November 2022 Greater Vancouver Real Estate Market Update

We hope you had a great November and are now as excited for the holidays as we are! We wish you a wonderful holiday season and lots of quality time with your loved ones.

Keep scrolling to find more on November housing market statistics separated by sub area. It's important to note that market trends in one area can differ largely from another, therefore, when discussing statistics we see value in both zooming in on each area as a separate entity in addition to looking at the general overarching trends.

As always, we are here for you, please don't hesitate to reach out if you have any questions or would like to see market information on your specific neighbourhood. 

Happy Holidays!

Overview:
• Overnight rate will increase from 3.75% to 4.25% on December 7th
• Prime Rate will be 6.45% with most lenders
• Impact on payments to those choosing variable rate mortgages or who have adjustable payments = $30/ $100,000
• Variable rates will now exceed fixed rates in most cases

Recommendations:
• Buyers that are currently pre-approved, speak to your mortgage professional to determine if your qualification has changed
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Predictions:
With a 0.50% increase, many reports are suggesting that the Bank of Canada will hold off on further increase while others are suggesting we could see a small increase in early 2023. There are many factors that will play into this decision and we are recommending borrowers prepare for a small increase again of 0.25% before the BoC will cool! Prepare for the worst and hope for the best! Bets are still on the BoC cutting rates in late 2023 and 2024.
If we follow history and what is expected, it's good to keep in mind that this is temporary!

The number of sales and listings for November 2022 are down compared to last month and compared to November 2021. Overall sales were 37% below the 10 year average.

Since interest rates begun to rise in efforts to bring inflation back in line we have seen the market slow down and with that prices have come down a considerable amount. There is a strong likelihood that most people can still afford the property they want if they were once approved at much lower interest rate. The benefit or opportunity to make a move now is in the purchase price.

Experts predict that rates will come down late 2023 or in 2024. When that happens there’s a good chance that prices will rise. Buying a property now and benefitting from the price increase is where the opportunity lies. Of course these are predictions. If you have a secure job and the capital and want to get into the market or upgrade now could be a smart time for you. 

The best tip we can give is to be ready. If you’re considering a move make sure you’re approved for a mortgage and then proceed with your search. You don’t have to buy right away but it is important to be ready. 

If you’re downsizing and have the ability to wait it may be beneficial to hold off until rates come down and prices rise. 

At the end of the day if you’re ready then go for it. If you’re not ready then sit tight until you are. Real estate is a long term investment!

Attached Properties

Vancouver Downtown - Attached 

• Balanced market at 14% sales ratio average (1.4 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 4% below list price.
• Inventory: is equal to last month.
• Most Active Price Band: $400,000 to $500,000 with average 90% sales ratio (sellers market).
• Buyers Best Bet: homes between 2.25 mil  to $2.5 mil, Coal Harbour and 3 bedroom properties.
• Sellers Best Bet: selling homes in Westend and up to 1 bedroom properties.

• Balanced market at 17% sales ratio average (1.7 in 10 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 3% below list price.
• Inventory: down by 1% over last month.
• Most Active Price Band: $500,000 to $600,000 with average 47% sales ratio (sellers market).
• Buyers Best Bet: homes between $1.75 mil to $2 mil, Oakridge, Quilchena, South Cambie, South Granville and minimum 4 bedroom properties.
• Sellers Best Bet: selling homes in Fairview and up to 1 bedroom properties.

• Sellers market at 21% sales ratio average (2.1 in 10 homes selling rate).
• Sales to List Price Ratio: homes are selling on average 2% below list price.
• Inventory: down by 5% over last month.
• Most Active Price Band: $400,000 to $500,000 with average 39% sales ratio (sellers market).
• Buyers Best Bet: home between $900,000 to $1 mil, Victoria and minimum 4 bedroom properties.
• Sellers Best Bet: selling homes in Strathcona and up to 1 bedroom properties.

Detached Properties

Vancouver Westside - Detached

• Buyers market at 9% sales ratio average (9 in 100 homes selling rate).
• Sale to List Price Ratio: homes are selling on average 100% of list price.
• Inventory: up by 2% over last month.
• Most Active Price Band: $2.25 mil to $2.5 mil with average 56% sales ratio (sellers market).
• Buyers Best Bet: homes between $4.5 mil to $5 mil, Shaughnessy and up to 2 bedroom/ min 5 bedroom properties.
• Sellers Best Bet: selling homes in Kerrisdale, Quilchena and 3 to 4 bedroom properties.

• Balanced market at 11% sales ratio average (1.1 in 10 homes selling rate).
• Sales to List Price Ratio: homes are selling on average at 5% below list price.
• Inventory: down by 9% over last month.
• Most Active Price Band: $1.25 mil to $1.5 mil with average 53% sales ratio (sellers market).
• Buyers Best Bet: homes between $2.75 mil to $3 mil, Collingwood, Knight, and up to 2 bedroom properties. 
• Sellers Best Bet: selling homes in Mount Pleasant and 5 to 6 bedroom properties.

North Vancouver - Detached