{"id":3267,"date":"2023-01-04T16:05:12","date_gmt":"2023-01-04T16:05:12","guid":{"rendered":"http:\/\/www.chrisbrownrealestate.ca\/blog\/?p=3267"},"modified":"2023-01-19T15:19:27","modified_gmt":"2023-01-19T15:19:27","slug":"rising-mortgage-rates-brought-uncertainty-and-caution-to-metro-vancouvers-housing-market-in-2022","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/rising-mortgage-rates-brought-uncertainty-and-caution-to-metro-vancouvers-housing-market-in-2022\/","title":{"rendered":"Rising mortgage rates bring caution to Metro Vancouver\u2019s housing in 2022"},"content":{"rendered":"

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After seeing record sales and prices during the pandemic, Metro Vancouver\u2019s\u00a0housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada\u2019s ongoing battle with inflation.<\/p>\n

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020.<\/p>\n

Last year\u2019s sales total was 13.4 per cent below the 10-year sales average.<\/p>\n

\u201cThe headline story in our market in 2022 was all about inflation and the Bank of Canada\u2019s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,\u201d Andrew Lis, REBGV\u2019s director, economics and data analytics said.<\/p>\n

Home listings on the Multiple Listing Service\u00ae (MLS\u00ae) in Metro Vancouver reached 53,865 in 2022. This is a 13.5 per cent decrease compared to the 62,265 homes listed in 2021 and a 0.8 per cent decrease compared to the 54,305 homes listed in 2020.<\/p>\n

Last year\u2019s listings total was 3.2 per cent below the region\u2019s 10-year average.<\/p>\n

The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 7,384, a 41 per cent increase compared to December 2021 (5,236) and a 19.6 per cent decrease compared to November 2022 (9,179).<\/p>\n

The MLS\u00ae Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,300. This represents a 3.3 per cent decrease over December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.8 per cent decrease over the past six months.<\/p>\n

\u201cClosing out 2022, the data show that the Bank of Canada\u2019s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver,\u201d Lis said. \u201cWhile the consensus among many economists and forecasters suggests the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer than previously expected since the latest inflation figures aren\u2019t showing signs of abating quickly. We\u2019ll watch the 2023 spring market closely to see if buyers and sellers have adjusted to the higher borrowing-costs and are participating more actively in the market than we have seen over the last 12 months.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cThe headline story in our market in 2022 was all about inflation and the Bank of Canada\u2019s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,\u201d Andrew Lis, REBGV\u2019s director, economics and data analytics said.\u00a0<\/p>\n","protected":false},"author":2,"featured_media":3008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-3267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-update"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3267"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=3267"}],"version-history":[{"count":3,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3267\/revisions"}],"predecessor-version":[{"id":3280,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/3267\/revisions\/3280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/3008"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=3267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=3267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=3267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}