VANCOUVER EAST DECEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release traces back 18 years to find a time when Metro Vancouver home sales dip as low as those of 2018. Listed major factors which colluded to yield this result are [as feared last January] new mortgage rules and higher interest rates along with taxes and high prices. 2018 sales are 25 percent below the regions 10-year average with all sectors down 31.6 percent for the year 2018 compared to all of 2017. 2019 appears to be formulating as a year that will be favourable to Buyers.
Last month total Metro Vancouver residential sales drop 46.8 percent compared to December 2017. Year to year new listings are 25.6 percent lower but in that same time period the total inventory of listed properties is up by 47.7 percent. The composite value of all Metro Vancouver properties decreases 2.7 percent December 2018 versus December 2017.
The graph shows the average condominium sale price from November to December edge down 1.8 percent. Year to year the overall benchmark price for apartments is up by a marginal 0.6 percent. December 2018 condo sales volume is down 34 percent compared to the previous December.
Vancouver east apartment prices last month versus the previous December are 1.4 percent lower. Year to year east side apartment sales fall by a precipitous 54.3 percent. East side condo inventory is down 48.4 percent December to December.
November to December east side apartment sales register a 41.1 percent decrease. Month to month inventory is down by a very significant 71.6 percent.