December 2022 Greater Vancouver Real Estate Market Insights
Welcome to the January 2023 episode of the Presale Pulse, a real estate show brought to you by hosts Ryan Lalonde and Suzana Goncalves. Watch the video to understand the latest macroeconomics, pre-sale, and resale trends over the last 30 days affecting the local real estate market across Metro Vancouver and the Fraser Valley.
"As expected, December inventory levels were down, allowing for a solid same-month sales absorption. All eyes will be on Lunar New Year Incentives as programs aim to hit pre-sale requirements and new programs test market depth on larger scale projects. These incentives started in December and will likely run until mid-February, allowing programs to maximize effectiveness and results." - Suzana Goncalves, Executive Vice President, Sales and Marketing
This episode covers the following:
- The explosive Canadian December Job Growth data fueling speculation of the Bank of Canada's following rate announcement on January 25th (00:42)
- December's modest pre-sale performance within Metro Vancouver's market (2:40)
- The relatively strong performance of 2022's pre-sale market with total projects launched, units released and absorption rates (2:58)
- December's resale activity and how it fell 37% below the 10-year average (5:14)
- Perspective on 2022's annual resale results with just over 28,000 transactions in comparison to other significant years in recent history (5:46)
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