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Monthly Market Report – November 2022

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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. 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 people may end up foregoing this year.”

Andrew Lis, REBGV Director, economics and data analytics

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.