Global inflation and rate hikes have tempered real estate activity across Metro Vancouver, with sales down 45.5% compared to this time last year. REBGV VaRE vancouver realestatenews
2:57 PM Nov 2, 2022
Looking at the amount of homes being listed shows a similar trend. Last month, a total of 4,033 residential properties — single-detached, townhouses, or apartments — were newly listed in Metro Vancouver, bringing the total number of homes currently listed to 9,852. This time last year, the total was 8,034, which means there has been a 22.6% increase in the amount of homes being listed for sale.
a ratio over 20% as a sellers’ market and a ratio under 12% as a buyers’ market, with anything between an indication of a balanced market. The ratio for October was 19.3%.-listings ratio, dividing the amount of sales by the amount oflistings in the same period , rather than the total amount of active listings. The Canada Mortgage and Housing Corporation those thresholds at 55% or higher for a sellers’ market and 40% or lower for a buyers’ market. For October, that ratio was 47.
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” said Andrew Lis, REBGV’s Director of Economics and Data Analytics. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.
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