Vancouver Housing Market: House Prices & Trends

Table of Content

• CANADAIMMIGRANTS FOR SALE
• Gift Guide: For those enjoy a drink or five, the holiday season is indeed the most wonderful time of the year
• Greater Vancouver Composite Benchmark Price
• What is the state of the Vancouver property market?
• Vancouver Housing Market
• Neighborhood Housing Markets
• Attached Listing Prices

Benchmark prices of detached homes in Vancouver fell 1.7% over the past year to reach $1,856,800 for November 2022. That’s 1.9% lower than last month’s benchmark price of $1,892,100 in October 2022. In November 2022, Vancouver home prices were up 5.3% compared to last year, selling for a median price of $455K. On average, homes in Vancouver sell after 25 days on the market compared to 7 days last year.

If this decreasing trend continues, the BoC can slow down its rate rises. BoC probably would stop rising rates when the inflation rate reaches 5% to allow the higher interest rate effect to work through the economy and bring the inflation rate back to the BoC target of 2%. The headwind currently reducing real estate prices is the continuation of the Bank of Canada rate hikes. Looking at Metro Vancouver's housing market, there were 9,179 active listings at the end of November 2022, up 29% compared to this time last year and down 6.8% compared with 9,852 listings at the end of October 2022. The 3,055 new listings this month is a 23% decrease year-over-year and a 24% decrease compared with 4,033 in October.

CANADAIMMIGRANTS FOR SALE

However, the actual median income in the city is $65,327 CAD, which represents an income gap of $99,517 CAD. The median price of condos, meanwhile, is expected to increase by one per cent, reaching $747,299 over the same period. The survey provides data insights nationally and from 62 of Canada’s largest real estate markets, including Greater Vancouver. Home values included in the survey are based off of the Royal LePage National House Price Composite, which is produced quarterly by Royal LePage’s sister company, RPS Real Property Solutions. It doesn’t take a lot of motivated sellers to make prices fall when volumes are this low.

In providing this information, neither The Canadian Real Estate Association nor the Vancouver Island Real Estate Boardassumes any responsibility or liability. Reproduction in whole or in part is prohibited without written permission. Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. ClimateCheck™ analyzes a property's risk from climate change using the latest modeling and data from climate scientists, universities, and federal agencies.

Gift Guide: For those enjoy a drink or five, the holiday season is indeed the most wonderful time of the year

Vancouver is a coastal seaport city in the Regional District of Metro Vancouver classed as a "Beta Global City" and ranked among the top-ten of the world's most well-living cities according to Economist Intelligence Unit . It is one of the most ethnically and linguistically diverse cities in Canada and known as one of the most popular tourist attraction and a perfect place to live. The city is located in the Lower Mainland region of BC, specifically on the Burrard Peninsula. Vancouver is the largest city in terms of population and the most densely populated city in the province of British Columbia, Canada. Our mortgage calculator takes uses up-to-date mortgage rates and calculates the price of a home you could afford. There is a tremendous amount of risk and uncertainty in the market fundamentals, and consumer sentiment has deteriorated considerably.

Even with a projected 2% drop, Vancouver will have the priciest single-family detached homes of all major Canadian cities, with an average price of $1,644,538. Based on numbers crunched by Zealty.ca, the median price per square foot of homes in markets served by the Real Estate Board of Greater Vancouver increased 40.6 percent in December 2021. The median price of a single-family detached house in Greater Vancouver jumped 24.9 percent to $1,625,000 in Q2. This is a steep hike compared to the median price of a condominium, which rose by 9.4 percent to $700,000 during the same period.

Greater Vancouver Composite Benchmark Price

The Vancouver School Board administered and manage shools located in the city of Vancouver and the University Endowment Lands. The shool district provides the highest quality education and learning experience for all students through different programs and services available in this diverse district. Vancouver School Board operates 92 elementary schools , 1 middle school, 18 secondary schools, 2 adult education centres, and number of district programs, community school teams and distributed learning school. Other public college institutions in Vancouver includes Vancouver Community College, Langara College, and Douglas College. There are also private colleges like University Canada West, NYIT Canada, Fairleigh Dickinson University, Columbia College, and Sprott Shaw College, all operates in the city of Vancouver. Over the past month, the average rent for a studio apartment in Vancouver increased by 6% to $2,350.

Enough houses cannot be made because of the limitations imposed by Canadian municipalities on property rights . These limitations have acted as a strong tailwind for house prices in Canadian cities. Restrictions on property rights in the form of constraints imposed on the extent and manner of land use reduce the supply of homes. Over the past two years, Vancouver detached homes' benchmark price has increased by $272k.

Explore how many homes are likely to flood in nearby cities, compared to . Flood risk data is provided by Risk Factor™, a product of the nonprofit First Street Foundation. Risk Factor™ is a peer reviewed scientific model, designed to approximate flood risk and not intended to include all possible risks of flood. The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.

Our goal is to improve your home ownership experience with better information, tools, and real estate professionals. The information contained in this report has been prepared by The Canadian Real Estate Association, in co-operation with the Vancouver Island Real Estate Board. The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.

On the East Side of Vancouver, the median price per square foot as of December 2021 stood at $896. Specifically, the median price of residential properties in Greater Vancouver rose to $800 per square foot. According to the Real Estate Board of Greater Vancouver, the number of homes sold in their jurisdiction fell by 43% in July 2022 compared to the same month last year.

You may modify your personal information via the account link once you are logged in. At this time, we don't have enough active inventory to generate a distribution. Regardless, the annual real estate cycle usually favours buyers in late summer. Based on Mortgage Sandbox Analysis, Vancouver is at moderate risk of a significant market correction.

Neighborhood Housing Markets

There were 2,313 new listings in April, down 47.9% from the month before. This represents a decline of 59.7% when compared to the same month last year. The number of new listings fell, but there was still more than double the number of sales. Greater Vancouver home sales predictably dropped due to the pandemic… but much more than expected. There were 1,109 sales reported across the board in April, down 56.1% from the month before.

Median sale prices aren’t adjusted for quality and size, but it’s noteworthy considering how quickly they’re falling. The benchmark is a more fair comparison, but tends to be less responsive as a moving multi-month index. Homes for sale in Vancouver, WA have a median listing home price of $475,000. There are 1021 active homes for sale in Vancouver, WA, which spend an average of 54 days on the market.

The North Bay Police Service is currently involved in an active investigation into a homicide which occurred early Saturday morning. The London Police Service Major Crime Section is investigating after a man fell to his death from a downtown London, Ont. apartment building on Saturday morning. Hours later, CTV News London learned the deceased was London Knights forward Abakar Kazbekov.

This represents a decline of 39.4%, when compared to the same month last year. This is the lowest number of sales for the month, going all the way back to 1982. Last month, the Bank of Canada hiked its interest rate to 2.5%, above forecasts by analysts, which squeezes the borrowing capacity of many potential homebuyers.