VANCOUVER EAST NOVEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release predicts a potential renewed upward pressure on prices in coming months. This despite last month’s sales at 36.9 percent below the average for November and yet another rate hike possibly upcoming from the Bank of Canada. Already high interest rates are seen as the cause for lagging sales, but continued migration into the province and insufficient inventory to provide housing might be a recipe for value appreciation. New listings last month are 22.9 percent lower than November a year ago while the total inventory of listed properties is up 28.5 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 52.9 percent compared to November 2021. The composite value of all properties is 0.6 percent lower November to November.
The graph shows a modest 0.1 percent improvement from October to November for the average condominium sale price in Metro Vancouver. November 2022 compared to the previous November the overall benchmark price for an apartment is up 3.5 percent. Year to year condo sales volume falls 53.7 percent.
From October to November, east side apartment sales drop 25.2 percent. Month to month inventory is down 29 percent.