Detached average prices +11% and inventory now up by 155%. Average prices up 6% (t/hse) and up by 9% (apts). Inventory (t/hse) 158% higher than ‘07 and (apt) up from ‘07 by 140% - both of these still affected by slower absorption of new construction. While there is some demand, this relatively high inventory will continue to keep sales prices down.

 In West Van, detached number of sales has dropped by 35% from ‘07.  Average price up 6% and inventory now up 87% over ‘07. On the condo side – attached (t/hses) sold are down 13% from 2007 at 45 vs 52 units; average price down 12% YTD. Active listings are up over last year (44 vs. 36). This “small sample” sector (t/hses) saw an unusual occurrence of a ‘minus 1’ listing sold in Oct. My investigation via the Real Estate Board statisticians has as yet revealed no answer and I assume that this was likely a “collapsed deal” of a townhome reported as sold in September. Apartments reflect 124 sold vs. 179 by Oct ‘07; with average price up 6% from ‘07 and active listings up 56% from ‘07. 

Overall North Shore demand is sluggish with inventory significantly higher than 2007.  Yes, folks, the average prices YTD ’08 vs. ’07are still up in all segments except for the “small sample” t/homes in W/Van. With this few actual sales to compare we are far more prone to anomalies such as possibly fewer “luxury units” changing hands in these lower demand times.  Note that I continue to report, as I always have, on average YTD prices – while this softens the impact of recent price slippage, it does show the longer term price picture. This was equally important during the rampant “up-cycle” we left some 6 months ago.

 Again, visit my website to see and “hear” the new developments.  I continue my commitment to keep you…. www.OnTopOfTheMarket.ca . This work in progress strives to be the “go to” site for North Shore Real Estate analysis and jumping off point for FULL market listing information.

 To join the group getting the e-mail version of this “update” - send a request now to This email address is being protected from spam bots, you need Javascript enabled to view it and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca  Feel free to forward to a friend.

Alan