VANCOUVER EAST APRIL APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release puts the blame squarely on Federal Government mortgage stress tests as the major reason for the ongoing backlog of Real Estate inventory in Greater Vancouver. Not since the fall of 2014 have we seem more homes listed for sale than this April. Last month, total Metro Vancouver residential sales drop 29.1 percent compared to April 2018. New listings slip 1.3 percent year to year but the total inventory of listed properties rises 46.2 percent in that same time period. The composite value of all Metro Vancouver properties is down 8.5 percent April to April.
The graph shows the average condominium sale price from March to April with a slight upturn of 0.3 percent. Year to year the overall benchmark price for apartments is less but only by 6.9 percent. April 2019 condo sales volume is down 32.3 percent compared to the previous April.
Vancouver east apartment prices last month versus the previous April are 4.7 percent lower. Year to year east side apartment sales are down 19 percent. East side condo inventory increases 3.6 percent April to April.
March to April east side apartment sales rise yet again, this time by 23.7 percent. Month to month there is an increase in inventory of 24.8 percent.