VANCOUVER WEST APRIL APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release expresses surprise that this April, absent lower interest rates, an inventory increase is seen. Also noted, it is NOT owners retreating from the higher cost of borrowing that is motivating them to sell. Higher inventory is being met with continued strength in demand and for most segments of the market this has resulted in upward pressure on prices. Last month recorded 64.7 percent more new listings than April 2023. Total inventory is up 42.1 percent. Residential sales are 3.3 percent higher April to April. The composite value of all properties rises 2.8 percent year to year.
The graph shows a 1.4 percent decline from March to April for the average condominium sale price in Metro Vancouver. This April compared to last April, the overall benchmark price for an apartment is up 3.2 percent. Year to year condo sales volume ticks up 0.2 percent.
April 2024 versus the previous April, the benchmark price for west side condos increases 1.9 percent. Vancouver west apartment sales are down 7.6 percent April to April. Year to year west side apartment inventory rises 24.3 percent.
From March to April, Vancouver west apartment sales are 3.8 percent higher. Month to month west side condo inventory is up 49.3 percent.