VANCOUVER EAST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release harkens all the way back to 1986 before finding a March in Vancouver with matching low sales numbers. The growing economy and low unemployment fuel demand for housing but willing Buyers are stymied by policy introduced from every level of government that is both longstanding and accumulating. Last month total Metro Vancouver residential sales diminish 31.4 percent compared to March 2018. New listings are up 11.2 percent year to year while the total inventory of listed properties increases 52.4 percent in that same time period. The composite value of all Metro Vancouver properties declines 7.7 percent March 2019 versus March 2018.
The graph shows the average condominium sale price from February to March taking a negative turn, down 3.7 percent. Year to year the overall benchmark price for apartments is less but only by 0.5 percent. March 2019 condo sales volume is down 35.3 percent compared to the previous March.
Vancouver east apartment prices last month versus the previous March are 5.2 percent lower. Year to year east side apartment sales are down 40.4 percent. East side condo inventory decreases 12.4 percent March to March.
February to March east side apartment sales rise again, this time by 14.8 percent. Month to month there is an increase in inventory of 34.5 percent.