VANCOUVER WEST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports a pullback in the number of sales last month compared to March last year. However March 2021 is on record as the highest selling month in the history of Metro Vancouver and thus not easily surmountable. Sales this March are still 25.5 percent above the 10-year average for the month. Meantime our inventory of new listings last month is 19.5 percent lower than March a year ago and total inventory of listed properties falls 16.6 percent year to year. Annual sales may be down but there is no such decline in values as the chronic undersupply maintains ascending prices. Last month the composite value of all properties is 20.7 percent higher than the previous March.
The graph shows a decrease of 1.3 percent from February to March for the average condominium sale price in Metro Vancouver. March 2022 compared to the previous March the overall benchmark price for an apartment is 16.8 percent higher. Year to year condo sales volume is down by 14.3 percent.
Last month compared to March 2021 the benchmark price for west side apartments is 10.1 percent higher. Vancouver west condo sales deflate 4.5 percent March to March. Year to year west side apartment inventory is up 3.8 percent.
From February to March Vancouver west apartment sales increase 23 percent. Month to month west side condo inventory is 26.2 percent higher.