VANCOUVER WEST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release outlines some surprises in March. Despite elevated borrowing costs and low inventory, spring sale so far exceed expectations. An offshoot of that is modest price increases. Many Sellers remain on the sideline which is evident by newly listed properties last month being 35.5 percent below March of 2022. Total inventory of listed properties is up 8.1 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 42.5 percent compared to March 2022. The composite value of all properties is 9.5 percent lower March to March.
The graph shows a 1.4 percent rise from February to March for the average condominium sale price in Metro Vancouver. March 2023 compared to the previous March the overall benchmark price for an apartment is down 4.6 percent. Year to year condo sales volume falls 43.2 percent.
Last month compared to March 2022 the benchmark price for west side apartments dips 5.8 percent. Vancouver west condo sales drop 48 percent March to March. Year to year west side apartment inventory is down 32.3 percent.
From February to March Vancouver west apartment sales rise 51.5 percent. Month to month west side condo inventory is up 36.6 percent.