VANCOUVER WEST FEBRUARY CONDO MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release outlines anticipation within Real Estate as to what effect rising interest rates and legislation from all levels of government will have on the traditionally most active spring market. Meantime February saw all sectors slip below the 10 year average for the first time in a while and detached properties are approaching the threshold of a buyers’ market. Last month total residential sales decrease 9 percent compared to February 2017. Year to year new listings are 15.2 percent higher and total inventory of listed properties is up 3 percent. The composite value of all Metro Vancouver properties increases 16.9 percent February 2018 over February 2017.
The graph displays a slight decrease of 0.17 percent from January to February in the average condominium sale price for Metro Vancouver. Year to year the overall benchmark price for apartments is up 27.2 percent. The volume of condo sales last month compared to February 2017 drops 7.1 percent.
Last month versus February 2017 the benchmark price for west side apartments is 20.5 percent higher. February to February Vancouver west condo sales are down by 10 percent. Year to year west side apartment inventory increases 17.5 percent.
January to February Vancouver west apartment sales jump up 36.6 percent. Month to month west side condo inventory is up by 18.3 percent.