VANCOUVER EAST JANUARY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release echoes bad news for Sellers in Metro Vancouver. Buyers are shopping but pressure on mortgage availability has kept them on the sideline causing a burgeoning inventory and receding sales. This has contributed to the continued decline in value which has persisted for 7 months now. Last month total Metro Vancouver residential sales fall 39.3 percent compared to January 2018. Year to year new listings are 27.7 percent higher while the total inventory of listed properties is up by 55.6 percent in that same time period. The composite value of all Metro Vancouver properties decreases 4.5 percent January 2019 versus January 2018.
The graph shows the average condominium sale price from December to January creeping up by a miniscule 0.009 percent. Year to year the overall benchmark price for apartments is less by 1.7 percent. January 2019 condo sales volume is down 44.8 percent compared to the previous January.
Vancouver east apartment prices last month versus the previous January are 3.9 percent lower. Year to year east side apartment sales are down 28.3 percent. East side condo inventory is up 35.6 percent January to January.
December to January east side apartment sales register a 9.4 percent decrease. Month to month inventory really ramps up by 304.2 percent.