VANCOUVER EAST DECEMBER HOUSE MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release reflects on the incremental rise in interest rates for the latter half of last year used by the Bank of Canada to battle inflation, and how that has stalled the overactive Real Estate market experienced at the beginning of 2022. While rate increases may be nearing an end, inflation is slow to decline, meaning high rates may be with us well into 2023.
Last month’s property sales are 37.7 percent below the average for December. New listings last month are 38 percent lower than December a year ago while the total inventory of listed properties is up 41 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 51.8 percent compared to December 2021. The composite value of all properties is 3.3 percent lower December to December.
From November to December the graph indicates a small lift of 0.1 percent in the average price for detached properties. The benchmark price for houses in December 2022 is 5.1 percent below the previous December. Year to year the volume of detached home sales is down by 53.3 percent.
This December versus December 2021, east side house prices are 5.2 percent lower. Year over year
From November to December east side house sales drop 24 percent. Month to month east side inventory is down 58.4 percent.