VANCOUVER WEST JUNE APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release opines that a Buyer / Seller standoff is underway in Metro Vancouver as hesitant Buyers try to time the optimum market entry point while Sellers struggle to realign value expectations rooted in a more robust past. The effect being that not since the year 2000 have average home sales been so low for the month of June. Last month residential detached, attached and apartment sales drop 14.4 percent compared to June 2018. Year to year the total inventory of listed properties is up 25.3 percent even with a decline in new listings of 10 percent in that same time period. June to June the composite value of all Metro Vancouver properties is down 9.6 percent.
The graph shows a minor dip in the average Metro Vancouver condominium sale price from May to June of 0.3 percent. Year to year the overall benchmark price for apartments is down 8.9 percent. The June 2019 condo sales volume falls 24.1 percent compared to the previous June.
Last month versus June 2018 the benchmark price for a west side apartment declines 11.7 percent. Vancouver west condo sales see a 22.3 percent reduction June to June. Year to year west side apartment inventory is 2.9 percent less.
From May to June Vancouver west apartment sales see a downturn slide of 20.4 percent. Month to month west side condo inventory drops 13.2 percent.