Trends in North Shore Real Estate
Rather than focusing on prices—which, let’s face it, haven’t budged much in North Vancouver for a few years—let’s look at the physical characteristics of homes that are becoming more or less desirable to buyers.
In a buyer’s market, which we’ve been in for at least a year and a half, it’s increasingly important that the property you’re selling appeals to a larger portion of the market.
For single-family homes, large total interior square footage was highly desirable for many years. Homes built in the ’90s and later often boasted up to 5,000 square feet. Nowadays, that’s recognized as impractical for most people. Not only is there an enormous amount of space to maintain, but family sizes are smaller than they used to be, and people place a higher value on usable space.
How we use space has been the focus of interior design for decades, producing smaller but more flexible layouts that support everyday living, entertaining, working, and more. This includes not only indoor space but also how it connects to outdoor space. Think about how exterior doors have evolved: in the ’50s, there was a single wooden door to a small patio—you were either inside or outside. Then sliding doors became common, with screens that allowed the door to be left open when the weather permitted. Now the most desirable feature is glass accordion doors that create a seamless transition from an open-concept kitchen and great room to a large covered outdoor patio.
People clearly care more about outdoor living spaces than they used to. A smaller total interior square footage can still be desirable if the functionality matches what buyers want.
In the condominium market, the trend has gone the other way. For much of the past 20 years, developers focused on delivering what investors demanded: rentable units at the lowest possible price. That produced 1- and 2-bedroom condos under 600 and 800 square feet, respectively, with bedrooms that often can’t fit a queen bed, no dedicated dining area, tiny closets, narrow living rooms, and virtually no storage.
While people can live with less, most don’t aspire to; they see it as temporary “until they can find something better.” That’s fine for investor-owners, who can replace tenants every few years. But the rental market has softened considerably, with average rents down around 15% in many areas. Landlord costs have also risen—mortgages, strata fees, insurance, and almost everything else—nearly extinguishing investor-buyers from the presale condo market and leaving only those who intend to live in these homes themselves.
Builders have pivoted to offering substantially larger units, being more thoughtful about storage, entertaining space, and higher levels of finish.
What’s interesting about the shift toward larger condo units and smaller detached houses is that it’s another example of “what’s old becomes new again.” If you own an older condo or home, it may already have the physical characteristics the market desires.
You may find there’s more demand for your old abode than you thought.
