VANCOUVER EAST JANUARY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release expresses surprise at January’s jump in home sales. Undaunted by low inventory, last month Buyers pushed residential sales 38.5 percent higher than January 2023. Conditions appear to be shifting back in favour of Sellers. It’s still early days in the year but if this trend continues it could mean a higher than forecast increase in home value for 2024. New listings in all sectors last month are up 14.5 percent compared to January 2023. Total inventory is up 9.8 percent year to year. The composite value of all properties is 4.2 percent higher January to January.
The graph shows a 3.1 percent decrease from December to January for the average condominium sale price in Metro Vancouver. This January compared to January 2023, the overall benchmark price for an apartment is up 4.4 percent. Year to year condo sales volume rises 30.6 percent.
Vancouver east apartment prices last month versus the previous January are up 3 percent. January to January east side apartment sales rise 19.6 percent. Year to year east side condo inventory is up 32.3 percent.
From December to January, east side apartment sales are 8.1 percent better. Month to month inventory hyper increases 251.6 percent.