VANCOUVER EAST OCTOBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release announces a surge in sales for October with residential sales up 31.9 percent last month compared to October 2023. Buyers have moved away from the sidelines, likely in response to four rate cuts in a row by the Bank of Canada. If this trend continues it could reverse recent price moderations. Right now the composite value of all properties is down 1.9 percent year to year. October to October newly listed properties are up 16.9 percent. The total inventory is now 24.8 percent higher than October 2023.
The graph illustrates an 8.3 percent boost from September to October for the average condominium sale price in Metro Vancouver. This October compared to last October, the overall benchmark price for an apartment rises 1.6 percent. Year to year condo sales volume jumps 33.4 percent.
Vancouver east apartment prices are down 3.4 percent last month versus October 2023. October to October east side apartment sales rise 28 percent. Year to year east side condo inventory increases 2.8 percent.
From September to October, east side apartment sales are 18.5 percent higher. Month to month inventory gets a 23.3 percent lift.