The Greater Vancouver Real Estate Council said home sales and prices continued to fall in December, down 52% and 3% respectively from a year ago.
The BC Board said total sales last month were 1,295, about 20% below November and 38% below the 10-year average in December.
These numbers contribute to the 28,903 sales made in 2022, 34% less than the 2021 total and 7% less than 2020.
The board attributed the drop to the market experiencing a “cautious year” fueled by rising borrowing costs and the ongoing fight against inflation.
It said the composite benchmark price is currently at $1,114,300, down 3% from December 2021 and down 1.5% from November 2022.
Andrew Lis, the board’s director of data analysis and economics, will be watching prices this year to see if buyers and sellers adjust to higher borrowing costs and eventually enter the market. market or not.
“End of 2022, data shows that the Bank of Canada’s decision to raise policy rates on seven out of eight interest rate announcement dates in 2022 has created downward pressure on home and residential sales. To a lesser extent are housing prices in Metro Vancouver,” Lis said, in a press release.
