November 2022 Greater Vancouver Real Estate Market Update

The November 2022 real estate market in Greater Vancouver continued its measured pace, reflecting the impact of higher borrowing costs and broader economic uncertainty. With both buyers and sellers adjusting to changing conditions, activity levels remained below historical averages but showcased pockets of opportunity across different property types and regions.

The Real Estate Board of Greater Vancouver (REBGV) reported 1,614 home sales in November 2022, a significant 52.9% decrease compared to November 2021. While sales were down 15.2% from October 2022, they remained 36.9% below the 10-year seasonal average, highlighting a quieter market as the year winds down.

Key Market Trends

• New Listings: November saw 3,055 new listings, a decline of 22.9% year-over-year and down 24.2% from October 2022, as many sellers opted to hold off during the slower market conditions.

• Active Listings: Total active listings across all property types stood at 9,179, reflecting a 28.5% increase year-over-year but still below long-term norms.

• MLS® Benchmark Price: The composite benchmark price for all residential properties was $1,131,600, reflecting a 0.6% month-over-month decrease and a 10.2% decline from the peak reached earlier in 2022.

Sales-to-Active Listings Ratios

The sales-to-active listings ratio—a key indicator of market conditions—varied across property types:

• Detached homes: 11.2% (approaching buyer’s market territory)

• Townhomes: 16.8% (balanced market)

• Apartments: 19.8% (leaning toward a seller’s market)

Historical data suggests that downward pressure on home prices occurs when the ratio dips below 12% for a sustained period. This trend was particularly evident in detached home segments across several areas.

Regional Highlights

Burnaby

• Detached homes: Benchmark prices in Burnaby South decreased to $1,998,600, down 1.2% month-over-month and 8.7% year-over-year.

• Apartments: Burnaby North showed resilience, with benchmark prices at $664,200, reflecting modest month-over-month declines but stable year-over-year figures.

New Westminster

• The benchmark price for apartments remained at $618,000, showing minimal change from October, while detached homes declined to $1,400,100, reflecting a 7.9% year-over-year drop.

Vancouver East & Vancouver West

• Vancouver East: Apartments saw a benchmark price of $668,500, down 1.2% from October 2022. Detached homes dipped further to $1,730,300, reflecting the broad impact of economic conditions.

• Vancouver West: Apartments maintained a benchmark price of $820,000, while detached homes recorded a significant decline, now at $3,267,400, down 9.8% from earlier in the year.

Tri-Cities (Coquitlam, Port Moody, and Port Coquitlam)

• Coquitlam: Detached homes dropped to a benchmark price of $1,718,200, with apartments stable at $652,800.

• Port Moody: Apartments remain in demand, with benchmark prices holding steady at $702,100.

• Port Coquitlam: Detached homes benchmarked at $1,440,000, reflecting consistent performance in this area despite broader challenges.

Opportunities for Buyers and Sellers

• For Buyers: The current market offers increased selection and softer prices, particularly in the detached home segment. With less competition, now is an ideal time for buyers to explore options and negotiate favorable terms.

• For Sellers: Strategic pricing and presentation are critical. Townhomes and apartments remain the strongest-performing segments, especially in Burnaby and Vancouver East, where demand has stayed relatively resilient.

Looking Ahead

November 2022’s numbers underscore the shift toward a more balanced market, with specific opportunities for buyers to secure properties at competitive prices. Sellers can still achieve favorable results with the right strategy, particularly in sought-after property types and areas.

If you’re considering buying or selling, I’m here to help you navigate these conditions with confidence. Contact me today to discuss your goals and develop a plan tailored to your needs.