Here’s your December 2022 market update along with a synopsis of 2022!
December is generally a calm month in real estate with the holidays and that reflected in sales and new listings. New listings were down 52.8% from November while sales were only down 14.7%. 2022 wasn’t a calm year though - a complete roller coaster.
From January to March, prices of homes peaked to numbers we’ve never seen before. It was absolutely crazy. So that’s when we saw the Bank of Canada jump in with their 1st interest rate hike in March.
As the year we went on, we saw more and more interest rate hikes and the market cooling off along with it. That reflected in the prices.
From the peak in March, detached homes dropped by 22.5%, townhomes dropped by 15.5% and condos dropped by 14.2%.
If we compare prices from December 2021 to December 2022, the change isn’t as dramatic: detached homes dropped by 11.3%, townhomes dropped by 1.6% and condos dropped by 0.4%.
It’s important that buyers and sellers are well informed so that they can plan and make their future decisions accordingly. For more information, you can always contact us! PJ @ 604-725-1258 | Razaik @ 604-537-8447