Vancouver East December Condo Market
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release labels 2017 Real Estate activity as closer to historic norms when contrasted with the heated pace seen in 2016 and 2015. While sales last year ranked third in averages over the past 10 years [thanks mostly to condos and townhouses], in 2016 they were 9.9 percent higher. Year over year benchmark prices were 15.9 percent higher even while properties listed fell 5.1 percent. New mortgage rules and interest rates poised to rise make 2018 predictions a tough call.
Last month Metro Vancouver Real Estate surpassed the 10 year sales average for December by 7.5 percent. Total residential sales increase 17.6 percent compared to December 2016. Year to year new listings are 44.1 percent higher while total inventory of listed properties is up 9.7 percent. The composite value of all Metro Vancouver properties increases 15.9 percent December 2017 over December 2016.
The graph records a minor increase of 0.4 percent from November to December in the average condominium sale price for Metro Vancouver. Year to year the overall benchmark price for apartments is up 25.9 percent. The volume of condo sales last month compared to December 2016 rises 12.3 percent.
Vancouver east apartment prices in December 2017 compared to the previous December rise 25.4 percent. East side apartment sales increase 23.4 percent year to year. East side condo inventory balloons 82.3 percent December to December.
November to December east side apartment sales volte-face 31.8 percent downward. Month to month inventory deflates 52.1 percent.