December 2022: Market Update

Jan 05, 2023

December 2022 Market Update:

After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. After the Bank of Canada’s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022, this has translated into the downward pressure of the sales activity and home prices in Metro Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 percent decrease from the 43,999 sales recorded in 2021, and a 6.6 percent decrease from the 30,944 homes sold in 2020.

“The headline story in our market in 2022 was all about inflation and the Bank of Canada’s 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,” Andrew Lis, REBGV’s director, economics and data analytics said.

We often find the statistics can be broad, and you might wonder “How does this relate to my home?”  We have broken down the sales activity for Downtown Vancouver, East Van and the Westside in the hopes that you can better understanding what’s really going on.

Downtown Vancouver: 

  • Market Type: Balanced Market at 17% Sales Ratio average (1.7 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 2% below list price
  • Most Active Price Band: $500,000- $600,000 with average 55% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $1.75 mil to $2 mil Yaletown and 3 bedroom properties
  • Opportunity for Sellers: Homes in Downtown and up to 1 bedroom properties

Vancouver Westside: 

Detached Housing

  • Market Type: Buyers Market at 10% Sales Ratio average (1 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 8% below price
  • Most Active Price Band: $3 mil to $3.5 mil with average 29% Sales Ratio (sellers market)
  • Opportunity for Buyers: Homes minimum $7.5 mil, Shaughnessy and minimum 7 bedroom properties
  • Opportunity for Sellers: Selling homes in Kitsilano and 3 to 4 bedroom properties

Attached Housing

  • Market Type: Balanced Market at 20% Sales Ratio average (2 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 1% below list price
  • Most Active Price Band: $500,000 to $600,000 with average 69% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $2 mil to $2.25 mil, Oakridge and 3 bedroom properties
  • Opportunity for Sellers: Selling homes in Fairview, Kitsilano and up to 1 bedroom properties

Vancouver Eastside: 

Detached Housing

  • Market Type: Balanced Market at 14% Sales Ratio (1.4 in 10 homes selling rate)
  • Housing Prices: Homes are selling on average 4% below list price
  • Most Active Price Band: $1.25 mil to $1.5 mil with average 57% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $2.5 mil to $2.75 mil, Knight and minimum 7 bedroom properties
  • Opportunity for Sellers: Homes in Fraser, Mount Pleasant an 5 to 6 bedroom properties

Attached Housing

  • Market Type: Sellers Market at 21% Sales Ratio average (2.1 in 10 homes selling rate)
  •  Housing Prices: Homes are selling on average 2% below list price
  • Most Active Price Band: $400,000 to $500,000 with average 47% Sales Ratio (Sellers market)
  • Opportunity for Buyers: Homes between $1.5 mil to $1.75 mil, Collingwood, Grandview Woodland, Knight and minimum 4 bedrooms
  • Opportunity for Sellers: Homes in Victoria and 2 bedroom properties

Get in touch with us today to better understand your unique situation and get honest advice on how your home fits within the overall picture. It’s important to ensure you’re getting the right advice with your best interests at heart.

Let’s chat over a complimentary coffee and see how we can help with any questions you may have!

This report data was captured on January 3, 2022 from the Real Estate Board of Greater Vancouver MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio %. The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Resident Experts do not assume any responsibility or liability.

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