VANCOUVER WEST OCTOBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release opines that rising mortgage rates may eventually soften the current relentless demand but in the meantime the spectre of higher interest has motivated Buyers to make a move before their prequalification expires. Sales of all residential properties last month did decline 5.2 percent year to year, but were 22.4 percent above the October average even while supply is the lowest in three years. New listings are down 27.3 percent October 2021 compared to October 2020, while the total inventory of listed properties falls 35.3 percent year to year. Still, last month the annual composite value of all properties is 14.7 percent higher.
The graph shows a 1 percent lift from September to October for the average condominium sale price. October 2021 compared to the previous October the overall benchmark price for an apartment is 9.5 percent higher. Year to year condo sales volume is up 14.7 percent.
Last month compared to October 2020, the benchmark price for west side apartments is 5 percent higher. Vancouver west condo sales are up 14.2 percent October to October. Year to year west side apartment inventory is 18.9 percent lower.
From September to October Vancouver west apartment sales inch up by 0.2 percent. Month to month west side condo inventory is down 22.8 percent.