vancouver dec 2022 market update

The housing market in the Vancouver area saw a significant decline in December 2022, with residential home sales plummeting almost 52%.

According to a monthly market report from the Real Estate Board of Greater Vancouver (REBGV), the housing market in Metro Vancouver saw a decrease in activity in 2022 due to rising borrowing costs caused by the Bank of Canada’s efforts to combat inflation. The REBGV reports that residential home sales in the region totaled 28,903 in 2022, a 34.3% decrease from the 43,999 sales recorded in 2021, and a 6.6% decrease from the 30,944 homes sold in 2020. The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 7,384, a 41% increase compared to December 2021 and a 19.6% decrease compared to November 2022.

According to the report, the MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,300, representing a 3.3% decrease over December 2021, a 1.5% decrease compared to November 2022, and a 9.8% decrease overthe past six months. The REBGV attributes this decrease in part to the Bank of Canada’s decision to increase the policy rate at seven of the eight interest rate announcement dates in 2022, which has had a negative impact on both home sale activity and, to a lesser extent, home prices in Metro Vancouver.

In December 2022, residential home sales in the region totaled 1,295, a 51.8% decrease from the 2,688 sales recorded in December 2021 and a 19.8% decrease from the 1,614 homes sold in November 2022.

The number of homes listed for sale on the MLS in Metro Vancouver in December 2022 was 1,206, a 38% decrease compared to December 2021 and a 60.5% decrease compared to November 2022. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver in December 2022 was $1,068,400, representing a 6.5% decrease from December 2021.