{"id":1250,"date":"2022-12-07T18:19:30","date_gmt":"2022-12-07T23:19:30","guid":{"rendered":"https:\/\/www.kanavero.com\/blog\/?p=1250"},"modified":"2022-12-07T18:33:02","modified_gmt":"2022-12-07T23:33:02","slug":"real-estate-market-report-november-2022","status":"publish","type":"post","link":"https:\/\/www.kanavero.com\/blog\/2022\/12\/real-estate-market-report-november-2022\/","title":{"rendered":"Real Estate Market Report \u2013 November 2022"},"content":{"rendered":"<p><a href=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.11.55-PM.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1251\" src=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.11.55-PM.png\" alt=\"\" width=\"712\" height=\"104\" srcset=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.11.55-PM.png 712w, https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.11.55-PM-300x44.png 300w\" sizes=\"(max-width: 712px) 100vw, 712px\" \/><\/a><\/p>\n<h6 style=\"text-align: left;\"><span class=\"JsGRdQ\">NOVEMBER AT A GLANCE<\/span><\/h6>\n<h2><strong><span class=\"JsGRdQ\">The Bank of Canada may choose to act more forcefully to bring inflation back toward target levels<\/span><\/strong><\/h2>\n<p class=\"_04xlpA direction-ltr align-start para-style-body\"><span class=\"JsGRdQ\">While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region\u2019s long-term averages.<\/span><\/p>\n<p class=\"_04xlpA direction-ltr align-start para-style-body\"><span class=\"JsGRdQ\">The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,614 in November 2022, a 52.9 per cent decrease from the 3,428 sales recorded in November 2021, and a 15.2 per cent decrease from the 1,903 homes sold in October 2022.<\/span><\/p>\n<p class=\"_04xlpA direction-ltr align-start para-style-body\"><span class=\"JsGRdQ\">Last month\u2019s sales were 36.9 per cent below the 10-year November sales average.<\/span><\/p>\n<p><a href=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.16.06-PM.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1252\" src=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.16.06-PM.png\" alt=\"\" width=\"757\" height=\"367\" srcset=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.16.06-PM.png 757w, https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.16.06-PM-300x145.png 300w\" sizes=\"(max-width: 757px) 100vw, 757px\" \/><\/a><\/p>\n<p><span class=\"JsGRdQ\">&#8220;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\u2019s 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.&#8221; Andrew Lis, REBGV Director, Economics and Data Analytics.<\/span><\/p>\n<p><a href=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.17.27-PM.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1253\" src=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.17.27-PM.png\" alt=\"\" width=\"757\" height=\"591\" srcset=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.17.27-PM.png 757w, https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.17.27-PM-300x234.png 300w\" sizes=\"(max-width: 757px) 100vw, 757px\" \/><\/a><\/p>\n<p><span class=\"JsGRdQ\">\u201cHeading into 2023, the market continues the trend of shifting toward historical averages and typical seasonal norms,\u201d Lis said. \u201cWhether these trends continue will depend on looming economic factors and forthcoming housing policy measures on the horizon, which hold the potential to reignite uncertainty in our market. \u201cWith that said, from a long-term structural standpoint, the current pace of listings and available inventory remain relatively tight when considered against a backdrop of continued in-migration to the province. With the recently announced increase in federal immigration targets, the state of available supply in our market remains one demand surge away from renewed price escalation, despite the inflationary environment and elevated mortgage rates.\u201d<\/span><\/p>\n<p><a href=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.19.13-PM.png\"><img loading=\"lazy\" class=\"alignnone size-full wp-image-1254\" src=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-07-at-3.19.13-PM.png\" alt=\"\" width=\"267\" height=\"146\" \/><\/a><\/p>\n<div style=\"width: 700px;\" class=\"wp-video\"><!--[if lt IE 9]><script>document.createElement('video');<\/script><![endif]-->\n<video class=\"wp-video-shortcode\" id=\"video-1250-1\" width=\"700\" height=\"1244\" preload=\"metadata\" controls=\"controls\"><source type=\"video\/mp4\" src=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Nov-Update-Insta-story.mp4?_=1\" \/><a href=\"https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Nov-Update-Insta-story.mp4\">https:\/\/www.kanavero.com\/blog\/wp-content\/uploads\/2022\/12\/Nov-Update-Insta-story.mp4<\/a><\/video><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NOVEMBER AT A GLANCE The Bank of Canada may choose to act more forcefully to bring inflation back toward target levels While typically a quiet month of market activity based &hellip; [<a href=\"https:\/\/www.kanavero.com\/blog\/2022\/12\/real-estate-market-report-november-2022\/\">read more<\/a>]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/posts\/1250"}],"collection":[{"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/comments?post=1250"}],"version-history":[{"count":11,"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/posts\/1250\/revisions"}],"predecessor-version":[{"id":1266,"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/posts\/1250\/revisions\/1266"}],"wp:attachment":[{"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/media?parent=1250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/categories?post=1250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kanavero.com\/blog\/wp-json\/wp\/v2\/tags?post=1250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}