VANCOUVER EAST NOVEMBER TOWNHOME MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release predicts a potential renewed upward pressure on prices in coming months. This despite last month’s sales at 36.9 percent below the average for November and yet another rate hike possibly upcoming from the Bank of Canada. Already high interest rates are seen as the cause for lagging sales, but continued migration into the province and insufficient inventory to provide housing might be a recipe for value appreciation. New listings last month are 22.9 percent lower than November a year ago while the total inventory of listed properties is up 28.5 percent year to year. Sales of all residential properties in Metro Vancouver last month decline 52.9 percent compared to November 2021. The composite value of all properties is 0.6 percent lower November to November.
From October to November the graph shows a 6.5 percent reduction in value for the average attached unit in Metro Vancouver. Last month compared to the previous November the benchmark townhouse price is up 2.7 percent. Year to year the volume of townhome sales plummets 54.2 percent.
This November compared to November 2021 Vancouver east townhouse prices are down 1.4 percent. Year to year attached unit sales drop 50.6 percent. Inventory is 11 percent lower from November to November.
October to November east side attached sales are up 17.6 percent. Month to month attached inventory decreases 15.7 percent.