Vancouver West October Apartment Market
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release headlines the continuing Metro Vancouver Real Estate trend of exceeding 10 year sales averages as last month transcends that of October by 15 percent. Robust activity in the apartment and attached sectors (due in part to the upcoming tightening of mortgage qualification) is behind most of the surge but with the sales-to-active listings ratio for detached properties now at 16.8 percent it suggests a rebound from the slide over the summer to that 12 percent threshold which triggers downward pressure on value. October 2017 total residential sales increase 35.3 percent from last October. Year to year new listings are 14 percent higher however total inventory of listed properties dips 0.1 percent October to October. The composite value of all Metro Vancouver properties is up 12.4 percent last month compared to October 2016.
The graph displays an increase of 2 percent from September to October in the average condominium sale price for Metro Vancouver. Year to year the overall benchmark price for apartments is up 22.7 percent. The volume of condo sales last month compared to October 2016 rises 30.1 percent.
Last month versus October 2016 the benchmark price for west side apartments is 17.4 percent higher. October to October Vancouver west condo sales increase by 31.1 percent. Year to year west side apartment inventory is up 21.6 percent.
September to October Vancouver west apartment sales decline 2.7 percent. Month to month west side condo inventory is 2.7 percent lower.