VANCOUVER WEST JANUARY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that January 2022 sales of all residential properties are 25.3 percent above the 10 year average for the month. However they were still down by 4.4 percent last month compared to January 2021. Buyer apathy is not the issue, it’s a nagging low supply, and that has spawned heightened competition with subsequent upward pressure on prices. Annually, new listings drop 6.9 percent while the total inventory of listed properties falls 31.8 percent year to year. Last month the composite value of all properties is 18.5 percent higher than the previous January.
The graph shows a significant increase of 5.8 percent from December to January for the average condominium sale price. January 2022 compared to the previous January the overall benchmark price for an apartment is 14 percent higher. Year to year condo sales volume pops up by 10 percent.
Last month compared to January 2021 the benchmark price for west side apartments is 11.9 percent higher. Vancouver west condo sales rebound with an increase of 15.8 percent January to January. Year to year west side apartment inventory is up 9.3 percent.
From December to January Vancouver west apartment sales increase 4.1 percent. Month to month west side condo inventory balloons by 161.2 percent.