VANCOUVER WEST 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.
Last month compared to October 2021 the benchmark price for west side apartments is 2.1 percent higher. Vancouver west condo sales slide 43.4 percent October to October. Year to year west side apartment inventory falls 10.6 percent.
From September to October Vancouver west apartment sales are up 10.3 percent. Month to month west side condo inventory dips 3 percent.