VANCOUVER WEST APRIL APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release provides some stress relief for Buyers, previously feeling rushed to perform due diligence in order to have an offer succeed. Pressure has eased in light of more inventory and interest rate increases, making last month more of a typical April with sales just 1.5 percent over the 10 year average for that month. Still, inventory of new listings last month is 23.1 percent lower than April a year ago and total inventory of listed properties falls 14.1 percent year to year. Annual sales of all residential properties in Metro Vancouver decrease 34.1 percent last month. The composite value of all properties is 18.9 percent higher April to April.
The graph shows a modest rise of 0.7 percent from March to April for the average condominium sale price in Metro Vancouver. April 2022 compared to the previous April the overall benchmark price for an apartment is 16 percent higher. Year to year condo sales volume is down by 26.1 percent.
Last month compared to April 2021 the benchmark price for west side apartments is 9 percent higher. Vancouver west condo sales are down 33.1 percent April to April. Year to year west side apartment inventory drops 18.8 percent.
From March to April Vancouver west apartment sales decrease 25 percent. Month to month west side condo inventory is 3.6 percent lower.