If January is any indication for what 2015 will bring to the housing market, then we are in for quite a ride! With an average price increase of 17% compared to January 2014, North Vancouver seems to be in the lead for hot markets in the New Year. Home sales in North Vancouver overall (gross) are up 50% compared to last year at this time.  North Vancouver showed an enormous growth with a 28% increase in units sold compared to one year ago.  Balance that with Vancouver (Westside) which had a steady climb up with 9% of gross sales and a 1% increase units sold year to date and the market has a robust starting point in 2015.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, board president, said in a news release from the Real Estate Board of Greater Vancouver.  "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”
“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said in the release.

For full REBGV news update click here.

The North Shore seems to be on homebuyer’s radar and the Market Overview below shows a more detailed understanding on just how North Vancouver, West Vancouver and Vancouver Westside have started out the New Year.

 
Remember, that even within these larger market areas, each neighbourhood reacts differently.  Read the data below to compare how North Vancouver, West Vancouver and Vancouver West performed last month.  Curious about how a particular neighbourhood is performing? Call me, I’d love to help.

Interested in what was HOT in January 2015 - scroll down.

Is January always a hot property month? North Vancouver and West Vancouver Active listings equals that of a year ago and Vancouver West actually down 13%.  Interestingly there where less units available on the market this January to last and an increase in the Average Price per Unit. An increase in Year to Date Sales in both North Vancouver and West Vancouver of 28% and 6% respectively combined with solid growth of the Price Index (HPI) and the Benchmark Price confirm a healthy market Northshore market.   
                                                                                                      
Vancouver West saw a slight dip in Gross Sales as Units Listed and Sold slightly decreased from the previous January. The confidence in the strong Vancouver market is continuing solid with a Price Index (HPI) and Benchmark Price increase of 3.9%.  If you take a look at the hot properties section Vancouver West just as many homes sold within 3 days of being on the market as the Northshore did.

Once again, Vancouver remains the most walkable city in Canada, according to the dedicated number crunchers at Walk Score. With a walkability rating of 78, Vancouver shined well above Toronto and Montreal and the craving for us to live in pedestrian friendly areas is continuously proven with the direction of numerous housing developments in the Greater Vancouver area.

Walk Score's founding mission is to promote walkable neighbourhoods. Walkable neighbourhoods are one of the simplest and best solutions for the environment, our health, and economy. The ranking service is the innovation formulated by a few ex-Microsoft employees, who were seeking an easy, dependable way to measure how pedestrian friendly an area was.  Walk Score determines a city’s walkability by using an algorithm that factor in proximity of coffee shops, schools, parks and grocery stores in different neighbourhoods. The result is a practical gauge of how easy it is to get around on foot, without having to jump into a car or use various forms of public transit.  

More and more potential home buyers appreciate the walkability of a compact and convenient neighbourhood.  Demand for this type of living is particularly robust for empty nesters, but is also quite strong amongst families and singles who value the lifestyle associated with a vibrant walkable community. Homes in areas where services and amenities are close enough to walk definitely appeal to more and more buyers, with many willing to pay a premium.