While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region\u2019s long-term averages.<\/p>\n
\nThe Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,614 in November 2022, a 52.9% decrease from the 3,428 sales recorded in November 2021, and a 15.2% decrease from the 1,903 homes sold in October 2022.<\/p>\n
\nLast month\u2019s sales were 36.9% below the 10-year November sales average.<\/p>\n
\nWith the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels. While it\u2019s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 6 rate announcement to be yet another increase, making holiday-season home sales something many people\u00a0may end up foregoing this year.<\/p>\n
\nThere were 3,055 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver in November 2022. This represents a 22.9% decrease compared to the 3,964 homes listed in November 2021 and a 24.2 % decrease compared to October 2022 when sellers listed 4,033 homes.<\/p>\n
\nThe total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 9,179, a 28.5% increase compared to November 2021 (7,144) and a 6.8% decrease compared to October 2022 (9,852).<\/p>\n
\nHeading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms. Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.<\/p>\n
\nWith that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.<\/p>\n
\nFor all property types, the sales-to-active listings ratio for November 2022 is 17.6 % By property type, the ratio is 13.2 % for detached homes, 19.7% for townhomes, and 20.8% for apartments.<\/p>\n
\nGenerally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.<\/p>\n
\nThe MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,131,600. This represents a 0.6% decrease over November 2021, a 10.2 % decrease over the last six months,\u00a0and a 1.5 percent decrease compared to October 2022.<\/p>\n
\nSales of detached homes in November 2022 reached 486, a 50.8% decrease from the 987 detached sales recorded in November 2021. The benchmark price for detached properties is $1,856,800. This represents a 1.7% decrease from November 2021 and a 1.9% decrease compared to October 2022.<\/p>\n
\nSales of apartment homes reached 847 in November 2022; a 53.7% decrease compared to the 1,828 sales in November 2021. The benchmark price of an apartment property is $720,500. This represents a 3.5% increase from November 2021 and a 0.9 % decrease compared to October 2022.<\/p>\n
\nAttached home sales in November 2022 totalled 281, a 54.2% decrease compared to the 613 sales in November 2021. The benchmark price of an attached unit is $1,027,900. This represents a 2.7% increase from November 2021 and a 1.5% \u00a0decrease compared to October 2022<\/p>\n
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While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region\u2019s long-term averages. The Real …<\/p>\n","protected":false},"author":2,"featured_media":749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t