VANCOUVER WEST MARCH APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports that this spring there is less market activity than last. But with modest month to month price gains, also assesses the market balance as moving in favour of Sellers, albeit slowly. Even while Buyers are increasingly presented with more choice, price gains are slow due to interest rate headwinds that limit borrowing power and they may not get much relief even with a reduction from the Bank of Canada. Last month recorded 23 percent more new listings than March 2023. Total inventory is up 22.5 percent. Residential sales are 4.7 percent lower March to March. The composite value of all properties is 4.5 percent higher year to year.
The graph shows a 0.5 percent dip from February to March for the average condominium sale price in Metro Vancouver. This March compared to last March, the overall benchmark price for an apartment is up 5.6 percent. Year to year condo sales volume declines 7.9 percent.
March 2024 versus the previous March, the benchmark price for west side condos increases 4.6 percent. Vancouver west apartment sales are down 3.2 percent March to March. Year to year west side apartment inventory sees a 4.1 percent rise.
From February to March, Vancouver west apartment sales are 15.3 percent higher. Month to month west side condo inventory is better by 3.2 percent.