It’s not unusual for the real estate market to slow down in November based on seasonal patterns. However, this past November saw home sales and listing totals lag well below the region’s long-term averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,614 in November 2022. This is a 52.9 percent decrease from the 3,428 sales recorded in November 2021, and a 15.2 percent 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. Let’s take a closer look.
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 percent for detached homes, 19.7 percent for townhomes, and 20.8 percent 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.
People planning to sell a home should consider moving more quickly because home values falling from all-time highs. No one knows for certain when they will return to the previous peak.
People planning to buy a home could wait for a better price, but waiting could also mean higher mortgage rates (and mortgage payments) in the medium term. You can refinance when rates start to move in the opposite direction.
Here’s what’s happening in the mortgage world:
The Bank of Canada is also expected to announce another increase in the coming days. With all the turbulence the housing market and our everyday lives has faced in 2022, it might have you wondering what’s still to come. Is 2023 going to be a better year for buying a house?
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RE/MAX All Points Realty
102-321 Sixth St,
New Westminster, BC, V3L 3A7