VANCOUVER EAST JULY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release heralds a resurrection of Buyer demand in a normally tranquil July. As a matter of fact last month was the second highest selling month of 2019. Despite Federal stress tests for mortgages, interest rates remain low and prices have abated, likely enticing Buyers into the market. Last month residential detached, attached and apartment sales increase 23.5 percent compared to July 2018. Year to year the total inventory of listed properties is up 17.3 percent while new listings are down 3.3 percent in that same time period. July to July the composite value of all Metro Vancouver properties is 9.4 percent less.
The graph shows a rise in the average Metro Vancouver condominium sale price from June to July of 1.7 percent. Year to year the overall benchmark price for apartments is down 8.8 percent. July 2019 compared to the previous July, condo sales volume turns upward by 15.2 percent.
Vancouver east apartment prices last month versus the previous July are 8 percent lower. Year to year east side apartment sales are down 2.3 percent. East side condo inventory decreases 21.6 percent July to July.
This June to July east side apartment sales increase by a significant 47.1 percent. Inventory is down 2.3 percent month to month.