MARKET SUMMARY - VANCOUVER REAL ESTATE, DECEMBER 2021
SELLER’S MARKET
“We begin 2022 with just over 5000 homes for sale…this is the lowest we’ve seen in more then 30 years.”
- Keith Stewart, REBGV economist.
Highlights
2,688 units sold, 33.4% above the 10 year sales average
1,945 units (all types) new listings, 19.3% DECREASE YOY, 50.9% DECREASE MoM
5,236 total units listed - 37.7% DECREASE YOY, and 26.7% DECREASE MoM
51.3% sales-to-active listings ratio across all property types
Notes & Forecast
BOC rate announcement is Jan 26 - likely rate increase to stem inflation, however, with borrowing where it is and economic interruption from the latest covid variant - strong possibility the BOC may decide to wait.
Inventory at historical lows - any increase in inventory will reduce sales pressure.
Slow growth through first quarter.
“The Canadian labour market added 55k positions in December, and was well above the consensus call for a gain of 25k position. Full-time (+123k) employment drove the increase in December, while part-time (-68k) employment fell on the months…Hopefully, the impact of Omicron will be short-lived, allowing the labour market to recover quickly in coming months.” - Sri Thanabalasingam, Senior Economist, TD Bank
*** Speculation tax will also apply to properties with rental restrictions in 2022.
