VANCOUVER EAST JANUARY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that although January is typically a slower month in Real Estate, it does not explain sales last month being 42.9 percent below the month’s average. This sizeable reduction was actually foreseen because of recent escalating interest rates and a nagging low inventory. New listings last month are 20.9 percent lower than January previous, while the total inventory of listed properties is up 32.1 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 55.3 percent compared to January 2022. The composite value of all properties is 6.6 percent lower January to January. With mortgage rates now stalled there is blossoming optimism for stabilization.
The graph shows a one percent dip from December to January for the average condominium sale price in Metro Vancouver. January 2022 compared to the previous January the overall benchmark price for an apartment is down 1.1 percent. Year to year condo sales volume drops 56.6 percent.
Vancouver east apartment prices last month versus the previous January decline by 1.4 percent. January to January east side apartment sales fall by 60.8 percent. Year to year east side condo inventory is 32 percent lower.
From December to January, east side apartment sales are at par. Month to month inventory is elevated 193.1 percent.