VANCOUVER WEST AUGUST APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that last month, Real Estate sales are 29.2 percent below the 10 year average for August. Buyers and Sellers are reassessing their motivation in light of upward pressure on interest rates and in turn, inflation. The result of this wait-and-see zeitgeist is a continued downward trend for prices. New listings last month are 17.5 percent lower than August a year ago while total inventory of listed properties rises 7.3 percent year to year. Sales of all residential properties in Metro Vancouver decrease 40.7 percent last month versus August 2021. The composite value of all properties is 7.4 percent higher August to August.
The graph shows a 0.4 percent slip from July to August for the average condominium sale price in Metro Vancouver. August 2022 compared to the previous August the overall benchmark price for an apartment is 8.7 percent higher. Year to year condo sales volume is down 38.8 percent.
Last month compared to August 2021 the benchmark price for west side apartments is 3.4 percent higher. Vancouver west condo sales fall 36.3 percent August to August. Year to year west side apartment inventory declines 21 percent.
From July to August Vancouver west apartment sales are 4.1 percent less. Month to month west side condo inventory is 15.5 percent lower.