VANCOUVER WEST JANUARY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that although January is typically a slower month in Real Estate, it does not explain sales last month being 42.9 percent below the month’s average. This sizeable reduction was actually foreseen because of recent escalating interest rates and a nagging low inventory. New listings last month are 20.9 percent lower than January previous, while the total inventory of listed properties is up 32.1 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 55.3 percent compared to January 2022. The composite value of all properties is 6.6 percent lower January to January. With mortgage rates now stalled there is blossoming optimism for stabilization.
The graph shows a one percent dip from December to January for the average condominium sale price in Metro Vancouver. January 2022 compared to the previous January the overall benchmark price for an apartment is down 1.1 percent. Year to year condo sales volume drops 56.6 percent.
Last month compared to January 2022 the benchmark price for west side apartments is 3.8 percent lower. Vancouver west condo sales drop 55.2 percent January to January. Year to year west side apartment inventory is down 29.1 percent.
From December to January Vancouver west apartment sales decline 22.1 percent. Month to month west side condo inventory is 198.8 percent higher.