VANCOUVER WEST JUNE APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that well price properties are still selling quickly and another interest rate cut this summer could boost affordability enough to bring hesitant Buyers in from the sideline. Meantime Sellers have returned to the market in numbers but Buyer shyness has caused inventory to grow and the market continues to balance out. Last month recorded 7 percent more new listings than June 2023. Total inventory is up 42 percent this June compared to last June. Residential sales are 19.1 percent lower June to June. The composite value of all properties is up 0.5 percent year to year.
The graph shows a 1.4 percent dip from May to June for the average condominium sale price in Metro Vancouver. This June compared to last June, the overall benchmark price for an apartment is up one percent. Year to year condo sales volume falls 20.9 percent.
June 2024 versus the previous June, the benchmark price for west side condos increases 0.6 percent. Vancouver west apartment sales are down 16.2 percent June to June. Year to year west side apartment inventory inches up 0.6 percent.
From May to June, Vancouver west apartment sales are 6.3 percent lower. Month to month west side condo inventory is down 13.5 percent.