VANCOUVER WEST MAY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release cautions that slower price growth is to be expected over the coming months. Borrowing costs, economic worries and government intervention are affecting Buyer and Seller behaviour as inventory grows but transactions decline. Residential sales are 19.6 percent lower May to May. Last month recorded 12.6 percent more new listings than May 2023. Total inventory is up 46.3 percent this May compared to last May. The composite value of all properties is up 2.3 percent year to year.
The graph shows a 2.6 percent increase from April to May for the average condominium sale price in Metro Vancouver. This May compared to last May, the overall benchmark price for an apartment is up 2.2 percent. Year to year condo sales volume tumbles 22.7 percent.
May 2024 versus the previous May, the benchmark price for west side condos increases 0.2 percent. Vancouver west apartment sales are down 21.7 percent May to May. Year to year west side apartment inventory rises 11.8 percent.
From April to May, Vancouver west apartment sales are 11.5 percent higher. Month to month west side condo inventory is down 9 percent.