VANCOUVER WEST JUNE APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release attributes this year’s continued rise of benchmark prices for all residential housing in the face of higher interest rates, to low supply not meeting the demands of a growing population seeking home ownership. Apartment properties are doing particularly well, rising above their 10 year average for June yet when combined with other segments, this June is below its overall 10 year sales average. Newly listed properties last month are 1.3 percent better than June of 2022 but total inventory of listed properties is down 7.9 percent year to year. Sales of all residential properties in Metro Vancouver this June rise 21.1 percent compared to last June. The composite value of all properties is 2.4 percent lower year to year.
The graph shows a one percent decrease from May to June for the average condominium sale price in Metro Vancouver. June 2023 compared to the previous June the overall benchmark price for an apartment is up 0.5 percent. Year to year condo sales volume improves 18.6 percent.
Last month compared to June 2022 the benchmark price for a west side apartment ticks up 1.6 percent. Vancouver west condo sales tick up 20.7 percent June to June. Year to year west side apartment inventory is down 2.9 percent.
From May to June Vancouver west apartment sales drop 12.6 percent. Month to month west side condo inventory declines 5.8 percent.