VANCOUVER WEST 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.
Last month compared to February 2022 the benchmark price for west side apartments is 4.2 percent lower. Vancouver west condo sales drop 57.8 percent February to February. Year to year west side apartment inventory is down 37.4 percent.
From January to February Vancouver west apartment sales improve 39.2 percent. Month to month west side condo inventory is down 4.2 percent.