Wondering what changed in Metro Vancouver's real estate market last month?
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2022 was a year of caution primarily due to inflation & the Bank of Canada.
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Home sales down between 19.8% & 51.8% compared to November 2022 & December 2021
Main Highlight: An extra slow December market market caps off a downturned 2022.
More specifically the REBGV has this to say:
On 2022 as a whole:
“The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across
Canada,” Andrew Lis, REBGV’s director, economics and data analytics said.
Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 53,865 in 2022. This is a 13.5 percent decrease compared to the 62,265 homes listed in 2021 and a 0.8 percent decrease compared to the 54,305 homes listed in 2020. Last year’s listings total was 3.2 percent below the region’s10-year average.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,384, a 41 percent increase compared to December 2021(5,236) and a 19.6 percent decrease compared to November 2022 (9,179).
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,300. This represents a 3.3 percent decrease over December 2021, a 1.5 percent decrease compared to November 2022, and a 9.8 percent decrease over the past six months.
On December 2022:
Residential home sales in the region totalled1,295 in December 2022, a 51.8 percent decrease from the 2,688 sales recorded in December 2021, and a19.8 percent decrease from the1,614 homes sold in November 2022.
Last month’s sales were 37.7 percent below the 10-year December sales average.
There were 1,206 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2022. This represents a 38 percent decrease compared to the 1,945homes listed in December 2021and a 60.5 percent decrease compared to November 2022 when 3,055 homes were listed.
For all property types, the sales-to-active listings ratio for December 2022 is 17.5 percent. By property type, the ratio is12.3 percent for detached homes,19.5 percent for townhomes, and 21.7 percent for apartments. Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
CLICK HERE FOR THE FULL REBGV December STATISTICS PACKAGE
Looking to make a change in 2023? Reach out today and let us help you navigate through the ever changing market
Rod & Rhea: 604.240.1927
Ryan: 604.561.2127
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Ryan: [email protected]