VANCOUVER EAST MAY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release suggests that Buyers appear to be trying to time the market, making for an unusually slow spring in Real Estate for Greater Vancouver. Sellers are now lowering their expectation, so if Buyers would take advantage of that price stabilizing factor along with favourable interest rates and inventory at 45.9 percent above the 10 year seasonal average, it would make for a busier than usual summer. Year to year newly listed properties are up 3.9 percent and last month’s total inventory is 25.7 percent higher than May 2024. Meantime this May recorded an 18.5 percent decrease in residential sales compared to last May. The composite value of all properties is 2.9 percent lower May to May.
The graph shows a 0.5 percent dip from April to May for the average condominium sale price in Metro Vancouver. This May compared to last May, the overall benchmark price of an apartment is down 0.7 percent. Year to year condo sales volume drops 18.8 percent.
Vancouver east apartment prices are 3.2 percent lower last month than May 2024. May to May east side apartment sales fall 26.8 percent. Year to year east side condo inventory is 9 percent higher.
From April to May, east side apartment sales decline 8.2 percent. Month to month inventory is 0.6 percent more.