VANCOUVER WEST SEPTEMBER APARTMENT MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reports elevated Seller activity last month. Meanwhile, despite the growing inventory, Buyers are taking time to reflect in light of higher interest rates which curtail their purchasing power. As a result Real Estate sales show a dip to 35.7 percent below the 10 year average for September. This has brought about a softening in home values. New listings last month are 18.2 percent lower than September a year ago while total inventory of listed properties get an 8 percent lift year to year. Sales of all residential properties in Metro Vancouver decrease 46.4 percent last month versus September 2021. The composite value of all properties is 3.9 percent higher September to September.
The graph shows a 5.4 percent decline from August to September for the average condominium sale price in Metro Vancouver. September 2022 compared to the previous September the overall benchmark price for an apartment is 6.2 percent higher. Year to year condo sales volume is down 45.2 percent.
Last month compared to September 2021 the benchmark price for west side apartments is 1.8 percent higher. Vancouver west condo sales plummet 48.5 percent September to September. Year to year west side apartment inventory falls 28.8 percent.
From August to September Vancouver west apartment sales are down 24.1 percent. Month to month west side condo inventory increases 28.3 percent.