Real Estate Matters – December 2022
Interest Rates Year End 2022
Hello!
Just like that, 2022 comes to an end. What a year of a roller coaster ride. Inflation, the Ukraine/Russia war, the tail end of the pandemic all contributed to such an unpredictable year.
As we welcome a new BC Premier, David Eby, many drastic shifts are coming in 2023 about Real Estate. Are you looking for a move soon? You’ll need to be prepared with all the new policies and changes. We prepared the video above to outline exactly what you need to know.
Are you looking to make a move in the near future? Don’t wait – give us an email or call and let’s grab a coffee. We would LOVE to help you navigate your purchase and/or sale of your properties, just as we have done for hundreds of clients.
Vancouver, BC – December 2, 2022 – While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.
Last month’s sales were 36.9 percent below the 10-year November sales average.
“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels.” Andrew Lis, REBGV’s director of economics and data analytics, said. “While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 7 rate announcement to be yet another increase, making holiday-season home purchases something many people may end up foregoing this year.”
“Heading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms,” Lis said. “Whether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market.
“With that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.”
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