VANCOUVER EAST JULY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release points out that the bank of Canada began its series of interest rate hikes in July 2022, causing an immediate pull back in Buyer activity. Yet with interest rates now at their highest in a decade, year over year sales are up and so are prices as Buyers somehow adapt. Sales of all residential properties in Metro Vancouver this July rise 28.9 percent compared to last July. The composite value of all properties is 0.5 percent higher July to July. Newly listed properties last month are 17 percent better than the previous July but total inventory of listed properties is down 4 percent year to year.
The graph shows a 0.1 percent decrease from June to July for the average condominium sale price in Metro Vancouver. July 2023 compared to the previous July the overall benchmark price for an apartment is up 2.6 percent. Year to year condo sales volume improves 20.7 percent.
Vancouver east apartment prices last month versus the previous July are up 0.5 percent. July to July east side apartment sales rise 25.7 percent. Year to year east side condo inventory is 21.6 percent more.
From June to July, east side apartment sales are down 18.6 percent. Month to month inventory declines 13.8 percent.