December Real Estate Market Overview
Housing sales were down across Metro Vancouver with December 2022 showing a significant decrease compared to November and year-over-year.
From November to December 2022 home sales decreased by 19.8% and between December of 2022 and December 2021 the decrease in sales was 51.8%.
The number of homes listed for sale has also seen a significant decrease. Active listings were down 60.5% between December and November 2022, and between December 2022 and 2021 they were down 38%.
Looking at the 10 year average for December, the decrease in sales is 37.7%
New rules proposed for mortgages
The Office of the Superintendent of Financial Institutions (OSFI) is concerned about the debt levels of home buyers and is proposing a set of rule changes that will remove some of the least-qualified borrowers from federally regulated mortgage market. The exact details of the new rules aren’t know yet, but the intent is to restrict how much a bank can lend to someone based on the borrower’s percentage of total debt to income. It is also likely that the new rules will test a borrower’s ability to afford higher debt payments in the event of financial shocks.
What are your options?
Motivated buyers and sellers exist in every kind of market. Well priced homes in desirable neighbourhoods are still selling, although at a slower rate. Houses that produced bidding wars in past years now require very strategic pricing, marketing, staging and exposure to attract qualified buyers.
If you’ve been considering a move please give me a call at 604-800-3271. I’ve made Vancouver the focus of my business. I have in-depth understanding of neighbourhood markets and can help you make the best choice to achieve your real estate goals.
In depth statistics for Metro Vancouver
Download comprehensive statistics for Metro and Greater Vancouver to see the variations and trends across the market.
Stay up to date on the market. Subscribe to my monthly newsletter.
Photo by Hugo Sykes