VANCOUVER WEST JUNE APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release starts the summer beating the heat as June mimics previous months in 2018. Comparatively it’s not so hot. Supply is compounding to a three year high while demand is shrinking due to the latest usual suspects: interest rates, strict mortgage rules and high prices. These roadblocks for buyers are not only slowing price growth for apartments and townhomes but the sales-to-active-listings ration level indicates detached homes are at the threshold of a buyers’ market. Last month total residential sales decline 37.7 percent compared to June 2017. While June to June new listings decrease 7.7 percent the total inventory of listed properties is up 40.3 percent year to year. The composite value of all Metro Vancouver properties is up 9.5 percent last month over the previous June.
The graph shows a continued slide in the average condominium sale price for Metro Vancouver, down 4 percent from May to June. Year to year the overall benchmark price for apartments is up 17.2 percent. The volume of condo sales falls this June compared to June 2017 by 34.9 percent.
Last month versus June 2017 the benchmark price for west side apartments is 9 percent higher. June to June Vancouver west condo sales drop by 28.9 percent. Year to year west side apartment inventory has a 1.2 percent dip.
Vancouver west apartment sales decline by 8.1 percent from May to June. Month to month west side condo inventory falls 25.6 percent.