VANCOUVER EAST SEPTEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports elevated Seller activity last month. Meanwhile, despite the growing inventory, Buyers are taking time to reflect in light of higher interest rates which curtail their purchasing power. As a result Real Estate sales show a dip to 35.7 percent below the 10 year average for September. This has brought about a softening in home values. New listings last month are 18.2 percent lower than September a year ago while total inventory of listed properties get an 8 percent lift year to year. Sales of all residential properties in Metro Vancouver decrease 46.4 percent last month versus September 2021. The composite value of all properties is 3.9 percent higher September to September.
The graph shows a 5.4 percent decline from August to September for the average condominium sale price in Metro Vancouver. September 2022 compared to the previous September the overall benchmark price for an apartment is 6.2 percent higher. Year to year condo sales volume is down 45.2 percent.
Vancouver east apartment prices last month versus the previous September are up by 4.4 percent. September to September east side apartment sales fall 45.1 percent. Year to year east side condo inventory is 25 percent lower.
From August to September, east side apartment sales decline 2.3 percent. Month to month inventory expands by 69.5 percent.