Westside detached home sales and listing activity in December continues to trend below the long term averages.
Compared to the 10 year average, the westside supply was down 3% for detached homes, up 17% for apartments and up 32% for townhomes.
Compared to the 10 year average, the westside demand was down 47% for detached homes, 28% for apartments and 54% for townhomes.
Median home prices in December are down 15.2% for detached homes (from the peak Oct.2017), 6% for apartments (peak Jan.2018) and 14% (peak Feb.2022) for attached homes.
The Real Estate Board of Greater Vancouver (REBGV) says that residential property sales in the region decreased 51.8% to 1,295 in Dec. from 2688 sales in Dec 2021. This is a 19.8% decrease from the 1614 homes sold in Nov. 2022 and down 37.7% from the 10 year Dec. sales average.
The total number of properties currently offered on the MLS® system in Metro Vancouver is 7384, up 41% compared to 5,236 in Dec. 2021 and down 19.6% from 9,179 last month.
The Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for all residential properties in Metro Vancouver is $1,114,300 which is a 3.3% decrease from Dec. 2021, 1.5% down from last month and is down 9.8% over the last 6 months.
“Closing out 2022, the data show that the Bank of Canada’s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver,” said Andrew Lis, REBGV’s director of economics and data analytics. “While the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer than previously expected since the latest inflation figures aren’t showing signs of abating quickly. We’ll watch the 2023 spring market closely to see if buyers and sellers have adjusted to the higher borrowing-costs and are participating more actively in the market than we have seen over the last 12 months.”
Rates only started to increase in April 2022 and we have not seen a full year of their effect on the market. As those mortgage renewals come up and new borrowers have to qualify at 7%, we will see how that effects our market and prices.
Happy New Year and all the best for 2023!🍾🎉🎊
Stay safe and healthy.