December Year End Market Update

Key Facts

• Metro Vancouver home sales are down 51.8 % from last December 2021, and down 19.8 % from last month
• New Listings are down 38 % from last December 2021 and down 60.5 % from last month.
• Sales-to-active listings ratio by property type is 12.3 % for detached homes, 19.5 % for townhomes, and 21.7 % for apartments. 
• Detached home benchmark is $1,823,300. Thats up 5.1 % from last December 2021 and a down 1.8 % from last month. 11.4 per cent decrease over the past six months
• Condo benchmark is $713,700. That’s up 1.7 % from last December 2021 and down 0.9 per cent from last month. 6.9 per cent decrease over the past six months
• Townhome benchmark is $1,012,700. That’s up .2 per cent decrease from December 2021 and down 1.5 % from last month. 9.2 per cent decrease over the past six months

Considerations

• Bank of Canada has hinted at only increasing interest rates one more time if any in 2023
• Interest rates may stay elevated for a longer period of time than first expected due to the slow rate at which inflation is dropping 
• Historically spring is a much more active market with more listings and sales
• Property assessments for many properties are much higher than current market values reflect.  Will this have an impact on consumer mindsets?