On Wednesday, March 15, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of February 2023. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members:
We’ve been wondering for a few months whether—and to what extent—2023 would be a recovery year for housing markets following a steep drop-off in 2022, albeit from a lofty start.
Total population closing in on 40 million as Canada remains fastest-growing G7 country: StatsCan
Canada’s population grew by 1 million in 2022: StatsCan
New Statistics Canada figures show the country added more than one million new people in 2022 — the biggest one-year population spike since 1957. But while a growing population brings new energy and ideas, it comes as Canada struggles with a serious housing crisis.
February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s* housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.
Based on recent developments and trends, British Columbia’s housing market is expected to experience a “strong recovery” in 2024, according to the BC Real Estate Association’s (BCREA) forecast update released today.
But before that recovery happens, the pronounced slump that began in 2022 will continue well into 2023, with total home sales across the province expected to fall 7.1% this year to 75,150 units . Such home sales volumes would be higher than in 2018 and 2019.
The average home price will also fall by 7% to $925,500 in 2023 compared to 2022.
Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.
Last month’s sales were 42.9 per cent below the 10-year January sales average.
More people moving to the Tri-Cities will live in 500 sq-ft. studios or junior one-bedrooms in new condos across Coquitlam and Port Moody.
A housing form called junior one-bedroom is becoming more common in new Tri-Cities developments.
Also known as a studio apartment, micro condo or compact housing, these homes can be 500 sq. ft. or less.
B.C.’s hot markets have already cooled due to rising interest rates and the foreign-buyers tax has already deterred a number of foreign purchases
Author of the article: Derrick Penner Published Jan 02, 2023
Canada’s temporary ban on foreign purchases of residential real estate sends the world a mixed message just as this country is ramping up immigration, but few B.C. experts expect it to have a major effect in this province.
“The message it sends broadly is that we’re not open for business,” said realtor Adil Dinani, who is with the Dinani Group, Real Estate Advisors.
After seeing record sales and prices during the pandemic, Metro Vancouver’s* housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020.
After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.
Here’s a summary of the December 2022 housing market statistics.
While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.
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.
Last month’s sales were 36.9 per cent below the 10-year November sales average.