NEW MARKET SUMMARY NORTH SHORE

The North Shore market area holds the ‘Red Light’ status for the Fourth Quarter of 2022 after recording 43 sales, a 71 percent decrease compared to what was observed in the Third Quarter of 2022. The decrease in sales activity may be attributed to the lack of project launches as no new inventory was released over the quarter. Nine projects achieved sales over the quarter, resulting in a 10 percent overall absorption rate. The absorption rates for overall inventory in High Rise, Low Rise, and Townhomes have decreased to 3, 19, and 17 percent, respectively. It has been reported that buying activity from investors has been significantly affected by the continual interest rate hikes and has taken a step back in this market area. To combat the diminished sales activity, developers have been offering incentives of credit of up to $100,000, reduced deposit structures, and assistance with lower mortgage payments to help buyers enter the market.

Market Highlights

Yew, a Low Rise building part of Anthem’s North Vancouver masterplan, Baden Park, led all projects in the market area as it recorded 13 sales at a blended price per square foot of $1,075 this quarter with a purchaser credit of up to $20,000

Seymour, the Townhome portion of Anthem’s masterplan, Baden Park, led all Townhome sales with seven sales at an overall average value of $927 per square foot over the Fourth Quarter of 2022

The West building of Seymour Village – Lupine Walk by Aquilini Development recorded 10 sales after offering a reduced total deposit from 15 percent to 10 percent Mirage Pacific Lyte’s, 1331 Ambleside, started sales in early August and is currently offering a $100,000 purchaser credit and a $20,000 realtor bonus on the next five sales

The Sentinel by Denna Homes is offering a mortgage payment plan which allows buyers to own their home for $1,499/month with certain conditions