Rising mortgage rates brought uncertainty and caution to Metro Vancouver’s housing market in 2022 - all areas, all prices.
After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020.
One of the most important stats is that last year’s sales total was 13.4 per cent below the 10-year sales average.
“The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,” Andrew Lis, REBGV’s director, economics and data analytics said.
If you would like to know more about the current market conditions and how they effect your current home or your ability to purchase, do not hesitate to give me a call.
In the next few weeks you will be receiving your new assessed value. Let’s chat about that also.