VANCOUVER WEST AUGUST APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release has hopeful overtones even while Buyers remain shy and inventory continues to increase. Fall traditionally being a more active time and a series of recent cuts by the Bank of Canada are reasons for this optimism. Currently though, the market is balanced. Total inventory last month is 37 percent higher than August 2023 thanks in part to a 4.2 percent increase in new listings year to year. Residential sales are 17.5 percent lower August to August. The composite value of all properties is down 0.9 percent year to year.
The graph illustrates a 2.9 percent increase from July to August for the average condominium sale price in Metro Vancouver. This August compared to last August, the overall benchmark price for an apartment slips 0.1 percent. Year to year condo sales volume is 20.3 percent less.
August 2024 versus the previous August, the benchmark price for west side condos decreases 1.4 percent. Vancouver west apartment sales drop 21.3 percent August to August. Year to year west side apartment inventory is 8.3 percent lower.
From July to August, Vancouver west apartment sales are reduced 15.8 percent. Month to month west side condo inventory falls 31.7 percent.