VANCOUVER WEST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release declares last month’s activity as unprecedented for volume of sales. At 72.2 percent above the 10 year average for March, it’s the highest ever sales total for any month. This March compared to March 2020, residential detached, attached and apartment sales increase 126.1 percent. New listings are up 86.8 percent year to year yet the total inventory of listed properties is down 4.8 percent March to March. As the economy recovers, Buyers seeking more space are encouraged by low interest rates and growing savings. Increased inventory is quickly absorbed by demand before supply can accumulate, which adds more upward pressure on prices. Last month the annual composite value of all properties is up 9.4 percent.
The graph shows a 3.3 percent rise from February to March for the average Metro Vancouver condominium sale price. March 2021 compared to the previous March the overall benchmark price for an apartment is 3.7 percent higher. Year to year condo sales volume is up by 128.8 percent.
Last month compared to March 2020, the benchmark price for west side apartments is 0.7 percent higher. Vancouver west condo sales jump 103.9 percent March to March. Year to year west side apartment inventory is 54 percent higher.
From February to March Vancouver west apartment sales are higher by 42.7 percent. Month to month west side condo inventory is better by 33.8 percent.