VANCOUVER EAST FEBRUARY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports last month falling 33 percent below the February average for sales. Seller reluctance continues with new listings this February 36.6 percent lower than last February. But even with fewer new listings, inventory is on the rise as the total inventory of listed properties is up 16.7 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 47.2 percent compared to February 2022. The composite value of all properties is 9.3 percent lower February to February. However, studying data and market activity, prices appear to be firming up and should mortgage rates hold, decline in value could be short lived.
The graph shows a 2.2 percent rise from January to February for the average condominium sale price in Metro Vancouver. February 2023 compared to the previous February the overall benchmark price for an apartment is down three percent. Year to year condo sales volume drops 49.9 percent.
Vancouver east apartment prices last month versus the previous February decline by 4.3 percent. February to February east side apartment sales fall by 46.8 percent. Year to year east side condo inventory is 47.3 percent lower.
From December to February, east side apartment sales flourish, up 80.4 percent. Month to month inventory is down 8.2 percent.