NEW MARKET SUMMARY NORTH SHORE

The North Shore market area is slated to achieve a “Yellow Light” status for the Fourth Quarter of 2023, having recorded a total of 97 sales during the period, representing a 25 percent decrease from the previous quarter. While the High Rise sector demonstrated resilience with only a 13 percent decrease, fueled by the introduction of the market area’s sole new project launch releasing 57 units and achieving an 82 percent absorption rate, the Low Rise and Townhome sectors experienced declines of 32 and 67 percent, respectively. The reduction in sales can be attributed to a lack of new inventory, exacerbated by high price points and projects temporarily halted for construction. The absorption rates for the High Rise, Low Rise, and Townhome sectors witnessed declines of one, 20, and 12 percent in the Fourth Quarter, resulting in an overall absorption rate of 21 percent—a five percent drop from the previous quarter. Despite the subdued transactions in the quarter, there is anticipation of increased activity, particularly in the Townhome sector, with multiple launches scheduled early in the new year.

Market Highlights

Darwin Construction and Citimark released their eight-storey, 57-unit High Rise, Weston Place, in West Vancouver in mid October and achieved a total of 47 sales at an overall blended price of $1,800 per square foot

Elle, Polygon’s High Rise in Central Lonsdale recording 10 sales over the quarter at an overall blended price of $1,515 per square foot

Ashton by Fairborne Homes, led all sales in the Low Rise sector with 22 sales over the Fourth Quarter of 2023

The Sentinel, Denna Homes’ 26-storey High Rise in West Vancouver sold its last four remaining units over the quarter and is now sold out after being on the market since Spring 2020

Creo Developments is expected to release the final chapter of their Morrison Series, Morrison Walk, a 60-unit Townhome project in North Vancouver, in February 2024 with homes starting from the low $1.2 millions