VANCOUVER EAST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release declares last month’s activity as unprecedented for volume of sales. At 72.2 percent above the 10 year average for March, it’s the highest ever sales total for any month. This March compared to March 2020, residential detached, attached and apartment sales increase 126.1 percent. New listings are up 86.8 percent year to year yet the total inventory of listed properties is down 4.8 percent March to March. As the economy recovers, Buyers seeking more space are encouraged by low interest rates and growing savings. Increased inventory is quickly absorbed by demand before supply can accumulate, which adds more upward pressure on prices. Last month the annual composite value of all properties is up 9.4 percent.
The graph shows a 3.3 percent rise from February to March for the average Metro Vancouver condominium sale price. March 2021 compared to the previous March the overall benchmark price for an apartment is 3.7 percent higher. Year to year condo sales volume is up by 128.8 percent.
Vancouver east apartment prices last month versus the previous March are up by 3 percent. March to March east side apartment sales jump 132.3 percent. Year to year east side condo inventory rises 78.6 percent.
From February to March east side apartment sales are up 72.7 percent. Month to month inventory is 48.3 percent higher.