Infographic: Greater Vancouver Residential Real Estate November 2022

The Greater Vancouver Real Estate Board has released their statistics for the month of November. Despite there being a seasonal lull in market activity, November’s home sale and listing totals fell short of the area’s long-term averages. Although this low level of market activity is normal for this time of year, the two largest factors affecting the market are still interest rates and inflation. In light of the fact that inflation has reached its highest level in 40 years and that interest rates have been sharply increased this year, the Bank of Canada has indicated that they may begin to dampen further rises as they assess how the dynamics of our economy have been affected. This portends good things for the future.


  • As it stands, we sit in a balanced market for all product types, the sales-to-active ratios for townhomes and condos decreased significantly bringing them back to a more balanced market from being in the sellers’ market last month.
  • Sales price as a percent of list price only showed minimal changes across all product types but there was a significant increase in the average days on market for detached homes and townhomes, while condos remained steady.
  • Benchmark pricing saw a month-over-month decrease across all product types, However, prices are close to where it was in November of last year.
  • We anticipate the downward pressure on pricing will continue, especially with the most recent interest rate hike on December 7.

HPI Benchmark Price of Detached Homes

Benchmark prices for detached homes continued to trend downwards for Greater Vancouver, ending at $1,856,800.

Sale Price As a Percent of Original List Price

The average percent of original sale price continues to stabilize following last month’s trend.

Days on Market

Days on market had an increase for both townhomes and detached homes while no changes were seen in condos.

What Are the Sale Prices Of New Homes?

The following values are our opinion of current market revenue figures in two of the most active markets in the Tri-Cities. Prices are expressed as a blended average price per square foot (PSF). All prices reflect a well-executed, well-located project.

Scroll down past our development land update for the rest of the November 2022 statistics in infographics.


  • Once again the Bank of Canada raised its benchmark interest rate by 50 basis points bringing it to 4.25% while maintaining its unwavering dedication to achieving a 2% inflation target and restoring price stability for Canadians. This is impacting lending and buying behaviour across the board.
  • Investors and developers are looking to make an acquisition during this “dip” in the market and are starting to capitalize on the current sentiment of the land market as they seek out opportunities.
  • Although it’s difficult to time the market perfectly, the question arises, are developers able to get within 5% – 10% of the true bottom?

How Hot is the Land Market?

Which segment of Greater Vancouver’s residential development land market was the hottest over the last month? This is our opinion based on the volume of acquisition requests from developers, where multiple offers have been received on our listings, and the terms we’re having to include in offers to beat the competition.


Sales To Active Listings Ratio

Sales to active ratios for townhomes and condos cool down this month, bringing townhomes to a more balanced market along with detached homes. Condos are sitting at 20.8%, keeping them at seller market territory.

HPI Benchmark Prices

The Home Price Index (HPI) measures the price of a benchmark, or typical, property in a given market and is not influenced by the change in composition of properties sold, which can fluctuate quite significantly from month to month. As a result, this metric is a more pure and stable representation of market price change than average or median prices.

Yet again, benchmark pricing saw a month-over-month decrease across all product types. Prices for townhomes and condos remain above those reported in November of last year, however, detached homes dipped below last year’s figure by 1.7%. We anticipate the downward pressure on pricing will continue as interest and inflation rates continue to increase.

Sales • New Listings • Active Listings

Month-over-month the number of new listings decreased across the board for townhomes, condos and detached homes.

November in Quotes

“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.”

  • Real Estate Board of Greater Vancouver

“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.”

  • Andrew Lis, Director of the Real Estate Board of Greater Vancouver

“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’s 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 many people may end up foregoing this year.”

  • Andrew Lis, Director of the Real Estate Board of Greater Vancouver

Further Reading

View the Real Estate Board of Greater Vancouver’s entire stats package for November 2022 here.

Please note: areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.


Sources: Breakside Real Estate Group, New Home Source, Real Estate Board of Greater Vancouver

This representation is based in whole or in part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.

Justin Mitchell

Personal Real Estate Corporation

Founding Partner
Residential Development Land
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