The Real Estate Board of Greater Vancouver (REBGV) has released its October 2022 housing market analysis and if you’ve been watching the economic news or discussing current events with your neighbours, then you might not be surprised by their comments.
It was reported that there was a 45.5 per cent decrease in residential property sales in Metro Vancouver from the previous year and was 33.3 per cent below the 10-year October sales average.
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director, economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”
“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”
These are substantial changes to today's market. Let’s discuss this new cycle and how it may benefit you and your neighbours.
For the Full REBGV Report: REBGV Market Watch