VANCOUVER WEST 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.
September 2024 versus the previous September, the benchmark price for west side condos decreases 0.6 percent. Vancouver west apartment sales decline 16 percent September to September. Year to year west side apartment inventory is up 6.4 percent.
From August to September, Vancouver west apartment sales are reduced 20.3 percent. Month to month west side condo inventory balloons 62.1 percent.