What's Going on in West Van Real Estate September Update

As anticipated, the Real Estate Market has changed drastically from earlier this year.  Sales for September 2016 in West Vancouver total 20 so far.  There will be a few more that aren’t yet registered.  In 2015 there were 73 detached sales in West Van in the month of September.  From Jan 1, 2015 – September 30, 2015, West Van saw 826 detached sales.  42 of them were over 6 Million. For the same period this year, there have been 739 sales.  79 of them were over 6 Million.  Even though we have seen far less sales in the last few months when compared to last year, the detached gross sales year to date for 2016 are $2,796,240,399, as compared to $2,296,717,946 for the same period last year.  That is an increase of 21% in 2016 over 2015.  Additionally, there has been a 29% increase year to date in 2016 over 2015 in average price per detached unit.  The Cole’s notes version is that sales are down but prices are up.   The District of West Van has approached the BC Government to make changes to the Community Charter that would allow them to tax all properties that are not designated principal residences.  You can read the article here.