The Latest 2022 Market Stats by area are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.

• Activity Snapshot by Property Type
• Detached Properties Report and Graph
• Condo Report and Graph
• Townhomes Report and Graph
• Benchmark Price Graph
• Average Price Per Square Foot

If you are interested in a report like this is for other areas, please contact us to request it and I'll send it to you.

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While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,614 in November 2022, a 52.9 per cent decrease from the 3,428 sales recorded in November 2021, and a 15.2 per cent decrease from the 1,903 homes sold in October 2022.

Last month’s sales were 36.9 per cent below the 10-year November sales average.

“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels.” Andrew Lis, REBGV’s director, economics and data analytics said. “While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 7* rate announcement to be yet another increase, making holiday-season home purchases something many people may end up foregoing this year.”

There were 3,055 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2022. This represents a 22.9 per cent decrease compared to the 3,964 homes listed in November 2021 and a 24.2 per cent decrease compared to October 2022 when sellers listed 4,033 homes.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,179, a 28.5 per cent increase compared to November 2021 (7,144) and a 6.8 per cent decrease compared to October 2022 (9,852).

“Heading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms,” Lis said. “Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.

“With that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.”

For all property types, the sales-to-active listings ratio for November 2022 is 17.6 per cent. By property type, the ratio is 13.2 per cent for detached homes, 19.7 per cent for townhomes, and 20.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,131,600. This represents a 0.6 per cent decrease over November 2021, a 10.2 per cent decrease over the last six months, and a 1.5 per cent decrease compared to October 2022.

Sales of detached homes in November 2022 reached 486, a 50.8 per cent decrease from the 987 detached sales recorded in November 2021. The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.

Sales of apartment homes reached 847 in November 2022, a 53.7 per cent decrease compared to the 1,828 sales in November 2021. The benchmark price of an apartment property is $720,500. This represents a 3.5 per cent increase from November 2021 and a 0.9 per cent decrease compared to October 2022.

Attached home sales in November 2022 totalled 281, a 54.2 per cent decrease compared to the 613 sales in November 2021. The benchmark price of an attached unit is $1,027,900. This represents a 2.7 per cent increase from November 2021 and a 1.5 per cent decrease compared to October 2022.

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Andrew Hasman and Jeff Benna recently came together to talk about Bill 44. This bill was very quick to pass and included some major changes in British Columbia. 

Strata corporations can now hold virtual meetings

Now, this isn’t a new concept as most of us have had virtual meetings for a few years now. 

Some may see this as a matter of convenience as the COVID-19 pandemic has changed many different ways of communicating with one another. People who do not live in the same city can connect with each other and partake in meetings over video. This option can be looked as a much easier, financially viable, efficient and accessible way of being included in these meetings. 

Another change that has occurred would be the age restriction rule.

Age restrictions have been lifted except for those aged 55+

Eliminating this restriction is seen as very beneficial as it creates a wider market for those looking to buy a home, particularly those under the age of 19. There is one last big change to be discussed.

Rental restrictions except for short term stay are no longer enforceable

To put it in simpler terms, this means that if you’re in a building that up until now has said that there are no rentals, you are now allowed to rent your suite out.

This change could bring 10’s of 1000’s of available renting space. There will be a lot more potential supply coming in. This could mean a lot more market value to come out of this for marketability when it comes time to resell. 

For some people, they do want some kind of rental restrictions, however Andrew believes that this is the minority of people. Many professionals aged 25 to 45, for example, still have the ability to work from home, or would want to take a year off or whatever the case may be, and don’t want their unit standing vacant. This is a flexible option for those wanting to rent out their space for a one year lease or longer, which for most people would be considered a good thing. 

Going forward, in the next few weeks we may see more people rent their spaces more rather than sell. It’s important to note that the rules do not apply for short term rentals such as Airbnbs, VRBO, etc. 

Currently in the real estate market, there is an increase in interest rate that has caused an obvious slowdown. This is not necessarily a bad thing as this is a more normal market condition, which gives buyers and sellers more time. 

If you’re thinking of buying or selling, please reach out to either Jeff 604-868-1651 or Andrew 604-657-7936.