A House Price Survey was just released by Royal LePage. According to its regional summaries, the aggregate price of a home in Greater Vancouver increased 2.4 per cent year over-year to $1,250,200 in the third quarter of 2022. On a quarterly basis, the aggregate price of a home in the region decreased 4.7 per cent; the second consecutive quarterly decline recorded.
Broken out by housing type, the median price of a single-family detached home increased 3.6 per cent year-over-year to $1,710,600, while the median price of a condominium increased 7.0 per cent to $745,900 during the same period.
“Despite softening prices, many buyers continue to wait cautiously on the sidelines as they reassess their budgets and anticipate potential further price decreases. Real estate activity in Greater Vancouver remains well below the levels witnessed during the pandemic boom,” said Randy Ryalls, general manager, Royal LePage Sterling Realty.
Ryalls believes the majority of the price correction has already occurred and expects prices to flatten out through the remainder of 2022.
“The supply and demand fundamentals of the market continue to hold true; inventory is remarkably low, while demand for housing due to immigration and interprovincial migration remains healthy, even if temporarily on hold. New listings are not flooding the market; an indication that sellers are also holding off and trying to gauge the best time to list.”
In the city of Vancouver, the aggregate price of a home increased 4.1 per cent year-over-year to $1,381,500 in the third quarter of 2022. During the same period, the median price of a single family detached home increased 3.2 per cent to $2,477,100, while the median price of a condominium increased 4.0 per cent to $797,200.
“Consumer confidence and buyer behaviour have a huge impact on the market. With significantly less competition than we saw earlier this year, buyers are taking their time. When they do make an offer, they are not afraid to include conditions and offer below the asking price, even in multiple-offer scenarios – which do still occur, although with much less frequency,” said Ryalls.
Ryalls expects that dampened activity will persist through the winter months and anticipates inventory will shrink significantly in the fourth quarter and heading into the new year.
Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will decrease 0.5 per cent in the fourth quarter of 2022, compared to the same quarter last year. The previous forecast has been revised downward to reflect current market conditions.
Scroll the pdf below to view the national Royal LePage House Price Survey:
JuneConway3Q OCT SUSSEX Review Survey (1)