The Vancouver Life Real Estate Podcast Vancouver Real Estate Market Update January 2023
The stats are in for the last month of 2022 and while we know activity is low - we didn’t know it would be one of the lowest activity months ever recorded. Without a doubt Buyers and Sellers are digging in their respective heels to get what they want in this transitioning marketplace. Buyer’s are making the case for lower prices through tougher affordability and Sellers are still attached to the market that was here at the start of 2022. The divide between what Buyers are prepared to pay versus what Sellers are prepared to sell for is wide and it’ll take some time before we see more movement.
That movement will come from the BoC shifting it’s position on it’s interest rate hike forecast along with compelling data that inflation is coming down - but alas, we aren’t there yet and it’ll likely be some months before we see higher levels of activity. With that said, there were a mere 1,206 new listings in the month of December and we sold nearly 1,300 homes. With inventory continuing to fall, it is artificially maintaining the market prices as Buyers struggle to find the quality they are looking for in the available inventory.
Where do we go from here? The Bank of Canada will almost certainly be raising interest rates again this month - likely a quarter to half a point and this will depend largely on the inflation data we receive on January 12th. From there it’ll be a function of supply versus demand but with very few people listing, there won’t be much competition from other Sellers and many Buyers have parked their interest on the sideline until there’s better inventory quality. If you have a home in good shape and priced to market, it could be a surprising opportunity to sell now versus in the coming months when more listings will come to market.
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