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Blog by Don Kennedy

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Vancouver West Apartments 1 2017

2017 January statistics

Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.

 

The News Release alerts us to a marked reduction last month in Real Estate activity, mostly with detached houses, that puts Metro Vancouver 10.3 percent below its10 year sales average for the month of January. While it is hard to quantify the cooling effect (literally and figuratively) from half of the month spent under an abnormal blanket of snow and ice, the bearish market that ushered out 2016 has clearly spilled over to start the new year.

 

Last month compared to January of 2016 composite value of all Metro Vancouver properties is up 15.6 percent. Residential sales drop 39.5 percent year to year. New listings of all property types are down 6.8 percent January to January while the total inventory of listed properties is up by 9.1 percent annually.

 

The graph records a one percent decrease from December to January in the average condominium sale price for Metro Vancouver. Year to year the overall benchmark price for apartments is up 15.6 percent. The volume of condo sales last month compared to January 2016 is down 24.7 percent.

 

January 2017 versus January 2016 the benchmark price for west side apartments is 10.6 percent higher. Vancouver west condo sales decrease by 30.3 percent year to year. January to January inventory of west side apartments is down 15.2 percent.

 

December to January Vancouver west apartment sales drop 11 percent. Month to month west side condo inventory expands by a remarkable 238.4 percent.

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