VANCOUVER EAST AUGUST APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release suggests that Buyers took a summer vacation from the Metro Vancouver Real Estate market. Reduced Buyer activity caused lower benchmark prices in August for the second month in a row for all three housing categories, especially detached properties according to the sales-to-active-listings ration. Last month total residential sales are down 36.6 percent compared to August 2017. August to August new listings decrease 8.6 percent while the total inventory of listed properties is up 34.3 percent year to year. Last month the composite value of all Metro Vancouver properties increases 4.1 percent over the previous August.
The graph shows the average condominium sale price from July to August to be up by a slight 0.1 percent. Year to year the overall benchmark price for apartments is up 10.3 percent. The volume of condo sales falls this August compared to August 2017 by 36.5 percent.
Vancouver east apartment prices last month versus the previous August rise 7.5 percent. Year to year east side apartment sales are down by 21.8 percent. East side condo inventory is up 19 percent August to August.
July to August east side apartment sales are down 15.3 percent. Month to month inventory drops 32.7 percent.