Vancouver home sales dropped by more than 34 per cent in 2022 and benchmark prices ended the year down by 3.3 per cent according to year-end figures released by the Real Estate Board of Greater Vancouver on Wednesday.
For the year, sales checked in at 28,903 units compared to 43,999 units in 2021 while the composite benchmark price for all residential properties in Metro Vancouver ended the year at $1,114,300.
The figures also showed home listings declined to 53,865 in 2022, down 13.5 per cent from 2021, echoing a story that has played out in other major national housing markets.
According to the agency, rising interest rates were the key factor behind the declining sales and inventory.
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“The headline story in our market in 2022 was all about inflation and the Bank of Canada‘s 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,” Andrew Lis, REBGV’s director of economics and data analytics, said in the report.
On a month-over-month basis, December benchmark price was down 1.5 per cent from November while sales were down nearly 20 percent to 1,295 units. Sales were less than half the level recorded in December 2021.
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