VANCOUVER EAST JUNE APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release starts the summer beating the heat as June mimics previous months in 2018. Comparatively it’s not so hot. Supply is compounding to a three year high while demand is shrinking due to the latest usual suspects: interest rates, strict mortgage rules and high prices. These roadblocks for buyers are not only slowing price growth for apartments and townhomes but the sales-to-active-listings ration level indicates detached homes are at the threshold of a buyers’ market. Last month total residential sales decline 37.7 percent compared to June 2017. While June to June new listings decrease 7.7 percent the total inventory of listed properties is up 40.3 percent year to year. The composite value of all Metro Vancouver properties is up 9.5 percent last month over the previous June.
The graph shows a continued slide in the average condominium sale price for Metro Vancouver, down 4 percent from May to June. Year to year the overall benchmark price for apartments is up 17.2 percent. The volume of condo sales falls this June compared to June 2017 by 34.9 percent.
Vancouver east apartment prices last month versus the previous June rise 13 percent. Year to year east side apartment sales are down by 38.6 percent. East side condo inventory is up 29.2 percent June to June.
May to June east side apartment sales do an about face via a 16.6 percent decrease. Month to month inventory dips 11.5 percent.