Similar to last month, the Vancouver condo market once again reported the fewest monthly sales in eighteen years. Sales took a steep drop, falling 35% year-over-year as they play catch up with the detached housing market.
Given the lack of sales this allowed inventory to nearly double, growing 94% from last year. While the rapid pace of inventory growth is concerning the months of inventory remains balanced at just under 6 months. However, given new listings continue to grow and there are still over 40,000 units under construction in Greater Vancouver we expect inventory to continue trending higher which will surely place added price pressure on the condo segment.
As we can see, with lower sales and rising inventory price pressures are already building. Condo prices fell 7.5% year-over-year. The average price per square foot now shows an 11.5% decline from last year which is right in line with what we are seeing from a feet on the ground perspective.