Understanding the Vancouver Market

Currently, we can see strength in the condo and townhouse market from $400,000 up to $1,750,000. Overall, the Westside condo market is favouring sellers with 43% of them sold last month, and communities with the most activity continue to be Kitsilano and Fairview. The average sale price has been steadily increasing since July, now sitting at $949,950. This is $14,000 more than it was in November 2021 and approximately $110,000 greater than it was in December 2020. Housing inventory is at record low and we can expect prices to continue increasing into the winter months. 

Now let's look at the single family market.  The strength in the Westside single family market lies between $1,750,000 and $4,000,000. Median prices for a detached home in the Westside came down slightly from its peak in November 2021 and now sits at $3,550,000 This is the highest average price we have seen in this year. The strongest location is Kerrisdale with 33% of listed homes sold last month.  

Download your Snapstats statistics report below to learn about the market in your area and price point. 

During the month of December, 4 of 16 (25%) homes sold in Kitsilano. The most expensive home sold for $3,798,000 on on West 15th Avenue; $190,000 below list price. This would have bought you a 2013 built home on a 4,758 square foot lot. 

The least expensive home, a 81 year old property on 8th Ave, sold for asking price at $2,365,000. This would have bought you a starter home with a mortgage helper on a 3,630 square foot lot.

Out of all 16 homes that sold last month in Kitsilano, 3 of them sold below the asking price and one sold for over the asking price. With limited supply we can expect increased competition in Kitsilano for homes priced under $4,000,000.

Download the 4 homes that sold last month in Kitsilano by clicking on the link below. The report includes a map locating the homes and a 10 photo flyer on each home with property details. No personal information collected. This report is on me.