VANCOUVER EAST JUNE APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that last month, Real Estate sales are 23.3 percent below the 10 year average for June. Caution amongst Buyers, concerned with inflation and fluctuating interest rates, is mitigating their purchasing. Oversupply is not the cause of the current downward pressure on prices as inventory of new listings last month is 10.1 percent lower than June a year ago and total inventory of listed properties falls 3.8 percent year to year. Annual sales of all residential properties in Metro Vancouver decrease 35 percent last month. The composite value of all properties is 12.4 percent higher June to June.
The graph shows a 3.6 percent slump from May to June for the average condominium sale price in Metro Vancouver. June 2022 compared to the previous June the overall benchmark price for an apartment is 12.7 percent higher. Year to year condo sales volume is down by 25.3 percent.
From May to June, east side apartment sales are down 19.9 percent. Month to month inventory declines 20.9 percent.