Village – Lupine Walk by Aquilini Development recorded eight sales and is blending at an average price of $992 per square foot, a $28 increase

Hawksley by Beedie and British Pacific Properties has only five units remaining as they sold seven units over the First Quarter of 2023 and is blending at $1,400 per square foot

Staburn Group’s Low Rise building, Rove, recorded nine sales over the quarter as they offered a reduced deposit structure of 15 percent and a $15,000 credit

*Note that the large sales range is due to the price differences observed in West and North Vancouver.