VANCOUVER EAST OCTOBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports this October’s sales to be 30 percent below the 10 year average for the month. Borrowing costs are the highest in over a decade and remain a significant barrier for Buyers. This even while Sellers move off the sideline as last month new listings in all sectors are up 15.4 percent compared to October 2022. Total inventory is up 12.6 percent year to year. Sales of all residential properties in Metro Vancouver this October rise 3.7 percent compared to last October. The composite value of all properties is 4.4 percent higher October to October.
The graph shows a 0.7 percent dip from September to October for the average condominium sale price in Metro Vancouver. October 2023 compared to the previous October the overall benchmark price for an apartment is up 6.4 percent. Year to year condo sales volume rises 4.9 percent.
Vancouver east apartment prices last month versus the previous October are up 6.2 percent. October to October east side apartment sales are down 2.9 percent. Year to year east side condo inventory is 21.5 percent less.
From September to October, east side apartment sales improve 3.1 percent. Month to month inventory declines 10 percent.