VANCOUVER WEST JANUARY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release repeats that home sales activity is outpacing the supply. Low interest rates are encouraging Buyers, although shifting housing need due to the pandemic leave some sectors more favoured than others. Still, last month sales were 36.4 percent above the average for January and all prices are feeling upward pressure. Last month the annual composite value of all properties is up 5.5 percent. Compared to January 2020, residential detached, attached and apartment sales increase 52.1 percent. New listings year to year are up 15.7 percent. The total inventory of listed properties however is down 3.6 percent January to January.
The graph reveals a 3.9 percent rise from December to January for the average Metro Vancouver condominium sale price. January 2021 compared to the previous January the overall benchmark price for an apartment is 2.2 percent higher. Year to year condo sales volume is up by 46.8 percent.
Last month compared to January 2020, the benchmark price for west side apartments is 1.7 percent lower. Vancouver west condo sales are up by 35.7 percent January to January. Year to year west side apartment inventory increases 2.8 percent.
From December to January Vancouver west apartment sales fall 21.7 percent. Month to month west side condo inventory balloons by 116.2 percent.