The Metro Vancouver housing market continues to favour buyers with dropping prices and a significant slowing of home sales. Residential home sales in the region totalled 1,295 in December 2022, which is a 51.8% decrease from the 2,688 sales recorded in December 2021, and a 19.8% decline compared to the 1,614 homes sold last month in November 2022.
Here’s a closer look at the housing market activity in December 2022.
After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022. This is due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.
The REBGV reports that residential home sales in the region reached a total of 28,903 in 2022, a 34.3% decrease from the 43,999 sales recorded in 2021, and a 6.6% decrease from the 30,944 homes sold in 2020.
Last year’s sales were in total 13.4% below the 10-year sales average.
If buying or selling a home is part of your dreams for 2023, it’s essential for you to understand today’s housing market. You will also need to define your goals, and work closely with your trusted real estate professional. This will enable you to bring your homeownership vision for the new year into focus.
No matter what’s happening in the market, there are still many compelling reasons to buy a home today. Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time and have a space that’s truly your own. Use what’s motivating you as a guidepost. This will help make sure your move will give you a lasting sense of accomplishment.
Getting clear on your budget and savings is essential before you get too far into the process. Working with a local agent and a lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting pre-approved for a mortgage, and assessing your current home equity if your move involves selling your existing house.
Buying or selling a home is a big process. It requires expertise to navigate and many struggle with the feeling of overwhelm. Don’t let uncertainty hold you back from your goals this year. I’m right here to give you the best advice and information about today’s market.
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RE/MAX All Points Realty
102-321 Sixth St,
New Westminster, BC, V3L 3A7