In 2022, Metro Vancouver’s housing market took a cautious approach due to the rise in borrowing costs caused by the Bank of Canada’s ongoing fight with inflation. According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the area totalled 28,903, which is a 34.3% drop from the 43,999 sold in 2021 and a 6.6% dip from 30,944 homes bought in 2020 – far lower than the record sales witnessed during the previous year.
Last year’s sales total was 13.4 percent 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 Director, economics and data analytics
Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 53,865 in 2022. This is a 13.5 percent decrease compared to the 62,265 homes listed in 2021 and a 0.8 percent decrease compared to the 54,305 homes listed in 2020.