VANCOUVER WEST JULY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release expresses surprise that recent declines in the Bank of Canada’s rate have not yet done enough to mitigate Buyer reticence. There is also a reminder that this is early days and it may take some months for these lower rates to influence higher sales. In the meantime inventory continues to grow, further balancing the market. Last month recorded 20.7 percent more new listings than July 2023. Total inventory is up 39.1 percent this July compared to last July. Residential sales are 5 percent lower July to July. The composite value of all properties is down 0.8 percent year to year.
The graph shows a 2.8 percent decline from June to July for the average condominium sale price in Metro Vancouver. This July compared to last July, the overall benchmark price for an apartment dips 0.3 percent. Year to year condo sales volume is down 6.9 percent.
July 2024 versus the previous July, the benchmark price for west side condos decreases 1.2 percent. Vancouver west apartment sales are down 8.3 percent July to July. Year to year west side apartment inventory is up 7.9 percent.
From June to July, Vancouver west apartment sales are 8.9 percent lower. Month to month west side condo inventory is at par.