VANCOUVER EAST DECEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release looks back on 2021 as the year Greater Vancouver home sales reached an all-time high, 33.4 percent above the 10 year sales average. Buyers took advantage of saving surpluses and low interest rates to invest in bigger spaces to not only live in, but also work. Unfortunately supply proved insufficient causing prices to escalate. It’s unlikely that upward pressure will abate quickly in 2022, as it starts with the lowest inventory in 30 years.
Although last months sales of all residential properties are well above the 10 year average for December, they were still down by 13.1 percent December 2021 compared to December 2020. Annually, new listings drop 19.3 percent while the total inventory of listed properties falls 38.7 percent year to year. Last month the composite value of all properties is 17.3 percent higher than the previous December.
The graph shows a 2 percent rise from November to December for the average condominium sale price. December 2021 compared to the previous December the overall benchmark price for an apartment is 12.8 percent higher. Year to year condo sales volume slips down 1.4 percent.
Vancouver east apartment prices last month versus the previous December are up by 8.8 percent. December to December east side apartment sales dip 1.4 percent. Year to year east side condo inventory is 3.8 percent higher.
From November to December, east side apartment sales are down 15.7 percent. Month to month inventory tumbles 54.4 percent.