VANCOUVER WEST FEBRUARY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reiterates that low inventory and high demand remain a recurring theme for the first part 2021. Buyers taking advantage of low interest rates are depleting a supply which can’t keep up, pressuring prices higher. Last month the annual composite value of all properties is up 6.8 percent. Townhomes are the biggest beneficiaries, as are smaller communities. Last month Compared to February 2020, residential detached, attached and apartment sales increase 73.3 percent, which is 42.8 percent above the average for that month. Despite new listings being up 26.1 percent year to year, the total inventory of listed properties is down 9.1 percent February to February.
The graph illustrates a modest 0.3 percent rise from January to February for the average Metro Vancouver condominium sale price. February 2021 compared to the previous February the overall benchmark price for an apartment is 2.5 percent higher. Year to year condo sales volume is up by 65.8 percent.
Last month compared to February 2020, the benchmark price for west side apartments is 0.2 percent lower. Vancouver west condo sales jump 68.6 percent February to February. Year to year west side apartment inventory is 40.4 percent higher.
From January to February Vancouver west apartment sales are higher by 54.4 percent. Month to month west side condo inventory is just 8 percent better.