{"id":21135,"date":"2023-01-04T10:10:00","date_gmt":"2023-01-04T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21135"},"modified":"2023-01-04T09:39:54","modified_gmt":"2023-01-04T17:39:54","slug":"rebgv-rising-inflation-interest-rates-remain-pressures-to-metro-vancouvers-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/01\/rebgv-rising-inflation-interest-rates-remain-pressures-to-metro-vancouvers-housing-market\/","title":{"rendered":"REBGV Rising Inflation &amp; Interest Rates Remain Pressures to Metro Vancouver&#8217;s Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">After seeing record sales and prices during the pandemic, Metro Vancouver\u2019s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada\u2019s ongoing battle with inflation.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 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.<\/p>\n<p style=\"text-align: justify;\">Last year\u2019s sales total was 13.4% below the 10-year sales average.<\/p>\n<p style=\"text-align: justify;\">\u201cThe headline story in our market in 2022 was all about inflation and the Bank of Canada\u2019s 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,\u201d Andrew Lis, REBGV\u2019s director, economics and data analytics said.<\/p>\n<p style=\"text-align: justify;\">Home listings on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver reached 53,865 in 2022. This is a 13.5% decrease compared to the 62,265 homes listed in 2021 and a 0.8% decrease compared to the 54,305 homes listed in 2020.<\/p>\n<p style=\"text-align: justify;\">Last year\u2019s listings total was 3.2% below the region\u2019s 10-year average.<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 7,384, a 41% increase compared to December 2021 (5,236) and a 19.6% decrease compared to November 2022 (9,179).<\/p>\n<p style=\"text-align: justify;\">The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,300. This represents a 3.3% decrease over December 2021, a 1.5% decrease compared to November 2022, and a 9.8% decrease over the past six months.<\/p>\n<p style=\"text-align: justify;\">\u201cClosing out 2022, the data show that the Bank of Canada\u2019s 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,\u201d Lis said. \u201cWhile 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\u2019t showing signs of abating quickly. We\u2019ll 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.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>December 2022 Summary<\/strong><\/p>\n<p style=\"text-align: justify;\">Residential home sales in the region totalled 1,295 in December 2022, 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.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were 37.7% below the 10-year December sales average.<\/p>\n<p style=\"text-align: justify;\">There were 1,206 detached, attached and apartment properties newly listed for sale on the MLS\u00ae in Metro Vancouver in December 2022. This represents a 38% decrease compared to the 1,945 homes listed in December 2021 and a 60.5% decrease compared to November 2022 when 3,055 homes were listed.<\/p>\n<p style=\"text-align: justify;\">For all property types, the sales-to-active listings ratio for December 2022 is 17.5%. By property type, the ratio is 12.3% for detached homes, 19.5% for townhomes, and 21.7% for apartments.<\/p>\n<p style=\"text-align: justify;\">Generally, 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<p style=\"text-align: justify;\">Sales of detached homes in December 2022 reached 371, a 53.3% decrease from the 794 detached sales recorded in December 2021. The benchmark price for a detached home is $1,823,300. This represents a 5.1% decrease from December 2021, a 1.8% decrease compared to November 2022, and an 11.4% decrease over the past six months.<\/p>\n<p style=\"text-align: justify;\">Sales of apartment homes reached 702 in December 2022, a 52% decrease compared to the 1,464 sales in December 2021. The benchmark price of an apartment home is $713,700. This represents a 1.7% increase from December 2021, a 0.9% decrease compared to November 2022, and a 6.9% decrease over the past six months.<\/p>\n<p style=\"text-align: justify;\">Attached home sales in December 2022 totalled 222, a 48.4% decrease compared to the 430 sales in December 2021. The benchmark price of an attached home is $1,012,700. This represents a 0.2% decrease from December 2021, a 1.5% decrease compared to November 2022, and a 9.2% decrease over the past six months.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/members.rebgv.org\/news\/REBGV-Stats-Pkg-Dec-2022.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the December 2022 stats package.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.rebgv.org\/market-watch\/monthly-market-report\/december-2022.html.html\" target=\"_blank\" rel=\"noopener\">Rising Mortgage Rates Brought Uncertainty and Caution to Metro Vancouver\u2019s Housing Market in 2022<\/a> by REBGV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After seeing record sales and prices during the pandemic, Metro Vancouver\u2019s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/01\/rebgv-rising-inflation-interest-rates-remain-pressures-to-metro-vancouvers-housing-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-21135","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REBGV Rising Inflation &amp; 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