VANCOUVER WEST FEBRUARY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that the ongoing negative impact to all Sellers is persisting relentlessly. The continuing Buyer’s market reduced last month’s sales to 42.5 percent below the 10 year average for February. Active Buyers have more time to consider a wider inventory as we approach the traditionally more active spring market. Last month total Metro Vancouver residential sales shrink 32.8 percent compared to February 2018. Although new listings are down 7.8 percent for February 2019 versus February 2018, the total inventory of listed properties rises 48.2 percent in that same time period. The composite value of all Metro Vancouver properties decreases 6.1 percent year to year.
The graph shows the average condominium sale price from January to February maintaining a positive crawl, up 0.2 percent. Year to year the overall benchmark price for apartments recedes 4 percent. February 2019 condo sales volume is down 35.9 percent compared to the previous February.
Last month versus February 2018 the benchmark price for a west side apartment is down 6.2 percent. February to February Vancouver west condo sales drop 44 percent. Year to year west side apartment inventory is up 11.9 percent.
Vancouver west apartment sales from January to February show a vigorous turnaround, rising 39.8 percent. Month to month west side condo inventory dips down 2.1 percent.