November 2023 Housing Market Update
1. Home Sales and Prices:
North Vancouver saw a 20% drop in home sales as homebuyers are throttled by interest rates. Prices decreased 1.6% since October, a slow decline in prices over the past six months suggest a shift into the Christmas slowdown we see every year.
2.Inventory and Market Activity:
North Vancouver saw a 15% decrease in inventory since October. The decision to take homes off the market when sellers aren’t getting the price they want is not uncommon, which is why I believe we’ve seen a sharp decline in listings. Many sellers wait until after the Christmas break to re-list their home.
3. Zoning Changes:
BC has made significant changes in zoning laws allowing for single family homes to have 3-6 dwellings per lot. This shift in regulations could lead to increased housing density and potentially influence property values. Furthermore BC is mandating the building of high density condos near skytrains and bus terminals to increase housing. Watch the video HERE
4. Short-Term Rental Regulations:
Changes in short-term rental laws, restricting them to the same lot where the owner resides, are aimed at managing the impact of short-term rentals on housing availability. This is affecting property investors who have relied on short-term rentals for additional income. forcing them to either convert into long term rental units or selling on the market. Watch the video HERE
Watch the video HERE
November Sold Homes
Luke Annunziello | North Vancouver Realtor
About Luke
Luke is a dedicated and experienced real estate agent who specializes in the North Vancouver area. With years of experience listing and buying properties all over Vancouver, Luke has a deep understanding of the local real estate market and can provide his clients with invaluable insights and advice.
What sets Luke apart from other real estate agents is his extensive experience in home renovation. With over 7 years of experience in renovating homes, Luke has a keen eye for detail and a deep understanding of the factors that can impact a property's value. This knowledge and expertise make him an invaluable asset to any real estate transaction, whether you're buying or selling a property.
Luke's passion for real estate and dedication to his clients make him an outstanding agent. He is committed to providing his clients with personalized service and attention to detail, ensuring that they have all the information they need to make informed decisions about their real estate transactions. His expertise, professionalism, and commitment to excellence have earned him a reputation as one of the top real estate agents in the North Vancouver area.
Whether you're looking to buy or sell a property in North Vancouver or elsewhere in Vancouver, Luke is the agent you can trust to guide you through the process and achieve your goals.
109 Lonsdale Ave, North Vancouver
BC, V7M 2E7
