VANCOUVER EAST JULY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release outlines a start to summer that is even slower than usual. A bearish effect from higher interest rates and new stringent mortgage rules on both Buyers and Sellers is resulting in less upward pressure on prices. This is particularly so regarding detached properties which, going by the sales-to-active-listings ration, have entered into Buyer’s market territory. Last month total residential sales are down 30.1 percent compared to July 2017. July to July new listings decrease 9.2 percent but the total inventory of listed properties is up 32 percent year to year. Last month the composite value of all Metro Vancouver properties increases 6.7 percent over the previous July.
The graph shows the average condominium sale price from June to July to be the only positive sector for Metro Vancouver, up 2.7 percent. Year to year the overall benchmark price for apartments is up 13.6 percent. The volume of condo sales falls this July compared to July 2017 by 26.5 percent.
Vancouver east apartment prices last month versus the previous July rise 8.4 percent. Year to year east side apartment sales are down by 12.7 percent. East side condo inventory is up 30.5 percent July to July.
June to July east side apartment sales are down 10.3 percent. Month to month inventory dips by a slight 0.4 percent.