VANCOUVER EAST DECEMBER TOWNHOME 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 reports an increase of 2.1 percent in value for the average attached unit in Metro Vancouver. Last month compared to the previous December the benchmark townhouse price is down 0.2 percent. The volume of townhome sales fall 48.4 percent year to year.
This December compared to December 2021
November to December east side attached sales decline by 30 percent. Month to month attached inventory falls 49.5 percent.