Despite slow November sales, Metro Vancouver homes in short supply
Home sales in Metro Vancouver continue to slip, falling below the 10-year November average.
If you were hoping Santa would get you a new home for Christmas, an upcoming interest rate hike, coupled with an already turbulent economic situation, may have even Jolly Old Saint Nick thinking twice.
The Real Estate Board of Greater Vancouver (REBGV) says that home sales fell a whopping 52.9% year over year compared to last November, which is already a typically quiet month. In addition, sales are 36.9% below the 10-year November sales average.
In November 2021, 3,428 home sales were recorded, compared to 1,614 last month.
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REBGV states that despite the relatively low sales over the last few months, “the current pace of listings and available inventory remain relatively tight.”
According to REBGV, that tight inventory could mean an influx of international buyers could again cause prices to skyrocket.
“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,” REBGV states.
Benchmark prices of all home types are down compared to last month.
November 2022 home sales statistics: REBGV
- Detached homes
- Number of units sold: 486 (575 in October)
- Active listings: 3,672 (4,017 in October)
- Benchmark price: $1,856,800 ($1,892,100 in October)
- Average days on the market: 40 (35 in October)
- Apartment homes
- Number of units sold: 847 (995 in October)
- Active listings: 4,080 (4,293 in October)
- Benchmark price: $720,500 ($727,100 in October)
- Average days on the market: 28 (28 in October)
- Townhouse sales
- Number of units sold: 281 (333 in October)
- Active listings: 1,427 (1,542 in October)
- Benchmark price: $1,027,900 ($1,043,600 in October)
- Average days on the market: 26 (23 in October)
Check out these highlights from November market activity in Metro Vancouver. Get full market statistics at https://t.co/d68ALJnJd6#REBGV #marketupdate #vanre pic.twitter.com/fRg6yu0Jpl
ā REBGV (@REBGV) December 2, 2022
See REBGV’s full report here.