VANCOUVER WEST OCTOBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release announces a surge in sales for October with residential sales up 31.9 percent last month compared to October 2023. Buyers have moved away from the sidelines, likely in response to four rate cuts in a row by the Bank of Canada. If this trend continues it could reverse recent price moderations. Right now the composite value of all properties is down 1.9 percent year to year. October to October newly listed properties are up 16.9 percent. The total inventory is now 24.8 percent higher than October 2023.
The graph illustrates an 8.3 percent boost from September to October for the average condominium sale price in Metro Vancouver. This October compared to last October, the overall benchmark price for an apartment rises 1.6 percent. Year to year condo sales volume jumps 33.4 percent.
October 2024 versus the previous October, the benchmark price for west side condos is down 1.8 percent. Vancouver west apartment sales grow 47.6 percent October to October. Year to year west side apartment inventory is up 10 percent.
From September to October, Vancouver west apartment sales balloon 70.5 percent. Month to month west side condo inventory is down 8.2 percent.