VANCOUVER EAST NOVEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release forecasts this year’s home sales meeting and even exceeding all time records for Greater Vancouver. This is despite chronic low inventory. The ensuing upward pressure on prices is exacerbated by Buyers wanting to take advantage of lower rate holds in anticipation of expected higher interest rates. Sales of all residential properties last month are up 11.9 percent annually and 33.9 percent above the November average. New listings dip 2.6 percent November 2021 compared to last November while the total inventory of listed properties falls 35.7 percent year to year. Last month the annual composite value of all properties is 16 percent higher.
The graph shows a 0.3 percent slip from October to November for the average condominium sale price. November 2021 compared to the previous November the overall benchmark price for an apartment is 11.4 percent higher. Year to year condo sales volume is up 33.3 percent.
Vancouver east apartment prices last month versus the previous November are up by 9.2 percent. November to November east side apartment sales rise 6.8 percent. Year to year east side condo inventory is 10.5 percent higher.
From October to November, east side apartment sales are 3.4 percent less. Month to month inventory is coincidentally 3.4 percent better.