VANCOUVER EAST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports a pullback in the number of sales last month compared to March last year. However March 2021 is on record as the highest selling month in the history of Metro Vancouver and thus not easily surmountable. Sales this March are still 25.5 percent above the 10-year average for the month. Meantime our inventory of new listings last month is 19.5 percent lower than March a year ago and total inventory of listed properties falls 16.6 percent year to year. Annual sales may be down but there is no such decline in values as the chronic undersupply maintains ascending prices. Last month the composite value of all properties is 20.7 percent higher than the previous March.
The graph shows a decrease of 1.3 percent from February to March for the average condominium sale price in Metro Vancouver. March 2022 compared to the previous March the overall benchmark price for an apartment is 16.8 percent higher. Year to year condo sales volume is down by 14.3 percent.
Vancouver east apartment prices last month versus the previous March are up by 12.3 percent. March to March east side apartment sales fall 24.4 percent. Year to year east side condo inventory is 16.4 percent lower.
From February to March, east side apartment sales are up 25.8 percent. Month to month inventory rises 8.4 percent.