{"id":802,"date":"2022-02-10T21:56:41","date_gmt":"2022-02-11T02:56:41","guid":{"rendered":"http:\/\/www.juliafreeman.ca\/blog\/?p=802"},"modified":"2023-03-28T14:56:17","modified_gmt":"2023-03-28T18:56:17","slug":"your-local-real-estate-market-%f0%9f%93%88","status":"publish","type":"post","link":"https:\/\/www.juliafreeman.ca\/blog\/2022\/02\/your-local-real-estate-market-%f0%9f%93%88\/","title":{"rendered":"Your Local Real Estate Market \ud83d\udcc8"},"content":{"rendered":"\n\n\n
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The British Columbia Real Estate Association (BCREA) released its 2022 First Quarter Housing Forecast Update. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province are forecast to decline 17 per cent from a record high 2021 to 103,250 units this year. In 2023 MLS\u00aeresidential sales are forecast to fall an additional 12 per cent to 90,200 units.<\/p>\n

\u201cWe expected home sales in 2022 do moderate from the frenetic pace of 2021,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cHowever, sales activity will remain high by historical standards.\u201d<\/p>\n

The BC housing market is entering 2022 with the lowest level of active listings on record and significant demand-side momentum. That means strong sales should persist through the first few months of the year and supply will remain severely limited. As a result, continued upward pressure on home prices is expected in all markets.<\/strong><\/p>\n

As a result,\u00a0home prices are expected to rise by 8.5 per cent in 2022 with much of that gain happening in the first half of the year.<\/strong>\u00a0With sales activity normalizing in 2023 and inventories rebuilding, market conditions around the province should improve and price growth is anticipated to slow to 2.7 per cent.<\/p>\n

Credit\u00a0BCREA<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Low supply keeps upward pressure on home prices across Metro\u00a0Vancouver\u2019s housing market<\/h2>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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The first month of 2022 saw home sales come down\u00a0from last year\u2019s\u00a0record-setting pace, while low supply continued to cause home prices to edge higher across Metro Vancouver.<\/p>\n

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,285 in January 2022, a 4.4 per cent decrease from the 2,389 sales recorded in January 2021, and a 15 per cent decrease from the 2,688 homes sold in December 2021.<\/p>\n

Last month\u2019s sales were\u00a025.3 per cent above the 10-year January sales average.<\/strong><\/p>\n

\u201cOur listing inventory on MLS\u00ae is less than half of what would be optimal to begin the year.<\/strong>\u00a0As\u00a0a result, hopeful home buyers have limited choice in the market\u00a0today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,\u201d Keith\u00a0Stewart, REBGV economist said.<\/p>\n

The total number of homes currently listed for sale on the MLS\u00ae system in Metro Vancouver is 5,663, a 31.8 per cent decrease compared to January 2021 (8,306) and an 8.2 per cent increase compared to December 2021 (5,236).<\/p>\n

\u201cAs we approach spring, we\u2019ll keep a close eye on the impact\u00a0of rising interest rates on\u00a0buyers\u2019\u00a0willingness to buy and on whether more home owners will\u00a0opt to become sellers in what\u2019s traditionally the busiest season of the year,\u201d Stewart said. \u201cWith home prices reaching new highs\u00a0in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those\u00a0struggling to buy a home\u00a0today.\u201d<\/p>\n

For all property types,\u00a0the sales-to-active listings ratio for January 2022 is 40.3 per cent.\u00a0<\/strong>By property type, the ratio is 28 per cent for detached homes, 51.6 per cent for townhomes, and 49.7 per cent for apartments.\u00a0Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.<\/p>\n

Credit:\u00a0REBGV<\/a><\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The British Columbia Real Estate Association (BCREA) released its 2022 First Quarter Housing Forecast Update. Multiple Listing Service\u00ae (MLS\u00ae) residential sales in the province are forecast to decline 17 per … [read more<\/a>]<\/p>\n","protected":false},"author":2,"featured_media":805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,7],"tags":[],"_links":{"self":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/802"}],"collection":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/comments?post=802"}],"version-history":[{"count":1,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/802\/revisions"}],"predecessor-version":[{"id":804,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/posts\/802\/revisions\/804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media\/805"}],"wp:attachment":[{"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/media?parent=802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/categories?post=802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.juliafreeman.ca\/blog\/wp-json\/wp\/v2\/tags?post=802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}