VANCOUVER EAST NOVEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports quite an inventory bump for November. With the largest selection since 2021 running in counterpoint to the traditional fall slowdown of sales, prices have edged down a bit since summer. Meantime there is a consensus that mortgage rates will dip in 2024, so Buyers could be well advised to purchase sooner than later.
New listings in all sectors last month are up 4.7 percent compared to November 2022. Total inventory is up 13.5 percent year to year. Sales of all residential properties in Metro Vancouver this November rise 4.7 percent compared to last November. The composite value of all properties is 4.9 percent higher November to November.
The graph shows a two percent decline from October to November for the average condominium sale price in Metro Vancouver. November 2023 compared to the previous November the overall benchmark price for an apartment is up 6.2 percent. Year to year condo sales volume rises 0.4 percent.
Vancouver east apartment prices last month versus the previous November are up 4 percent. November to November east side apartment sales are at par. Year to year east side condo inventory is up 6.3 percent.
From October to November, east side apartment sales slide 23 percent. Month to month inventory tumbles 37.9 percent.