West Vancouver Real Estate Market Stays Strong and Chinese Are The Buyers

The market continues to be unbelievably strong in West Vancouver with most properties under $2.5 million going to multiple offers. Over 98% of the buyers continue to be Chinese and they are re shaping the West Vancouver market both in terms of price and where to buy.

Historically The prime areas were waterfront or estate size proprieties in Altamont. The Chinese buyer though wants an ocean view primarily of Downtown, a large lot or large house and so areas such as upper Dundarave, Queens and The British Properties are the main areas that are selling.

British Properties realised their last 4 estate lots in the Rogers Creek area of Whitby estate and they all sold out with in 48 hours from $4.6 million to $4.88 million to include a new 6200 plus sq ft house built by BP’s.
There were 126 detached home sales in West Vancouver in March the highest ever figure for March.

These sales were represented by: 9 in the 0 to 1 million dollar range, 61 in the 1 to 2 million dollar range, 25 in the 2 to 3 million dollar range, 8 in the 3 to 4 million dollar range, 5 in the 4 to 5 million dollar range, 2 in the 5 to 6 million dollar range and 2 in the 6 to 7 million dollar range . The two top sales were both at $6,500,000 1425 Sandhurst Place and 835 Eyremount.

The market seems to show no signs of slowing down and properties sold in January are already being sold for more money.

In this sort of market it is so important that foreigners who do not know the West Vancouver market use agents that are familiar with the area so that they buy the right property as many of the sales do not represent a good buy and the purchasers will find it difficult to Re sell. So my advice is when buying in any area use a Realtor familiar with that area. I am a West Vancouver Expert and would be happy to help you.

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