VANCOUVER EAST MAY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release has the pundits surprised at elevated values as some areas have increased as much as three times the amount predicted for 2023. Rising mortgage rates have not dampened Buyer enthusiasm and reluctance among Sellers means not enough resale homes to meet demand. Newly listed properties last month are 11.5 percent below May of 2022. Total inventory of listed properties is down 10.5 percent year to year. Sales of all residential properties in Metro Vancouver this May rise 16.5 percent compared to last May. The composite value of all properties is 5.6 percent lower May to May.
The graph shows a 2.5 percent increase from April to May for the average condominium sale price in Metro Vancouver. May 2023 compared to the previous May the overall benchmark price for an apartment is down 2 percent. Year to year condo sales volume rises 7.9 percent.
Vancouver east apartment prices last month versus the previous May dip 1.7 percent. May to May east side apartment sales are down 7 percent. Year to year east side condo inventory drops 50.5 percent.
From April to May, east side apartment sales are 40.7 percent better. Month to month inventory is up 11.8 percent.