{"id":21183,"date":"2023-01-10T10:10:00","date_gmt":"2023-01-10T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21183"},"modified":"2023-01-10T10:14:21","modified_gmt":"2023-01-10T18:14:21","slug":"challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/01\/challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide\/","title":{"rendered":"Challenging Housing Market Conditions to Continue Through 2023&#8217;s First Half, as BC Home Sales Suffer Steep Slide"},"content":{"rendered":"<p style=\"text-align: justify;\">Following October\u2019s uptick, BC home sales cratered in November by 9.5% to reach a seasonally-adjusted 4,849 units.<\/p>\n<p style=\"text-align: justify;\">Actual sales fell 50% from a year ago. While this outsized decline partly reflects robust sales a year ago, levels are 25% below pre-pandemic February 2020. Higher mortgage rates following Bank of Canada monetary policy tightening continues to push prospective buyers out of the market. Variable rate mortgage rates climbed by 400 basis points in 2022.<\/p>\n<p style=\"text-align: justify;\">Souring of home sales was particularly evident in the Greater Vancouver Real Estate Board area, where activity fell 13.3%, with Fraser Valley sales down a more modest 8.7%. Victoria area sales declined 11.7%.<\/p>\n<p style=\"text-align: justify;\">Year to date, BC sales have declined 34.1%, the deepest among all provinces and likely reflects the province\u2019s distinction of having the highest debt-to-income ratio and sensitivity to interest rate hikes. Outside of the northeast quadrant, sales are down anywhere from 20 per cent in the northern Interior to more than 40 per cent in the Fraser Valley as some of the high-flying markets have retraced.<\/p>\n<p style=\"text-align: justify;\">Weaker transaction activity dwarfed further moderation in new listings, putting further downward pressure on prices. BC\u2019s average price fell 2.5% to $913,974 and 14% from peak. While compositional factors contribute, the multiple listing service (MLS) housing price index for BC, which adjusts for housing attributes, fell 1.3% and is down 8.5% from peak. This measure does lag behind turning points in average prices and underlying patterns are likely weaker. Single-family homes are slowing the quickest. The deepest retrenchments from peak have come in the Fraser Valley (minus-13.8%) and Chilliwack (minus-20%). That said, this comes after rapid pandemic gains, and for all markets covered, prices are still sharply higher than pre-pandemic levels.<\/p>\n<p style=\"text-align: justify;\">Challenging housing market conditions are anticipated to continue through 2023\u2019s first half. Sales remain constrained by interest rates and weaker economic growth, while home sellers remain stubborn in pricing although levels will erode slowly. The combined effect of easing fixed rate mortgages through the course of the coming year, forecasted Bank of Canada rate cuts by early 2024 and robust population is expected to propel sales higher in the later stages of 2023.<\/p>\n<p style=\"text-align: justify;\">Manufacturing sales in British Columbia declined in October for the second straight month. Sales decreased 1.2% over the previous month. Durable goods industries fell significantly, down 4.7% over the previous month. On the other hand, non-durable goods industries were able to increase sales, up 2.9% over the previous month representing its third consecutive month of increases.<\/p>\n<p style=\"text-align: justify;\">Industries within the durable goods that dragged down sales were primary metal manufacturing, down 18.8%, followed by machinery manufacturing, down 13.1%. However, not all durable goods industries saw a decline in sales. Computer and electronic products manufacturing recorded an increase of 10.7% in sales to $207 million, a new high for the industry. Miscellaneous manufacturing also increased 10%. On the other hand, the increase in non-durable goods recorded higher sales in food manufacturing, up 1.8%.<\/p>\n<p style=\"text-align: justify;\">Paper manufacturing increased 2.8% in October over the most recent months of data.<\/p>\n<p style=\"text-align: justify;\">Demand is expected to start decreasing in the coming months as rate hikes begin to work their way through the economy. Sales are expected to decline, albeit marginally, as inflation remains stubbornly high. Rate hikes are beginning to affect prices, especially on input prices as commodities costs continue to fall from peak earlier in the year.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2023\/01\/bc-home-sales-suffer-steep-slide-november\" target=\"_blank\" rel=\"noopener\">BC Home Sales Suffer Steep Slide in November<\/a> by Bryan Yu | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following October\u2019s uptick, BC home sales cratered in November by 9.5% to reach a seasonally-adjusted 4,849 units. Actual sales fell 50% from a year ago. While this outsized decline partly &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/01\/challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide\/\">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-21183","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Challenging Housing Market Conditions to Continue Through 2023&#039;s First Half, as BC Home Sales Suffer Steep Slide &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/01\/challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Challenging Housing Market Conditions to Continue Through 2023&#039;s First Half, as BC Home Sales Suffer Steep Slide &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Following October\u2019s uptick, BC home sales cratered in November by 9.5% to reach a seasonally-adjusted 4,849 units. Actual sales fell 50% from a year ago. While this outsized decline partly &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/01\\\/challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/01\\\/challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Challenging Housing Market Conditions to Continue Through 2023&#8217;s First Half, as BC Home Sales Suffer Steep Slide\",\"datePublished\":\"2023-01-10T18:10:00+00:00\",\"dateModified\":\"2023-01-10T18:14:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/01\\\/challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide\\\/\"},\"wordCount\":558,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/01\\\/challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/01\\\/challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/01\\\/challenging-housing-market-conditions-to-continue-through-2023s-1st-half-as-bc-home-sales-suffer-steep-slide\\\/\",\"name\":\"Challenging Housing Market Conditions to Continue Through 2023's First Half, as BC Home Sales Suffer Steep Slide &#8226; 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