Vancover west condo analysis
Attached please find the latest statistics from the Greater Vancouver Real Estate Board.
The News Release continues the onward and upward Real Estate story we have heard all year. High demand from confident consumers taking advantage of low interest rates persistently outpaces the supply of detached homes in Greater Vancouver. The resultant competition is causing upward pressure on prices. Composite value is up 11.2 percent July to July. Last month compared to July 2014 residential sales increase 30 percent. The inventory of new listings In July 2015 is 3.8 percent higher than the previous July but this proves insufficient to fill the void as the total supply of listed properties declines by 26.3 percent year to year.
The graph shows that from June to July the average Greater Vancouver monthly condominium sale price records a minor increase of 0.2 percent. Year to year the overall benchmark price for apartments is up 5.9 percent. The volume of condo sales last month compared to July 2014 registers a 42.7 percent rise.
Last July compared to July 2015 the benchmark price for west side apartments is 8.4 percent higher. Vancouver west condo sales increase 49.8 percent year to year. July to July inventory of west side condos is 12 percent higher.
From June to July Vancouver west apartment sales register a 3.1 percent hike. Month to month west side inventory drops 6.4 percent.