VANCOUVER EAST JULY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that last month, Real Estate sales are 35.2 percent below the 10 year average for July. The resulting expansion of supply is giving Buyers more selection and time to decide but they remain cautious due to inflation and fluctuating interest rates. As a result, to the detriment of Sellers, prices are edging down. New listings last month are 9.5 percent lower than July a year ago and total inventory of listed properties falls 4.4 percent year to year. Annual sales of all residential properties in Metro Vancouver decrease 43.3 percent last month. The composite value of all properties is 10.3 percent higher July to July.
The graph shows a 1.5 percent increase from June to July for the average condominium sale price in Metro Vancouver. July 2022 compared to the previous July the overall benchmark price for an apartment is 11.4 percent higher. Year to year condo sales volume is reduced by 36.4 percent.
Vancouver east apartment prices last month versus the previous July are up by 9.6 percent. July to July east side apartment sales are down 36 percent. Year to year east side condo inventory is 28 percent lower.
From June to July, east side apartment sales diminish by 26.3 percent. Month to month inventory declines 19.1 percent.