December Market Update

Under Market Stats, Real Estate Market Update

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Written on January 5th, 2023

The stats are in!


The December 2022 stats from the Real Estate Board of Greater Vancouver have shown benchmark sale prices fell 1.2% from November 2022 and 9.8% over the last 6 months.


As the 2023 spring market approaches, we will gain further insight into the continuing effects of the rapidly increased costs of borrowing. 


The next Bank of Canada interest rate announcement is scheduled for January 26, 2023. 


As interest rates have risen, the number of sales per month have decreased. As properties are taking longer to sell, buyers are increasingly able to conduct due diligence, view properties, and negotiate.


The number of new listings per month has also decreased, particularly over the past few months. This does support those who are looking to sell in 2023 as the amount of competition is reduced.


Have any questions? Give us a call!


James – 604-360-7529


Source: The Real Estate Board of Greater Vancouver