Vancouver West Apartment Market
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release paints a robust picture for strata units to start 2018 but for detached homes not so much. The supply of apartments and townhomes is not meeting demand whereas houses are the only sector to slip under the 10 year sales average for January. Also the detached sales-to-active ration is now at 11.6 percent and a sustained period under the 12 percent threshold will likely put downward pressure on the value of those properties. Last month total residential sales increase 19.4 percent compared to January 2017. Year to year new listings are 8.3 percent lower while total inventory of listed properties is down 4 percent. The composite value of all Metro Vancouver properties increases 16.6 percent January 2018 over January 2017.
The graph records a significant increase of 11 percent from December to January in the average condominium sale price for Metro Vancouver. Year to year the overall benchmark price for apartments is up 27.4 percent. The volume of condo sales last month compared to January 2017 rises 22.7 percent.
Last month versus January 2017 the benchmark price for west side apartments is 21.9 percent higher. January to January Vancouver west condo sales increase by 15.1 percent. Year to year west side apartment inventory is down 8.3 percent.
December to January Vancouver west apartment sales inch downward 3.2 percent. Month to month west side condo inventory is way up by 97.8 percent.