VANCOUVER EAST AUGUST APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release has hopeful overtones even while Buyers remain shy and inventory continues to increase. Fall traditionally being a more active time and a series of recent cuts by the Bank of Canada are reasons for this optimism. Currently though, the market is balanced. Total inventory last month is 37 percent higher than August 2023 thanks in part to a 4.2 percent increase in new listings year to year. Residential sales are 17.5 percent lower August to August. The composite value of all properties is down 0.9 percent year to year.
The graph illustrates a 2.9 percent increase from July to August for the average condominium sale price in Metro Vancouver. This August compared to last August, the overall benchmark price for an apartment slips 0.1 percent. Year to year condo sales volume is 20.3 percent less.
Vancouver east apartment prices are down 1.8 percent last month versus August 2023. August to August east side apartment sales decline 35.4 percent. Year to year east side condo inventory decreases 12.3 percent.
From July to August, east side apartment sales fall 28.1 percent. Month to month inventory sees a 20.5 percent loss.