The median price of detached homes on the East Side of Vancouver has started to soften amid declining sales.
The number of sales is also falling on the wealthier West Side of the city, but the median price is not only holding up.
It is going up.
While the median price of East Side detached homes dipped 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 this year, the median price of a West Side home increased to $3,768,000 from the previous monthly level of $3.5 million.
Median price is the middle point in a list of prices.
Rising median prices indicate that property prices are on the rise.
If the median price is moving up, that’s a sign that a market is hot.
Vancouver realtor David Hutchinson is currently looking for a West Side home for a client.
Last year, Hutchinson sold his client’s home on the North Shore.
The 5309 Montiverdi Place property in West Vancouver went for $3,150,000, and the seller wants to eventally settle at a new place in Vancouver West Side neighbourhood of Kitsilano.
“The West Vancouver property was very spacious and it has amazing ocean and sunset views, but Kitsilano is more central for his lifestyle,” Hutchinson told the Straight.
It’s often said that real estate is all about location.
And that for Hutchinson explains the durability of the housing market on the West Side.
“The West Side of Vancouver is a very resilient market due to its convenience, proximity to beaches, shopping, good schools, and it’s also close to downtown Vancouver and local ski hills,” Hutchinson said.
The Sutton Group-West Coast Realty agent noted that the West Side has “long been a unique and desirable neighbourhood”.
“It’s a very popular location for buyers, including those from various other countries,” Hutchinson said.
“The large, distinctive homes attract a wide variety of buyers seeking the privacy and exclusivity of West Side neighbourhoods, such as West Point Grey and Shaugnessy,” he continued.
“West Side homes really hold their value,” Hutchinson also noted.
It’s typical in many real estate markets for prices to go up and down in a cycle.
The same generally 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 become even more desirable, the realtor said.
West Vancouver on the North Shore also boasts of attractive homes, but Hutchinson said that it doesn’t possess the same appeal as the West Side of Vancouver.
“West Vancouver neighbourhoods are little detached from amenities and shopping, although it is a wonderful location with large, spacious homes on big, private lots,” Hutchinson said.
The number of detached homes sold on the West Side of Vancouver fell from 124 in March 2022 to 93 in April, marking a 25 percent drop.
On the East Side, sale of single-family homes went down 36.8 percent to 110 in April compared to 174 in March.
The median price on the East Side fell from $2,095,000 in March to $2,065,000 in April.