‘Protected market’ for Vancouver’s West Side detached homes show resilience as median price rises

The median price of detached homes in Vancouver’s east side has begun to fall amid declining sales.

Sales are also dropping in the affluent west side of town, but the average price just doesn’t hold up.

It rises.

While the average price of detached homes on the East Side fell 1.4 percent in April 2022 compared to March, the same measure for single-family housing on the West Side rose 7.6 percent.

In April of this year, the median West Side home price rose to $3,768,000 from the previous monthly level of $3.5 million.

Average price is the middle point in the price list.

Rising average prices indicate that real estate prices are on the rise.

If the average price is rising, this is a sign that the market is hot.

Vancouver realtor David Hutchinson is currently searching for a home on the West Side for a client.

Last year, Hutchinson sold his client’s North Shore home.

Property 5309 Montiverdi Place in West Vancouver sold for $3,150,000, and the seller wants to settle in a new location in the Vancouver West Side neighborhood of Kitsilano.

“The West Vancouver was very spacious and had great ocean and sunset views, but Kitsilano is more central to his lifestyle,” Hutchinson said. straight.

It is often said that real estate revolves around location.

For Hutchinson, this explains the strength of the housing market on the West Side.

“The West Side of Vancouver is a very resilient market because of its convenience, proximity to beaches, shopping, good schools, and it’s also close to downtown Vancouver and local ski hills,” Hutchinson said.

A Sutton Group-West Coast Realty agent noted that the West Side “has always been a unique and desirable neighborhood.”

“It is a very popular site for buyers, including those from various other countries,” Hutchinson said.

“Large, distinctive homes attract a wide range of buyers who seek privacy and exclusivity in West Side neighborhoods, such as West Point Gray and Shaughnessy,” he continued.

Hutchinson also noted that “Westside homes really have their value.”

In many real estate markets it is usual for prices to rise and fall in a cycle.

The same is generally not said for Vancouver real estate on the West Side.

“The West Side is a relatively sheltered market,” Hutchinson said.

The realtor said that with the arrival of the Broadway subway, the location would become more desirable.

West Vancouver on the North Shore also boasts attractive homes, but Hutchinson said it doesn’t have the same allure as the West Side of Vancouver.

“West Vancouver’s neighborhoods are a bit separate from amenities and shopping, although it’s a great location with large, spacious homes in large, private spaces,” Hutchinson said.

The number of detached homes sold on Vancouver’s West Side fell from 124 in March 2022 to 93 in April, representing a 25 percent decrease.

On the east side, sales of single-family homes fell 36.8 percent to 110 in April compared to 174 in March.

The average price on the east side fell from $2,095,000 in March to $2,065,000 in April.

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