VANCOUVER EAST JUNE APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that well price properties are still selling quickly and another interest rate cut this summer could boost affordability enough to bring hesitant Buyers in from the sideline. Meantime Sellers have returned to the market in numbers but Buyer shyness has caused inventory to grow and the market continues to balance out. Last month recorded 7 percent more new listings than June 2023. Total inventory is up 42 percent this June compared to last June. Residential sales are 19.1 percent lower June to June. The composite value of all properties is up 0.5 percent year to year.
The graph shows a 1.4 percent dip from May to June for the average condominium sale price in Metro Vancouver. This June compared to last June, the overall benchmark price for an apartment is up one percent. Year to year condo sales volume falls 20.9 percent.
Vancouver east apartment prices are at par last month versus June 2023. June to June east side apartment sales decline 18.6 percent. Year to year east side condo inventory is down 4.1 percent.
From May to June, east side apartment sales see an 8 percent loss. Month to month inventory decreases 10.8 percent.