VANCOUVER EAST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that this spring there is less market activity than last. But with modest month to month price gains, also assesses the market balance as moving in favour of Sellers, albeit slowly. Even while Buyers are increasingly presented with more choice, price gains are slow due to interest rate headwinds that limit borrowing power and they may not get much relief even with a reduction from the Bank of Canada. Last month recorded 23 percent more new listings than March 2023. Total inventory is up 22.5 percent. Residential sales are 4.7 percent lower March to March. The composite value of all properties is 4.5 percent higher year to year.
The graph shows a 0.5 percent dip from February to March for the average condominium sale price in Metro Vancouver. This March compared to last March, the overall benchmark price for an apartment is up 5.6 percent. Year to year condo sales volume declines 7.9 percent.
Vancouver east apartment prices last month versus the previous March are up 4 percent. March to March east side apartment sales rise 13.5 percent. Year to year east side condo inventory is up 22.3 percent.
From February to March, east side apartment sales are up 7.7 percent. Month to month inventory increases 0.4 percent.