VANCOUVER EAST AUGUST APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that last month, Real Estate sales are 29.2 percent below the 10 year average for August. Buyers and Sellers are reassessing their motivation in light of upward pressure on interest rates and in turn, inflation. The result of this wait-and-see zeitgeist is a continued downward trend for prices. New listings last month are 17.5 percent lower than August a year ago while total inventory of listed properties rises 7.3 percent year to year. Sales of all residential properties in Metro Vancouver decrease 40.7 percent last month versus August 2021. The composite value of all properties is 7.4 percent higher August to August.
The graph shows a 0.4 percent slip from July to August for the average condominium sale price in Metro Vancouver. August 2022 compared to the previous August the overall benchmark price for an apartment is 8.7 percent higher. Year to year condo sales volume is down 38.8 percent.
Vancouver east apartment prices last month versus the previous August are up by 6.2 percent. August to August east side apartment sales are down 4.5 percent. Year to year east side condo inventory is 38.8 percent lower.
From July to August, east side apartment sales decline 14.9 percent. Month to month inventory falls 31.1 percent.