VANCOUVER EAST SEPTEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release remains hopeful that expected further interest rate cuts will draw shy Buyers into the marketplace and that 2024 will surpass 2023 in sales. Also highlighted is that the competition from a growing inventory is levelling prices, putting Greater Vancouver on the precipice of a market much more conducive to Buyers. September to September, their selection is enhanced by a 12. 8 percent increase in new listings. That adds to the total inventory which is now 31.2 percent higher than September 2023. The fact is though, residential sales are 3.8 percent lower September to September and the composite value of all properties is down 1.8 percent year to year.
The graph illustrates a 9 percent decrease from August to September for the average condominium sale price in Metro Vancouver. This September compared to last September, the overall benchmark price for an apartment recedes 0.8 percent. Year to year condo sales volume is down by 4.9 percent.
Vancouver east apartment prices are down 0.7 percent last month versus September 2023. September to September east side apartment sales see an 11.3 percent jump. Year to year east side condo inventory rises 20.7 percent.
From August to September, east side apartment sales swell by 31.7 percent. Month to month inventory ramps up 79.1 percent.