With its abundant environment that brings together a luxury lifestyle married with access to the outdoors and proximity to shopping hubs too, North Vancouver is an exceptional area for discerning homebuyers who are seeking luxury homes in one of the most aspirational Canadian locations.
Luxury homes in North Vancouver do come with a sizable investment. In September 2021, it was projected that a North Vancouver home could fetch around $1,913,400. However, some of the luxury homes in this area can fetch upwards of $4,000,0000.
Now, imagine this investment growing over time – it makes choosing a luxury home all the more worthy to add to your assets for future financial freedom, or even for longevity if you choose to settle in this area in the long term.
So, when looking at the North Vancouver property market as a whole, what can potential property investors expect?
In today’s blog, we are taking a closer look at home price trends in the area, and what to expect should you decide to make an investment in North Vancouver.
First, let’s take a look at some of the most recent home trends in this sought-after area that is making property investors sit up and take notice.
Trends In North Vancouver House Prices
It is no secret that North Vancouver is one of the wealthiest districts in British Columbia, ranking as the second wealthiest Canadian city. In 2020, luxury home prices in North Vancouver had an average starting price of $3,500,000, and some of the most popular neighbourhoods Edgemont, Lonsdale and Lynn Valley, with the latter two seeing an increase in developments.
Strong house prices are expected to keep on dominating too in 2022, with house prices in January 2022 predicted to reach an average of $1,823,500 according to Mortgage Sandbox.
This trend predictor also notes that townhouse prices at the beginning of 2022 will increase slightly after the last months of 2021, with January 2022 prices predicted around $ 954,700.
Average Time In The Housing Market
Over and above these predicted housing prices, it is important for investors to note that the average time on the market for North Vancouver homes is only 12 days.
Considering this fast market turnaround, as well as the competitive market for luxury homes, it is important that serious investors do not delay when they find a valuable property opportunity, as it will not be available long in this popular area known for its exceptional lifestyle for homeowners.
What Does This Mean For The Luxury Home Market in North Vancouver?
Despite the impact of the COVID-19 pandemic, even the luxury home market – which includes homes priced at $4 million and above – is showing growth. In fact, at the beginning of 2021, Vancouver luxury property sales grew by about 41% year on year, and luxury condos also showed promise.
This thriving market shows that there is without a doubt high demand for luxury homes, and that those buyers who are serious about investing in this market should not rest on their laurels.
Choosing North Vancouver luxury homes not only makes sense in terms of snapping up sought-after opportunities, but also making an investment that, should you ever decide to sell your property, could bring an incredible return on investment.
North Vancouver luxury homes offer an exceptional opportunity for both an aspirational lifestyle in an area that is known for its safe environment, great transport networks, its lush outdoor attractions and shopping hubs.
If you have been searching for luxury home opportunities in this area, our dedicated team can assist in helping you get access to great opportunities and viewings before the competition. Simply contact us today for listings on our books and we will help you to identify those properties that will help you achieve your property goals.