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VANCOUVER REAL ESTATE MARKET UPDATE FOR NOVEMBER 2022

Home sale and listing activity continue trending below long-term averages in November.



The Real Estate Board of Greater Vancouver saw residential homes sales total 1,614 in November 2022 which is a 52.9% decrease from this time last year (3,428) and a 15.2% decrease from the 1,903 homes sold in October 2022. Last month's sales were 36.9% below the 10-year November sales average.



Newly listed properties in November for Metro Vancouver reached 3,055 for all property types. This equates to a 22.9% decrease from November 2021 (3,964) and a 24.2% decrease compared to October 2022 (4,033).


Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw a decrease in the combined sales-to-active ratio from last month and now we are in a Balanced Market.



Broken down by property type, the sales-to-active ratio for November 2022 is 13.2% for detached homes, 19.7% for townhouses, and 20.8% for condos. This means that townhouses are in a Balanced Market, condos are in a Seller's Market as well and the detached sector is in a Balanced Market.



The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,131,600 this represents a 0.6% decrease over November 2021.


The total sales for November 2022 were 1,614. This works out to 486 detached homes with a benchmark price of $1,856,800, 281 townhouses with a benchmark price of $1,027,900 and 847 apartments with a benchmark price of $720,500.




Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!


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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.