VANCOUVER WEST APRIL APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release puts the blame squarely on Federal Government mortgage stress tests as the major reason for the ongoing backlog of Real Estate inventory in Greater Vancouver. Not since the fall of 2014 have we seem more homes listed for sale than this April. Last month, total Metro Vancouver residential sales drop 29.1 percent compared to April 2018. New listings slip 1.3 percent year to year but the total inventory of listed properties rises 46.2 percent in that same time period. The composite value of all Metro Vancouver properties is down 8.5 percent April to April.
The graph shows the average condominium sale price from March to April with a slight upturn of 0.3 percent. Year to year the overall benchmark price for apartments is less but only by 6.9 percent. April 2019 condo sales volume is down 32.3 percent compared to the previous April.
Last month versus April 2018 the benchmark price for a west side apartment is down 9.2 percent. April to April Vancouver west condo sales drop 33.4 percent. Year to year west side apartment inventory is up 4.8 percent.
From March to April the positive momentum is curtailed for Vancouver west apartment sales, but only by a decline of 0.9 percent. Month to month west side condo inventory rises 11.8 percent.