VANCOUVER WEST DECEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release points out that 2023 may have ended with a balanced market yet despite the highest borrowing rates in many years, value at year end across all market segments is five plus percent higher. We look back to see willing Buyers outnumber willing Sellers causing lower sales but higher prices. In 2023 new listings in all sectors decrease 7.5 percent versus 2022. Total inventory for the year is 10.5 percent below 2022. Sales of all residential properties in Metro Vancouver last year is 10.5 percent lower than the previous year. This year starts with a lot of anticipation about the effect of rates that are poised to ease in 2024.
New listings in all sectors last month are up 9.9 percent compared to December 2022. Total inventory is up 13 percent year to year. Sales of all residential properties in Metro Vancouver this December rise 3.2 percent compared to last December. The composite value of all properties is 4.9 percent higher December to December.
The graph shows a 0.9 percent increase from November to December for the average condominium sale price in Metro Vancouver. December 2023 compared to the previous December, the overall benchmark price for an apartment is up 5.6 percent. Year to year condo sales volume rises 2.4 percent.
Last month compared to December 2022 the benchmark price for west side apartments increases 1.9 percent. Vancouver west condo sales are 6.8 percent lower from December to December. Year to year west side apartment inventory drops 11.5 percent.
From November to December Vancouver west apartment sales decline 20.6 percent. Month to month west side condo inventory falls 64.1 percent.