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West Vancouver Real Estate is on Fire! Multiple Offers, Bidding Wars, & Jaw Dropping Sale Prices hit The Northshore!

Blog by Stu Bell | April 25th, 2011

2011 began with an unprecedented demand for Land in Vancouver's West Side. We saw homes selling at a frantic absorption rate with multiple cash offers becoming the norm and many properties selling for up to 50% over asking! The main source of this demand was mainland China. Laws in China limiting homeowners to 1 or 2 domestic properties and new deregulation allowing more foreign investment to Canada, combined with the natural beauty, geographic proximity, and rock solid banking system in natural resorce rich Canada and more sepcifically sought after Vancouver created a chaotic buying frenzie for homes and land in the past 6-8 months.

For a while on The Northshore we wondered if it would ever happen in West Van or North Van. Afterall West Van took the biggest hit after the 2008 real estate cool down and it is widely recognized as the most affluent community in Canada. Well, 6 months after Vancouver West began having bidding wars, West Van is officially a red hot market with the demand far exceeding supply.

Last year, many homes just could not sell, buyers thought prices were going to come down after the Olympics and that the Vancouver bubble was due to burst. (It didn't help that in the States it seemed every home was in foreclosure and prices were plumeting) Now we all wish we bought a house last year, as we are seeing sales 20-35% higher than then. A few examples are a tear down home on Haywood Ave in Ambleside, just recieved 26 offers last week and sold for $1,570,000, asking price was $1,249,000. Another tear down on Queens in upper Dundarave recieved 8 offers and sold for $2,300,000, asking price was $1,999,000. Most recently a home on Ottawa Ave, that simply cold not be sold for the past 3 years, just recieved 8 offers on Easter Saturday and sold in 2 days for $2,350,000. Another example in West Bay a Realtor in my office found a client a home in January and SOLD it in March for a profit of over $100,000 doing nothing to the West Bay family home!

Double digit offers have been documented throughout my office, and sales volume and prices in West Van are at all time highs since 1997. The trend month to month is increasing, and I do not see things slowiing down until our foreign direct investment laws change, or until / if interest rates go way up.

If you own a home in Ambleside or Dundarave, chances are what you think your home is worth is way below what today's market is absorbing. If you are thinking of selling, this may well be the best sellers' market in West Vancovers history, it would be my pleasure to provide a free home evaltation and marketing strategy.

For more information on Vancouver and West Van Real Estate please contact me anytime at 604.562.0532, I love to chat real estate!