The sales of condos and townhomes in Vancouver continued to cool in the month of July. Reflecting the rise in interest rates and inflation, sales have continued to slow across Vancouver’s three regions. Here is a breakdown of the sales for condos and townhomes in Vancouver.
Downtown Vancouver Condos and Townhomes Sales Decline
Inventory for condos & townhomes in downtown Vancouver declined in July compared to the previous month. Despite a relatively high inventory compared to the previous month, sales continue to slow with 152 total sales this month – a reduction from June’s 188 total sales – yielding a 17% sales ratio.
This month, downtown Vancouver condos and townhomes in the $500k – $900k range continue to be the majority of sales with 85 total sales and a sales ratio of 32%.
Vancouver Westside Condos and Townhomes Also Cool Down
Comparing June 2022 and July 2022, the total sales of Vancouver Westside condos and townhomes has marginally decreased. There were 163 sales which is 22% less than June’s total of 186 solds. The overall sales ratio was 22%. The majority of sales took place within the $600k – $1.5M range. Vancouver Westside Condos and townhomes between $600k-$700k averaged a 64% sales ratio during this time, up from June’s 51% sales ratio. Additionally, Vancouver Westside condos and townhomes between $1M-$1.25M sold the most inventory with 30 units sold.
The most popular neighbourhoods were University, Kitsilano, Fairview & False Creek, selling a total of 112 townhomes & condos.
Vancouver Eastside Condos and Townhomes – Still Lots of Inventory
Inventory levels for condos and townhomes in Vancouver Eastside stayed stable compared to the previous month. The average days on the market has increased from 8 days to 9 days. Vancouver Eastside condos and townhomes between $500k-$800k were the most popular this month with a sales ratio of 35%.
The next favoured price bands were:
- Vancouver Eastside condos and townhomes between $800k-$900K: sales ratio of 26%
- Vancouver Eastside condos and townhomes between $1M-$1.25M: sales ratio of 29%
In terms of neighbourhoods, Mount Pleasant VE condos and townhomes had the most sales at 33 units sold, trailed by Collingwood at 22 sales. Mount Pleasant will likely be a neighbourhood to keep an eye on as attention mounts on nearby False Creek Flats.
Get A More Detailed Report On Vancouver Real Estate
To obtain a more detailed report of Vancouver real estate sales and listings, please contact the Filer & Welch team.
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