Exponential Mindset Blog

December 2022 Real Estate stats/comments

Sales🔽 : 34.3% decrease compared from 2021, and 6.6% decrease from 2020. Last year’s total were 13.4% below the 10-year sales average.  December data:19.8% decrease compared from November 2022, and and 51.8% decrease from December 2021. Last month’s sales were 37.7% below the 10-year December sales average.

Inventories🔽 : 19.6% decrease compared to November 2022 (9,179) and a 41% increase compared to December 2021 (5,236).

Price 🔽 : Benchmark price for all residential properties in Metro Vancouver is currently $1,114,300. This represents a 9.8% decrease over past six months and 1.5% decrease compared to November 2022.


My comments:

The market seemed quite slow in December, 2022 according to the December stats report published by the Real Estate Board of Greater Vancouver. However, our internal data showed it is not entirely the case. All of our listings got sold with very competitive prices very quickly and we encountered multiple offer situations again while acting for buyers. Buyer and seller’s expectations seemed to have reached an equilibrium. It is expected that Bank of Canada will increase interest rate again in January, 2023, I am curious to see if buyers are more adjusted to the new “Reality” after a year of multiple rate hikes.


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