Vancouver West Apartments
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release tells us that whatever the future influence of recent Provincial and now Federal legislation enacted to mitigate overheating in key Canadian markets, the intrinsic contraction of the market that dominated the summer in Greater Vancouver has spilled over into the first part of the fall. Metro Vancouver residential sales drop 32.6 percent last month compared to September of 2015 (a month that had witnessed significant annual growth). New listings of all property types are now in minus territory, down 1 percent year to year while the total inventory of listed properties is down by 13.4 percent September to September. However decreased sales have yet to influence prices as composite value is up 28.9 percent year to year.
The graph records a 3.8 percent increase from August to September in the monthly average condominium sale price for Greater Vancouver. Year to year the overall benchmark price for apartments is up 29.1 percent. The volume of condo sales last month compared to September 2015 is down 32.2 percent.
September 2016 versus September 2015 the benchmark price for west side apartments is 23 percent higher. Vancouver west condo sales decrease by 24 percent year to year. September to September inventory of west side condos is down 4 percent.
From August to September, Vancouver west apartment sales dip down 3.8 percent. West side condo inventory increases 15.6 percent month to month.