VANCOUVER WEST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports the regions lowest first quarter sales total in five years as mortgage stress tests, increased interest rates, new taxes and elevated prices lower demand. However low inventory due to fewer homes listed for sale maintains upward pressure on value. Last month total residential sales decline 29.7 percent compared to March 2017. Although total inventory of listed properties is up 10.5 percent year to year new listings are 6.6 percent lower. The composite value of all Metro Vancouver properties increases 16.1 percent March 2018 over March 2017.
The graph illustrates a decrease in the average condominium sale price for Metro Vancouver of 3.5 percent from February to March. Year to year the overall benchmark price for apartments is up 26.2 percent. The volume of condo sales last month compared to March 2017 reduces 26.7 percent.
Last month versus March 2017 the benchmark price for west side apartments is 20.6 percent higher. March to March Vancouver west condo sales are down by 23.1 percent. Year to year west side apartment inventory increases 6.4 percent.
February to March Vancouver west apartment sales increase 5.1 percent. Month to month west side condo inventory is up by 5.4 percent.