VANCOUVER EAST SEPTEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release laments that the summer Real Estate doldrums are spilling over into fall. The supply of housing has reached a level not seen since 2014 as low Buyer demand has precipitated a backlog of inventory. Detached houses clearly no longer enjoy their long standing Sellers market while the apartment and townhouse markets are now in balance. Last month total residential sales are down 43.5 percent compared to September 2017. September to September new listings decrease 1.8 percent while the total inventory of listed properties is up 38.2 percent year to year. Last month the composite value of all Metro Vancouver properties increases 2.2 percent over the previous September.
The graph shows the average condominium sale price from August to September tumbling 4.8 percent. Year to year the overall benchmark price for apartments is up 7.4 percent. The volume of condo sales falls this September compared to September 2017 by 44 percent.
Vancouver east apartment prices last month versus the previous September repeat an increase of 7.5 percent. Year to year east side apartment sales are down by 26.3 percent. East side condo inventory is up 45 percent September to September.
August to September east side apartment sales are down 14.4 percent. Month to month inventory balloons by 63.5 percent.