Westside House Market Report December 2023
Are High-Rise Towers Coming To Your Neighbourhood?
Inside The Westside
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Prices. In November 2023, the Westside house House Price Index (HPI) was $3,468,300, up 0.9% from the October 2023 and up 11.5% this year (see line graph below). The HPI has increased every month this year, with the exception of October 2023 when if fell 3.3%. The Westside HPI is now just 6.2% below the all-time high set in July 2017.
Sales. In November 2023, 55 Westside houses sold which is 20 less than the 5-year average of 75 (see bar graph below). Looking back at the past 3 months, the usual busy Fall market (characterized by high sales volume) did not occur this year.
Listings. On November 30, 2023, there were 582 house listings which is 104 less than the 5-year average of 686 (see bar graph below).
Are High-Rise Towers Coming To Your Neighbourhood?
Possibly... On November 30, 2023, the Province of BC passed Bills 44, 46 & 47 to take over municipal planning authority in Vancouver and all municipalities throughout BC. The most troubling feature is the forced densification (8 to 20 story towers and multiplexes) around transit hubs and by their definition this could include most of the City of Vancouver. In addition, these bills remove public hearings, fail to fund infrastructure and limit development fees. Some direct consequences for Vancouver include: destruction of single family neighbourhoods, loss of existing affordable rental housing, infrastructure shortage, increased property taxes, increased land prices and a loss of democratic input/planning to address local issues.
For an excellent summary & commentary on Bills 44, 46 & 47, read the article by former City of Vancouver planner, Elizabeth Murray at: https://bit.ly/EM_Planner
Conclusion
Westside house prices have appreciated significantly this year. Spring 2024 should be an excellent time to sell.
If you are considering making a move, call me today for an honest, professional and free valuation of your home. Let me show you how my Marketing Plan backed by solid systems can be quickly implemented to maximize the value of your home.
Wishing you Merry Christmas, Happy Hanukkah and Happy New Year!
