It was beginning to look a little more festive around the region last month; colourful lights started to pop up, snow began to fall, and home sales – in typical seasonal fashion – also began to relax as we ease further toward the holiday season.
Andrew Lis, Director of Economics and Data Analysis at the Real Estate Board of Greater Vancouver (REBGV) commented on last month’s market activity, sharing that “With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels. While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 7 rate announcement to be yet another increase, making holiday-season home purchases something people may end up foregoing this year.”
Housing Market at a Glance
Last month, the REBGV reported that home sales in the region totalled 1,614. This figure came in at less than half (-52.9%) of the sales recorded in the same month back in 2021 (3,428). When compared to one month prior in October, sales dipped during that time by 15.2% – down from 1,903.