VANCOUVER WEST NOVEMBER HOUSE 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.
The graph shows a drop of 2.5 percent from October to November in the average price for detached properties. The benchmark price for houses in November 2022 is 1.7 percent below last November. Year to year the volume of detached home sales is down by 50.8 percent.
Last month versus November 2021,
From October to November west side house sales fall 27.4 percent. Month to month detached inventory is down 3.4 percent.