Market Update - December 2022

Well, that’s a wrap on 2022!

From the market reaching its peak in March/ April, to watching the effects of 7(!) interest rate hikes on the housing industry, it’s safe to say that 2022 was a roller coaster ride for the books.

2022 brought us a much calmer market, where people didn’t have to stress about whether they would be successful in obtaining a home in time. The return of subjects in purchase offers gave additional peace of mind and allowed everyone to take a bit of time during the buying and selling process.

As for December stats, we saw sales and new listings decline, both year over year and compared to November 2022. While it’s not uncommon for sales to slow down during the holidays, this past December was the lowest sales record for the month in the last 10 years.

2022 saw both buyers and sellers adopt a “wait and see” approach, as they kept an eye on interest rates and the effects on the market. This resulted in fewer listings and fewer sales.

However, the market is starting to adjust to the rate hikes, and activity from both buyers and sellers is anticipated to pick up in the coming months as pent-up demand begins to emerge.

While many areas remain a seller’s market, I’ve identified some areas where you can stretch your money a bit further right now.

Buyer best bets:

👉Detached homes in South Surrey/ White Rock

👉Detached homes in Brookswood

👉Detached homes in Cloverdale

👉 Strata homes in Grandview and White Rock

👉Strata homes in Murrayville