VANCOUVER EAST JULY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release highlights moderation forces dominating the July Metro Vancouver Real Estate Market. Conditions are aligning with typical seasonal patterns, although last month’s sales exceed the 10 year average for July by 13.3 percent. A price watch is on as our housing supply lowers, and the question is will demand for a smaller supply elevate or mitigate value? Sales of residential properties last month increase 6.3 percent compared to July 2020. New listings are 26.4 percent less year to year while the total inventory of listed properties is down 18.5 percent July to July. Last month the annual composite value of all properties rises 13.8 percent.
The graph shows a modest 0.2 percent increase from June to July for the average condominium sale price. July 2021 compared to the previous July the overall benchmark price for an apartment is 8.4 percent higher. Year to year condo sales volume is up by 19 percent.
Vancouver east apartment prices last month versus the previous July are up by 7.1 percent. July to July east side apartment sales edge up 1.3 percent. Year to year east side condo inventory is down 20.7 percent.
From June to July, east side apartment sales drop 28.5 percent. Month to month inventory is 10.8 percent lower.