VANCOUVER EAST AUGUST APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release states that under supply and not a lack of Buyer enthusiasm is behind declining sales. Never the less, last month’s sales exceed the 10 year average for August by 20.4 percent. Sales of residential properties this August increase 3.4 percent compared to August 2020. However new listings are 30.6 percent less year to year while the total inventory of listed properties is down 29.7 percent August to August. With a lower supply, prices that Buyers are paying are edging up. Last month the annual composite value of all properties rises 13.2 percent.
The graph shows a 4.5 percent increase from July to August for the average condominium sale price. August 2021 compared to the previous August the overall benchmark price for an apartment is 7.6 percent higher. Year to year condo sales volume is up by 22.4 percent.
Vancouver east apartment prices last month versus the previous August are up by 4.8 percent. August to August east side apartment sales are at par. Year to year east side condo inventory declines 37.4 percent.
From July to August, east side apartment sales dip 1.9 percent. Month to month inventory is 18.9 percent lower.