Market IntelligenceEconomy
the rennie advance - January 2023
 

Jan 03, 2023

Written by 

Ryan Berlin

SHARE THIS

Dulled demand and scarce supply once again characterized Vancouver’s housing market dynamics in December, with the continued lack of clarity about the path of inflation and interest rates reducing sales counts to their lowest level since 2008 and thrusting inventory below 10,000 for the first time in almost a year.Sales

  • The Vancouver Region tallied only 1,963 MLS sales in December 2022, representing the 9th consecutive month of declining sales counts in the metro area. This was the lowest sales count of any December in over 20 years, save for 2008 (in the midst of the credit crisis), and was 39% below than the past-decade December average.
  • Notably, the November-to-December sales drop of 18% was entirely seasonal (with the past-decade month-over-month decline in sales at the end of the year also equalling 18%). Detached home sales fell off the most, at 21%, followed by townhomes at 18%, and condos at 17%.
  • For the full year 2022, there were 43,624 MLS sales in the Vancouver Region, 38% less than 2021’s record count of 70,644, and 14% below the past-decade average of 50,999.

https://cdn.rennie.com/images/images/029/193/371/original/4e2b954c9be9093ca630d4426f89f569.png

Total Listings
  • Inventory continued its typical pattern year-end shrinkage into December, as last month wrapped with 10,876 listings, down 21% versus November. With sales counts depressed, this month-to-month change was actually less than the typical 26% drop in inventory at this time of year. December’s inventory was 10% below the past-decade average for the month.
  • Of particular note is the significant drop in the region’s listing count between December 31st and January 1st of the new year. To wit, while there is usually a 600-700 listing decline between these two dates due to expirations and cancellations, this year saw a one-day drop of 1,304, meaning 2023 kicked off with only 9,572 homes available for purchase.
  • The region’s housing market was, overall, balanced in December, with 5.5 months of inventory (MOI). The detached home market remained balanced with 7.5 MOI, while the townhome and condo segments continued to favour sellers, with MOIs of 4.6 and 4.4, respectively.

https://cdn.rennie.com/images/images/029/193/286/original/994ec2914f2aa6aa898a1b2c7bdfaca7.png

Median Prices

  • December’s median sold prices, when averaged across all home types, increased by 1.7% versus November in the Greater Vancouver board area, while in the Fraser Valley board area they fell by 1.3%.
  • Compared to November, the median sold price of townhomes in Greater Vancouver rose by 4%, with that of condos and detached homes inching up by 0.7% and 0.6%, respectively. The Fraser Valley saw an equivalent rise in the median sold price of detached homes (4%) as in Greater Vancouver, while townhomes and condos experienced respective declines in median sold prices of 7% and 1.0%.
  • On a year-over-year basis in December, the price of detached homes was down in both board areas—by 8% in Greater Vancouver and by 19% in the Fraser Valley. Townhome median prices were up in Greater Vancouver by 1.0%, but down in the Fraser Valley (by 14%). Similarly, condo median prices were higher in Greater Vancouver by 0.7%, but lower by 8% in the Fraser Valley.

https://cdn.rennie.com/images/images/029/219/331/original/e4f61b108e0d8f2f7b762684e0bbe37c.png

 

Our rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in urban land economics, community planning, shifting demographics, and real estate trends, their strategic research supports a comprehensive advisory service offering and forms the basis of frequent reports and public presentations. Their thoughtful and objective approach truly embodies the core values of rennie.

Written by

Ryan Berlin

SHARE THIS

Subscribe to weekly market insights

Receive insights, analysis, and perspective from our rennie intelligence team on the Lower Mainland’s real estate market.

Related

blog-feature-media-cluj2x7ma30sj07tz37w0v18v
the kelowna rennie advance | April 2024
Sales activity in the Central Okanagan had its slowest March since 2009. Inventory in the region continued to build and remained well-above its past 10-year average.

Apr 2024

Report

blog-feature-media-cluk0rc501k2l07tzlzs6sqkd
the victoria rennie advance | April 2024
Home sales in Greater Victoria increased month-over-month but at a slower pace than is typical for March. All home types remained firmly in sellers’ market territory with sales growth slightly outpacing the rise in inventory.

Apr 2024

Report

thoughtful real estate.

rennie & associates realty ltd

copyright © 2024 rennie all rights reserved

3.24.1

privacy policy

terms

MLS® Reciprocity

Disclaimer: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.

Disclaimer: This is not an offering for sale. Any such offering can only be made by way of disclosure statement. E&OE. The developer reserves the right to make changes and modifications to the information herein without prior notice. Photos and renderings are representational only and may not be accurate.