NORTH VAN CONDO TOWNHOME DETACHED February 2019VS.2018

NORTHCONDO VAN $956,500 HPI (combinedtotal) 14 AVE. DAYSONMARKET 43 NEW LISTINGS 23 UNIT SALES $1,492,400 HPI (combinedtotal) 42 AVE. DAYSONMARKET 123 NEW LISTINGS 32 UNIT SALES $ HPI (combinedtotal) 27 AVE. DAYSONMARKET 157 NEW LISTINGS 61 UNIT SALES

561,500 February

16.20% 15.00% 32.70% -38.40% -31.60% 14.70% -46.70%

16.30% -16.90%

-4.2%

-4.7 -11.52% % February 2019 JANUARY - SINGLE FAMILY DETACHED HOMES

THE REAL NORTH VAN RESULTS: JAN 2019 THE REAL NEIGHBOURHOOD RESULTS: JAN 2019

SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $2,100,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $2,061,413 $ 2,000,000 MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $1,900,000 $1,801,799 $1,810,452 $1,813,727 Blueridge NV 2 $1,546,500 0.54 -4.92 $1,718,387 – Average Sales Price $ 1,800,000 Boulevard 0 $1,651,700 0 -6.3 $ 1,700,000 $1,636,675 Braemar 1 $2,011,600 -4.59 -8.36 $1,600,000 $1,579,365 $ 1,700,000 $1,687,500 Calverhall 1 $1,390,200 0.74 -5.78 $ Canyon Heights NV 1 $1,700,200 -3.93 -4.2 1,500,000 $1,600,000 $1,538,000 $1,546,500 – Median Sales Price AUG SEP OCT NOV DEC JAN Capilano NV 0 $1,536,700 -2.62 -2.54 Central Lonsdale 0 $1,383,400 -1.09 -3.72

DAYS ON MARKET MONTHLY TREND Deep Cove 0 $1,486,000 -1.27 -3.6 60 Delbrook 0 $1,594,400 -3.17 -4.13 51 50 51 50 45 Dollarton 0 $1,648,900 0.48 -3.99 39 40 37 47 Edgemont 1 $1,855,900 -4.73 -3.91 42 Average Days on Market – Forest Hills NV 0 $1,786,900 -3.81 -4.76 30 36 Days Grouse Woods 0 $1,600,700 -3.59 -6.76 20 21 Hamilton 1 $1,313,600 -0.08 -4.57 10 16 14 Indian River 1 $1,374,800 -1.24 -4.1 0 Lower Lonsdale 1 $1,459,600 -0.04 -2.83 Median Days on Market

AUG SEP OCT NOV DEC JAN – Lynn Valley 1 $1,347,400 -3.18 -6.32 UNIT SALES (BY MONTH) 2018 2019 CHANGE Lynnmour 0 $1,133,700 -1.18 -1.75 JAN 51 24 -52.9% Norgate 0 $1,208,200 1.52 -5.55 FEB Northlands 0 $1,970,800 -0.28 -3.83 MAR Pemberton Heights 1 $1,789,700 0.45 -2.36 APR Pemberton NV 1 $1,165,100 0.64 -3.3 MAY Princess Park 0 $1,534,700 -2.88 -3.38 JUN Queensbury 1 $1,340,100 1.08 -7.56 Total 51 24 -52.9% Roche Point 0 $1,328,400 -1.29 -4.51 Seymour 1 $1,339,900 -1.37 -7.02 LISTING AND SALES ACTIVITY BY PRICE SEGMENT Tempe 1 $1,576,200 -6.29 -6.21 Upper Delbrook 3 $1,714,400 -5.02 -4.58 Sales-to-New- Price Segment ($) New Listings Added Unit Sales Listings Ratio Upper Lonsdale 2 $1,496,800 -2.76 -8.24 0 – 1,000,000 1 0 0% Westlynn 0 $1,268,400 -1.28 -4.94 1,000,000 – 1,100,000 3 2 67% Westlynn Terrace 0 $1,385,100 -2.41 -6.25 1,100,001 – 1,200,000 1 0 0% Windsor Park NV 0 $1,315,400 -0.09 -3.45 1,200,001 – 1,300,000 6 2 33% North Vancouver 24 $1,512,200 -1.95 -5.17 1,300,001 – 1,400,000 10 5 50% 1,400,001 – 1,500,000 20 1 5% 1,500,001 – 1,600,000 14 4 29% FAITH’S KEY INSIGHTS: 1,600,001 – 1,700,000 10 1 10% n Buyers finally had a wide selection of North Vancouver detached houses 1,700,001 – 1,800,000 5 4 80% to choose from in January. With 170 new listings added, the inventory 1,800,001 – 1,900,000 10 0 0% was higher than in November and December of 2018 combined. Buyers, 1,900,001 – 2,000,000 20 1 5% however, remained cautious, purchasing 24 houses, the same as a month 2,000,001 – 2,250,000 15 1 7% earlier. Apparently it is going to take some time for buyers to regain 2,250,001 – 2,500,000 17 2 12% confidence and work through the myriad of government policy measures 2,500,001 – 2,750,000 6 1 17% that have reduced housing sales right across the province. The sweet 2,750,001 – 3,000,000 16 0 0% price spot for North Vancouver house buyers in January was from $1.7 3,000,001 + 16 0 0% million to $1.8 million, with 80% of the listings selling. This is higher than Totals 170 24 14% North Vancouver’s detached house benchmark price of $1.5 million, a price down 1.9% from December.

Faith’s Exclusive North Vancouver Analysis PAGE 2 FEBRUARY - SINGLE FAMILY DETACHED HOMES

THE REAL NORTH VAN RESULTS: FEB 2019 THE REAL NEIGHBOURHOOD RESULTS: FEB 2019

SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $2,100,000 $2,061,413 PRICES BY NEIGHBOURHOOD CHANGE (%)

$2,000,000 MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $1,900,000 $1,810,452 $1,801,799 Average Sales Price Blueridge NV 1 $1,517,500 -1.87 -3.46

$1,800,000 – $1,718,387 Boulevard 1 $1,625,500 -1.59 -3.36 $1,700,000 $1,643,289 $1,700,000 $1,687,500 $1,608,781 Braemar 0 $2,017,800 0.3 -4.63 $1,600,000 $1,579,365 Calverhall 2 $1,348,200 -3.03 -4.96 $1,500,000 $1,538,000 $1,510,000 Canyon Heights NV 2 $1,693,000 -0.42 -5.85 $1,400,000 $1,452,500 Median Sales Price – Capilano NV 1 $1,482,300 -3.54 -8 SEP OCT NOV DEC JAN FEB Central Lonsdale 2 $1,348,800 -2.5 -3.44 DAYS ON MARKET MONTHLY TREND Deep Cove 2 $1,460,900 -1.69 -5.22 Delbrook 0 $1,579,900 -0.91 -6.71 60 50 51 Dollarton 2 $1,601,100 -2.9 -5.16 50 49 42 Edgemont 0 $1,829,500 -1.42 -7.02 39 47 40 37 42 Average Days on Market

– Forest Hills NV 1 $1,739,700 -2.64 -7.85

Days 30 Grouse Woods 2 $1,606,700 0.37 -4.09

20 21 21 21 Hamilton 1 $1,285,600 -2.13 -2.29 10 16 Indian River 0 $1,374,200 -0.05 -1.9 0 Lower Lonsdale 3 $1,432,300 -1.87 -2.7 Median Days on Market Lynn Valley 3 $1,339,800 -0.57 -5.1 SEP OCT NOV DEC JAN FEB – Lynnmour 0 $1,133,300 -0.04 -1.83 UNIT SALES (BY MONTH) 2018 2019 CHANGE Norgate 1 $1,181,500 -2.21 -4.25 JAN 51 37 -27.5% Northlands 0 $1,954,900 -0.8 -2.24 FEB 60 32 -46.7% Pemberton Heights 0 $1,732,400 -3.2 -2.84 MAR Pemberton NV 1 $1,143,500 -1.86 -2.35 APR MAY Princess Park 0 $1,526,400 -0.54 -5.32 JUN Queensbury 0 $1,319,400 -1.54 -2.21 Total 111 69 -37.8% Roche Point 0 $1,339,100 0.81 -1.84 Seymour 0 $1,298,600 -3.08 -8.03 Tempe 0 $1,600,600 1.55 -4.91 LISTING AND SALES ACTIVITY BY PRICE SEGMENT Upper Delbrook 5 $1,713,600 -0.04 -6.82 Sales-to-New- Upper Lonsdale 0 $1,499,300 0.17 -5.29 Price Segment ($) New Listings Added Unit Sales Listings Ratio Westlynn 1 $1,251,900 -1.3 -5.56 0 – 1,000,000 1 0 0% Westlynn Terrace 0 $1,352,700 -2.34 -9.83 1,000,000 – 1,100,000 1 2 200% Windsor Park NV 0 $1,286,000 -2.24 -4.57 1,100,001 – 1,200,000 6 2 33% North Vancouver 32 $1,492,400 -1.31 -4.89 1,200,001 – 1,300,000 6 3 50% 1,300,001 – 1,400,000 6 5 83% 1,400,001 – 1,500,000 9 8 89% FAITH’S KEY INSIGHTS: 1,500,001 – 1,600,000 10 1 10% 1,600,001 – 1,700,000 9 1 11% ■■The current detached housing market in North Vancouver, indeed across 1,700,001 – 1,800,000 13 2 15% Metro Vancouver, is unprecedented. We are witnessing the return arc of 1,800,001 – 1,900,000 3 1 33% a pendulum that started four years ago when the typical house suddenly became a million-dollar property with frenzied buyers bidding on the 1,900,001 – 2,000,000 6 2 33% doorstep. In February of 2015 the North Vancouver house price swung 2,000,001 – 2,250,000 16 1 6% above $1 million for the first time and was rising by $30,000 a month. That 2,250,001 – 2,500,000 12 1 8% was an anomaly and, like the current situation will, it came to an end. More 2,500,001 – 2,750,000 10 3 30% than 30 buyers welcomed the new balance in February’s North Vancouver 2,750,001 – 3,000,000 6 0 0% detached house market With 123 new listings added there was a selection 3,000,001 + 9 0 0% from less than $1 million to more than $3 million and benchmark prices Totals 123 32 26% were down 1% from January.

Faith’s Exclusive North Vancouver Analysis PAGE 3 JANUARY - TOWNHOUSES

THE REAL NORTH VAN RESULTS: JAN 2019 THE REAL NEIGHBOURHOOD RESULTS:JAN 2019

SALES PRICE MONTHLY TREND SALES AND BENCHMARK $ BENCHMARK PRICE 1,150,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $1,100,000 MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $1,050,000

$995,063 $1,021,413 – Average Sales Price Central Lonsdale 1 $1,095,100 -3.64 -6.04 $1,000,000 $979,443 $951,900 Edgemont 0 $1,848,600 -4.92 -8.37 $ 950,000 $942,048 $990,000 Hamilton 2 $968,600 -3.97 -5.67 $ $944,750 $949,990 $884,083 900,000 $841,500 Indian River 0 $1,050,100 3.12 -2.56 $938,000 $850,000 $849,000 Lower Lonsdale 1 $1,143,600 -3.64 -6.14 – Median Sales Price AUG SEP OCT NOV DEC JAN Lynn Valley 1 $868,800 0.87 -3.81

Lynnmour 3 $780,700 0.41 -2.85 DAYS ON MARKET MONTHLY TREND Norgate 0 $928,400 -3.99 -5.43 60 Northlands 1 $1,153,900 1.96 -1.59 50 47 Roche Point 2 $948,400 2.32 -1.78 40 40 34 38 Seymour 0 $984,900 0.71 -3.57 32 Average Days on Market 30 35 – Upper Lonsdale 0 $643,300 -1.74 -5.93

Days 30 29 Westlynn 0 $810,200 1.84 -2.45 20 17 24 North Vancouver 12 $979,900 -1.45 -4.53 10 14 8 0 Median Days on Market AUG SEP OCT NOV DEC JAN – FAITH’S KEY INSIGHTS: UNIT SALES (BY MONTH) 2018 2019 CHANGE Janaury 24 12 -50.0% n The typical North Vancouver townhouse buyer would have saved about February $44,000 buying a townhouse in January than three months earlier, March based on the January benchmark price of $979,900. The two buyers April who purchased in the popular Lonsdale area paid prices from $60,000 May to $65,000 lower than what they would have in October 2018. It is June easy to understand how such deals are happening. In January 66 new Total 24 12 -50.0% listings for townhouses came to the market – the highest level in seven months – but only 12 sold. This resulted in a sales-to-new-listing ratio of 18%, clearly giving buyers a sharp edge in negotiations. LISTING AND SALES ACTIVITY BY PRICE SEGMENT n Anyone who believes the current downturn in North Vancouver’s tight Sales-to-New- Price Segment ($) New Listings Added Unit Sales Listings Ratio townhouse market will last for long is mistaken, I believe. Townhouses 0 – 500,000 0 0 0% are selling for less than the cost of replacement and there are few new 500,001 – 550,000 0 0 0% ones being built. This is partly due to a decision by North Vancouver District to curtail new development, including stopping a previously 550,001– 600,000 0 0 0% approved townhouse project in Edgemont Village. As of January there 600,001 – 650,000 3 2 67% were 49 townhouse starts in all of North Vancouver, down from 97 at 650,001 – 700,000 2 1 50% the same time last year. Because of high construction and land costs, a 700,001 – 750,000 2 0 0% typical new townhouse in North Vancouver is priced at $920 per square 750,001 – 800,000 5 2 40% foot, but resale 3-bedrooom townhouses are being listed at an average 800,001 – 850,000 2 1 50% of $667 per square foot and the resale average is $753 per square 850,001 – 900,000 5 1 20% foot. The best buys are in the resale market, since many of these North 900,001 – 950,000 9 1 11% Vancouver properties are less than 10 years old. 950,001 – 1,000,000 6 0 0% n Faith Wilson Group has been a leader in real estate for more than 20 1,000,001 – 1,050,000 4 2 50% years and has been awarded a lifetime achievement award from the 1,050,001 – 1,100,000 11 0 0% real estate board for ethics, service and sales performance. We offer 1,100,001 – 1,200,000 6 1 17% a Peace of Mind Guarantee for Buyers so you can buy with confidence 1,200,000 – 1,500,000 7 1 14% right now. 1,500,001+ 4 0 0% Totals 66 12 18%

Faith’s Exclusive North Vancouver Analysis PAGE 4 FEBRUARY - TOWNHOUSES

THE REAL NORTH VAN RESULTS: FEB 2019 THE REAL NEIGHBOURHOOD RESULTS:FEB 2019

SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $1,150,000 PRICES BY NEIGHBOURHOOD CHANGE (%) $1,100,000 MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $1,050,000 $1,021,413 $1,003,196 Average Sales Price Central Lonsdale 3 $1,073,200 -2 -7.15 $1,000,000 $979,443 $1,010,000 – $990,000 $951,900 $950,000 $942,048 Edgemont 1 $1,829,500 -1.03 -6.47 $949,990 $938,000 Hamilton 1 $948,200 -2.11 -6.62 $900,000 $872,750 $850,000 Indian River 3 $1,028,600 -2.05 -1.26 $841,500 $849,000 $800,000 Median Sales Price Lower Lonsdale 1 $1,122,000 -1.89 -7.07 – SEP OCT NOV DEC JAN FEB Lynn Valley 2 $853,000 -1.81 -3.56 Lynnmour 5 $750,000 -3.93 -6.14 DAYS ON MARKET MONTHLY TREND Norgate 0 $907,400 -2.26 -6.8 60 Northlands 1 $1,123,000 -2.68 -3.93 Roche Point 2 $920,000 -2.99 -3.65 50 47 39 Seymour 2 $960,400 -2.48 -5.15

40 Average Days on Market 34 – Upper Lonsdale 0 $626,100 -2.68 -5.94

32

Days 30 35 30 Westlynn 0 $791,000 -2.38 -3.74 20 17 14 North Vancouver 23 $956,500 -2.39 -5.76 10 14 13 13 8 0 Median Days on Market SEP OCT NOV DEC JAN FEB – FAITH’S KEY INSIGHTS: UNIT SALES (BY MONTH) 2018 2019 CHANGE ■■Real estate watchers saw something rare in North Vancouver District in Janaury 24 16 -33.3% February: no new townhouses were started, compared to 49 starts in February 20 23 15.0% February of last year. So far, townhouse starts in the District are down 50% March from a year ago. North Vancouver City’s, townhouse starts are down 30% April compared to the first two months of 2018, to just 12 units, and no new May townhouses have opened so far this year. The stalled construction is tied to June decisions by local governments to curtail development and by a slowdown Total 44 39 -11.7% in pre-sales of new townhouses. It is likely that far fewer new townhouses will be built across North Vancouver this year because developers rely on city permit approvals and pre-sales to secure construction financing. The LISTING AND SALES ACTIVITY BY PRICE SEGMENT end result is that, with an average of just 40 resale townhouses added Sales-to-New- each month and 53% of them selling, a potential shortage of townhouses Price Segment ($) New Listings Added Unit Sales Listings Ratio is looming. 0 – 500,000 0 0 0% ■■This is a key reason why more than half of February’s new listings for 500,001 – 550,000 0 0 0% townhouses sold and the average (not benchmark) price of a North 550,001– 600,000 0 0 0% Vancouver townhouse is up $30,000 since September to just over 600,001 – 650,000 0 0 0% $1 million. Both buyers and sellers recognize that North Vancouver 650,001 – 700,000 0 1 0% townhouses are becoming scarce. While the overall sales-to-new-listing 700,001 – 750,000 0 1 0% ratio in February was 53%, higher-price townhouses saw sales ratios of 750,001 – 800,000 3 1 33% 100%, including all new listings priced between $1 million to $1.05 million. 800,001 – 850,000 2 2 100% It took a median of 13 days for a typical new listing to sell, the second- fastest pace in five months. February’s sales strength was widely based, 850,001 – 900,000 9 2 22% with townhouse sales in 10 of the 13 North Vancouver neighbourhoods 900,001 – 950,000 0 2 0% we monitor. Selling prices ranged from less than $700,000 to more than 950,001 – 1,000,000 10 2 20% $1.5 million. 1,000,001 – 1,050,000 2 4 200% 1,050,001 – 1,100,000 3 6 200% ■■North Vancouver’s townhouse market is returning to balance and we 1,100,001 – 1,200,000 6 0 0% expect to see prices to do the same after falling 4.2% from a year ago 1,200,000 – 1,500,000 7 1 14% Buyers should be shopping right now because the selection of North Vancouver townhouses may tighten up as we move into the strong spring 1,500,001+ 1 1 100% buying season. Totals 43 23 53%

Faith’s Exclusive North Vancouver Analysis PAGE 5 JANUARY - APARTMENTS /CONDOS

THE REAL NORTH VAN RESULTS:JAN 2019 THE REAL NEIGHBOURHOOD RESULTS:JAN 2019

SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $800,000 PRICES BY NEIGHBOURHOOD CHANGE (%)

$ 750,000 MLS® Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $704,806 $700,000 $696,303 $717,962 $658,880 $660,590 Capilano NV 0 $1,089,200 -2.56 -3.98 $ $627,045 – Average Sales Price 650,000 Central Lonsdale 4 $549,900 0.09 -6.59 $600,000 $640,000 $669,000 Deep Cove 0 $715,500 3.18 5.38 $597,000 $598,750 $ $599,900 Edgemont 0 $1,019,300 4.24 -1.17 550,000 $560,000 Hamilton 2 $566,600 -1.94 -2.3 $500,000 – Median Sales Price Indian River 1 $727,600 -0.59 -1.12 AUG SEP OCT NOV DEC JAN Lower Lonsdale 9 $523,200 -1.33 -3.04

DAYS ON MARKET MONTHLY TREND Lynn Valley 3 $633,300 -2.57 -4.37 60 Lynnmour 4 $607,700 -2.37 -5.37 52 50 Norgate 1 $606,400 -2.81 -4.6 45 Northlands 2 $836,800 -1.86 -1.7 40

31 Average Days on Market 33 32 Pemberton NV 2 $410,300 -2.56 -3.3 30 – 18 Roche Point 0 $584,800 -1.73 -0.44 19 20 23 20 20 Upper Lonsdale 1 $624,000 -2.48 -5.13 10 North Vancouver 31 $559,300 -1.41 -3.9 11 13 0

AUG SEP OCT NOV DEC JAN Median Days on Market – KEY INSIGHTS: UNIT SALES (BY MONTH) 2018 2019 CHANGE FAITH’S JAN 79 31 -60.8% n In the fourth quarter of 2018 a condominium developer paid $97.5 million for a FEB 1.8-acre site in the District of North Vancouver. In the same period, a separate MAR developer paid $16 million for less than half-an-acre on West 3rd Avenue in APR Lower Lonsdale. Can you guess what the resulting condo apartments will have MAY to sell for to allow the developer to recoup costs, not only for the land, but also JUN for construction and all the other expenses required to build a condo tower? Total 79 31 -60.8% That is the challenge North Vancouver developers are having as they face price resistance from buyers. Pre-sales of new condos have fallen so sharply across LISTING AND SALES ACTIVITY BY PRICE SEGMENT the North Shore that the unsold inventory of completed new condos is higher than overall new sales. We fully expect some new projects will be put on hold Sales-to-New- Price Segment ($) New Listings Added Unit Sales Listings Ratio this year. 0 – 250,000 0 0 0% n This all brings to the resale condo market in North Vancouver where bargain- 200,001 – 250,000 0 0 0% conscious buyers were in full command in January. Condo sales were down 275,001 – 300,000 0 0 0% 60.8% from the same month last year, as just 31 condos sold. The sales-to-new- 300,001 – 325,000 0 0 0% listing ratio fell to 17%, down from 59% in January 2018. The comparison from 325,001 – 350,000 0 0 0% last year is profound. In January 2018 there were only 3 North Vancouver condos 350,001 – 375,000 2 1 50% listed for $425,000 or less. This January there were 10 – and 3 buyers purchased 375,001 – 400,000 5 2 40% for less than $400,000, compared to zero a year ago. I think some condo buyers 400,001 – 425,000 3 0 0% have not paid attention to what is happening in North Vancouver. They would be 425,001 – 450,000 6 1 17% wise to make a date with their trusted real estate agent and take a tour of the 450,001 – 500,000 14 4 29% eye-opening offerings. 500,001 – 600,000 28 8 29% n Lower Lonsdale remained the most popular condo neighbourhood in January, 600,001 – 700,000 38 6 16% but the benchmark price the 9 buyers paid was $23,000 less than buyers were 700,000 – 800,000 20 2 10% paying a year ago, at $523,200. Many condo buyers are worried about the 2018 800,001 – 900,000 16 3 19% increase in mortgage rates, but the price corrections seen in the past year more 900,001 – 1,000,000 14 2 14% than make up for the slightly higher mortgage rates, which continue to be near 1,000,001 + 34 2 6% historic lows. Totals 180 31 17%

Faith’s Exclusive North Vancouver Analysis PAGE 6 FEBRUARY - APARTMENTS /CONDOS

THE REAL NORTH VAN RESULTS:FEB 2019 THE REAL NEIGHBOURHOOD RESULTS: FEB 2019 SALES PRICE MONTHLY TREND SALES AND BENCHMARK BENCHMARK PRICE $800,000 PRICES BY NEIGHBOURHOOD CHANGE (%)

$750,000 ® $717,962 MLS Neighbourhood Unit Sales HPI Benchmark Price 1 Month 3 Months $696,303 $700,000 Average Sales Price Capilano NV 0 $1,091,000 0.16 -9.42

$658,880 $660,064 $656,434 – $650,000 $669,000 $627,045 Central Lonsdale 11 $539,000 -1.98 -2.25 $600,000 Deep Cove 0 $685,400 -4.21 -0.28 $599,900 $597,000 $598,750 $598,500 $605,000 $550,000 Edgemont 0 $1,025,300 0.59 -3.26 Hamilton 2 $570,000 0.61 -7.69 $500,000 Median Sales Price – Indian River 0 $740,500 1.77 3.7 SEP OCT NOV DEC JAN FEB Lower Lonsdale 22 $533,300 1.93 -0.44 DAYS ON MARKET MONTHLY TREND Lynn Valley 4 $635,400 0.33 -1.8 Lynnmour 4 $616,900 1.52 -1.2 60 Norgate 1 $608,200 0.29 -8.31 50 46 Northlands 2 $826,600 -1.22 -0.34

40 Average Days on Market Pemberton NV 5 $408,500 -0.46 -8.21

33 41 –

32

Days 30 27 Roche Point 7 $586,400 0.26 1.79 20 18 19 23 Upper Lonsdale 2 $630,900 1.11 -1.52 20 North Vancouver 61 $561,500 0.4 -2.17 14 10 11 13 0 Median Days on Market SEP OCT NOV DEC JAN FEB – FAITH’S KEY INSIGHTS: UNIT SALES (BY MONTH) 2018 2019 CHANGE JAN 79 44 -44.3% ■■North Vancouver’s benchmark condo apartment price was $561,500 in FEB 99 61 -38.4% February, but the sales action ascended into higher-price property. Four MAR buyers paid more than $1million and, of the 61 sales in the month, 21 were APR for more than $600,000. With157 new listings, the sales-to-new-listing ratio was 39%, still a buyers market, and the benchmark price was down just 0.4% MAY from January, apparently halting a price slide that has seen benchmark values JUN drop 4.2% from a year ago across North Vancouver. Total 208 105 -49.5% ■■Pent-up demand from first-time buyers was apparent in February, as these cost-conscious purchasers went looking for bargains. Nearly all of the 19 LISTING AND SALES ACTIVITY BY PRICE SEGMENT North Vancouver condo apartment listed at less than $500,000 sold, posting Sales-to-New- a sales success ratio of 79%. We expect to see more of this, because Price Segment ($) New Listings Added Unit Sales Listings Ratio buyers and lenders are now finding ways to meet the mortgage stress test 0 – 250,000 0 0 0% qualifications, and the fear of further interest rate increases has abated. The 200,001 – 250,000 0 0 0% March federal budget may offer some relief to first-time buyers, as senior 275,001 – 300,000 0 0 0% governments concede that anti-demand measures may have overshot the 300,001 – 325,000 0 0 0% mark. First-time buyers seeking lower-priced condos in February found them 325,001 – 350,000 1 0 0% in the Pemberton neighbourhood, where 5 buyers paid a benchmark price 350,001 – 375,000 1 1 100% of $408,500; and Central Lonsdale, where 11 buyers paid a benchmark of 375,001 – 400,000 4 3 75% $539,000. This price was down nearly 2% from January in North Vancouver’s 400,001 – 425,000 2 3 150% second-most popular neighbourhood for condo buyers in the month. Lower 425,001 – 450,000 5 0 0% Lonsdale continued as the market leader, with 22 sales in February at a 450,001 – 500,000 6 8 133% benchmark price of $533,300, a price up nearly 2% from January. 500,001 – 600,000 38 15 39% ■■Concerns of existing condo apartment sellers that a huge inventory of new 600,001 – 700,000 23 10 43% condos would flood the North Vancouver market this year have also eased. 700,000 – 800,000 28 8 29% So far this year only 2 new condos hCW started in North Vancouver District 800,001 – 900,000 21 7 33% compared to 793 during the same time last year. In North Vancouver City, 900,001 – 1,000,000 16 2 13% condo starts have fallen to 94 homes, compared to 313 in the first two 1,000,001 + 12 4 33% months of 2018. It is still a buyer’s market for North Vancouver condos, but Totals 157 61 39% the pendulum appears to e slowly shifting in the seller’s favour.

Faith’s Exclusive North Vancouver Analysis PAGE 7