VANCOUVER EAST OCTOBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that the Real Estate market is languishing near historic lows as last month’s sales dipped 33.3 percent under the 10-year October average. Rising interest rates and elevated inventory are causing downward pressure on value. New listings last month are 0.4 percent lower than October a year ago but the total inventory of listed properties is up 22.6 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 45.5 percent compared to October 2021. The composite value of all properties is 2.1 percent higher October to October.
The graph shows a 2.5 percent upward bump from September to October for the average condominium sale price in Metro Vancouver. October 2022 compared to the previous October the overall benchmark price for an apartment is 5.1 percent higher. Year to year condo sales volume is down 44.8 percent.
Vancouver east apartment prices last month versus the previous October are up by 2.6 percent. October to October east side apartment sales fall 42.1 percent. Year to year east side condo inventory is 14.2 percent lower.
From September to October, east side apartment sales get an upward bounce of 22.6 percent. Month to month inventory drops 9.9 percent.