Vancouver’s West Side Single-Family ‘Sheltered Market’ Shows Resilience as Median Price Rises

The median price of single-family homes on Vancouver’s East Side has begun to decline amid declining sales.

The number of sales is also falling in the wealthier west side of town, but the median price isn’t just holding up.

it’s going up

While the median price for single-family homes on the East Side fell 1.4 percent in April 2022 compared to March, the same measure for a single-family residence on the West Side rose 7.6 percent.

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

The median price is the midpoint in a price list.

The increase in median prices indicates that property prices are on the rise.

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

Vancouver real estate agent David Hutchinson is currently looking for a Westside home for a client.

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

5309 Montiverdi Place in West Vancouver sold for $3,150,000, and the seller wants to eventually move to a new location in the Kitsilano neighborhood on Vancouver’s West Side.

“The West Vancouver property was very spacious and has incredible ocean and sunset views, but Kitsilano is more central to their lifestyle,” Hutchinson told the Associated Press. Straight.

It is often said that real estate is all about location.

And that for Hutchinson explains the durability of the housing market on the West Side.

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

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

“It’s a very popular place for shoppers, including from a number of other countries,” Hutchinson said.

“Large, distinctive homes appeal to a wide variety of buyers seeking the privacy and exclusivity of West Side neighborhoods like West Point Gray and Shaugnessy,” he continued.

“West Side homes really hold their value,” Hutchinson also noted.

It is typical in many real estate markets for prices to go up and down in a cycle.

In general, the same is not said for Vancouver real estate on the West Side.

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

With the arrival of the Broadway subway, the location will be even more desirable, the realtor said.

West Vancouver on the North Shore also has attractive homes, but Hutchinson said it doesn’t have the same appeal as Vancouver’s West Side.

“Vancouver’s West neighborhoods are not far removed from amenities and shopping, yet it’s a wonderful place with large, spacious homes on large private lots,” Hutchinson said.

The number of single-family homes sold on Vancouver’s West Side fell from 124 in March 2022 to 93 in April, a 25 percent drop.

On the East Side, single-family home sales fell 36.8 percent to 110 in April from 174 in March.

The median price on the East Side fell from $2,095,000 in March to $2,065,000 in April.

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