VANCOUVER EAST MAY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release points to the large incremental interest rate increases recently as the defining factor to quell a frenzy of multiple offers that we have experienced for the past two years. Last months sales actually fell below the 10 year average for May, bringing it in line with seasonal expectations. However supply would likely need to double in order for us to return to a balanced market. Inventory of new listings last month is 10.5 percent lower than May a year ago and total inventory of listed properties falls 8.8 percent year to year. Annual sales of all residential properties in Metro Vancouver decrease 31.6 percent last month. The composite value of all properties is 14.7 percent higher May to May.
The graph shows a healthy rise of 3.3 percent from April to May for the average condominium sale price in Metro Vancouver. May 2022 compared to the previous May the overall benchmark price for an apartment is 15 percent higher. Year to year condo sales volume is down by 21.7 percent.
Vancouver east apartment prices last month versus the previous May are up by 9.3 percent. May to May east side apartment sales are down 23 percent. Year to year east side condo inventory is 19.7 percent lower.
From April to May, east side apartment sales are down 3.9 percent. Month to month inventory rises 6.1 percent.