VANCOUVER WEST MAY APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release targets high prices and Federal Government mortgage stress tests as insurmountable hurdles that are causing the volume of Metro Vancouver Buyers to dwindle. This has resulted in the lowest total home sales average in the area for the month of May since the year 2000. In all last month, residential sales drop 6.9 percent compared to May 2018. Year to year the total inventory of listed properties is up 30 percent even with a decline in new listings of 8.1 percent in that same time period. May to May the composite value of all Metro Vancouver properties is down 8.9 percent.
The graph shows a dip in the average Metro Vancouver condominium sale price from April to May of 1.5 percent. Year to year the overall benchmark price for apartments is down 7.3 percent. The May 2019 condo sales volume is down 12.9 percent compared to the previous May.
Last month versus May 2018 the benchmark price for a west side apartment is down 10.3 percent. Vancouver west condo sales decline 10.4 percent May to May. Year to year west side apartment inventory is 16.8 percent less.
From April to May Vancouver west apartment sales do an about face from an increase of 36.9 percent. Month to month west side condo inventory drops 10.4 percent.