VANCOUVER WEST JULY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release heralds a resurrection of Buyer demand in a normally tranquil July. As a matter of fact last month was the second highest selling month of 2019. Despite Federal stress tests for mortgages, interest rates remain low and prices have abated, likely enticing Buyers into the market. Last month residential detached, attached and apartment sales increase 23.5 percent compared to July 2018. Year to year the total inventory of listed properties is up 17.3 percent while new listings are down 3.3 percent in that same time period. July to July the composite value of all Metro Vancouver properties is 9.4 percent less.
The graph shows a rise in the average Metro Vancouver condominium sale price from June to July of 1.7 percent. Year to year the overall benchmark price for apartments is down 8.8 percent. July 2019 compared to the previous July, condo sales volume turns upward by 15.2 percent.
Last month versus July 2018 the benchmark price is down 9.9 percent for west side apartments. Vancouver west condo sales enjoy a 19.7 percent escalation July to July. Year to year west side apartment inventory is 1.5 percent less.
From June to July Vancouver west apartment sales see a 38.6 percent upswing. Month to month west side condo inventory inches 0.7 percent higher.