VANCOUVER EAST JUNE APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release opines that a Buyer / Seller standoff is underway in Metro Vancouver as hesitant Buyers try to time the optimum market entry point while Sellers struggle to realign value expectations rooted in a more robust past. The effect being that not since the year 2000 have average home sales been so low for the month of June. Last month residential detached, attached and apartment sales drop 14.4 percent compared to June 2018. Year to year the total inventory of listed properties is up 25.3 percent even with a decline in new listings of 10 percent in that same time period. June to June the composite value of all Metro Vancouver properties is down 9.6 percent.
The graph shows a minor dip in the average Metro Vancouver condominium sale price from May to June of 0.3 percent. Year to year the overall benchmark price for apartments is down 8.9 percent. The June 2019 condo sales volume falls 24.1 percent compared to the previous June.
Vancouver east apartment prices last month versus the previous June are 7.9 percent lower. Year to year east side apartment sales are down 40.4 percent. East side condo inventory decreases 20 percent June to June.
May to June east side apartment sales backslide with a 38.7 percent reduction. Inventory is down 21.5 percent month to month.