VANCOUVER WEST AUGUST APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reflects on how the 2023 Real Estate market ran counter to predictions of a slowdown for some time by showing strong sales and price gains. However with summer winding down the effects of high borrowing costs seem to have finally impeded the hyper activity and we are likely entering a time of a more normal seasonal pattern. Sales of all residential properties in Metro Vancouver this August rise 21.4 percent compared to last August. The composite value of all properties is 2.5 percent higher August to August. Newly listed properties last month are 18.1 percent better than the previous August and total inventory of listed properties increases 0.2 percent year to year.
The graph shows a 1 percent decrease from July to August for the average condominium sale price in Metro Vancouver. August 2023 compared to the previous August the overall benchmark price for an apartment is up 4.4 percent. Year to year condo sales volume improves 27.4 percent.
Last month compared to August 2022 the benchmark price for a west side apartment rises 3.4 percent. Vancouver west condo sales show a decline of 13.1 percent August to August. Year to year west side apartment inventory is 17 percent higher.
From July to August Vancouver west apartment sales are down 1.8 percent. Month to month west side condo inventory falls 19.7 percent.