VANCOUVER EAST DECEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reflects on the incremental rise in interest rates for the latter half of last year used by the Bank of Canada to battle inflation, and how that has stalled the overactive Real Estate market experienced at the beginning of 2022. While rate increases may be nearing an end, inflation is slow to decline, meaning high rates may be with us well into 2023.
Last month’s property sales are 37.7 percent below the average for December. New listings last month are 38 percent lower than December a year ago while the total inventory of listed properties is up 41 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 51.8 percent compared to December 2021. The composite value of all properties is 3.3 percent lower December to December.
The graph shows a small 0.5 percent rise from November to December for the average condominium sale price in Metro Vancouver. December 2022 compared to the previous December the overall benchmark price for an apartment is up 1.7 percent. Year to year condo sales volume is down 52 percent.
From November to December, east side apartment sales are down 27.3 percent. Month to month inventory drops 59.2 percent.