VANCOUVER EAST MAY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reinforces premonitions that this year’s record breaking activity might not be sustainable as sales activity eased last month. Revised mortgage stress tests and mortgage rates edging up could be mitigating factors heading into summer. Still, May sales are significantly above the 10 year average for that month. Sales of residential properties last month increase 187.4 percent compared to May 2020. New listings are 93.4 percent more year to year while the total inventory of listed properties is up 10.5 percent May to May. Last month the annual composite value of all properties rises 14 percent.
The graph shows a 3.2 percent drop from April to May for the average Metro Vancouver condominium sale price. May 2021 compared to the previous May the overall benchmark price for an apartment is 7.9 percent higher. Year to year condo sales volume is up a healthy 213 percent.
Vancouver east apartment prices last month versus the previous May are up by 6.9 percent. May to May east side apartment sales are up 189.5 percent. Year to year east side condo inventory rises 85 percent.
From April to May east side apartment sales are down 7.9 percent. Month to month inventory dips 8 percent.