On the surface of things, it appears that prices of real estate are dropping however when you look deeper into the numbers it’s not conclusive in every sector of the market. Locally in Campbell River area listing prices are dropping visibly, and listings are priced much closer to the appraised values.
Due to higher interest rates over the last few months, buyers have lost a lot of purchasing power. Today, December 7th, we saw BoC raise interest rates again by 0.5%
Scotiabank mortgage rates today are 6.14% for a 5 year closed mortgage
TD offers special rates of 5.54% for the same product.
Coast Capital Credit Union offers 5.34% rate. I’m not promoting any bank’s mortgages, just sharing what I see on their websites.
Just to give you a little bit of perspective, a mortgage of $400,000 with regular 25year amortization at 2.75% which was the rate last year, would have been a payment of roughly $1800/ month
Today, the same mortgage amount at 6.14% rate will be a $2600 mortgage payment per month.
Quadra Island. In November we saw very little activity, one new listing, one expired listing and one withdrawn. There were no sold listings. Yes, that’s correct there were no properties sold in a whole month.
Cortes Island- saw 2 new listings, 1 sold (pending), one withdrawn, one cancelled, and one expired.
In Campbell River, the benchmark price of a single-family home hit $679,200 in November, up one per cent from the previous year.
Victoria,"November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021," says Victoria Real Estate Board President Karen Dinnie-Smyth. "With a small month over month decrease in price, the autumn market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options."
There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7 per cent compared to the previous month of October but a 138 per cent increase from the 887 active listings for sale at the end of November 2021.
Full report HERE
VANCOUVER, BC – December 2, 2022 – 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
Sales of detached homes in November 2022 reached 486, a 50.8 per cent decrease from the 987 detached sales recorded in November 2021. The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.
The benchmark price for detached properties is $1,856,800. This represents a 1.7 per cent decrease from November 2021 and a 1.9 per cent decrease compared to October 2022.
The benchmark price of an apartment property is $720,500. This represents a 3.5 per cent increase from November 2021 and a 0.9 per cent decrease compared to October 2022.
The benchmark price of an attached unit is $1,027,900. This represents a 2.7 per cent increase from November 2021 and a 1.5 per cent decrease compared to October 2022.
Full report HERE
NANAIMO, BC – Last month, 244 single-family homes sold in the Vancouver Island Real Estate Board (VIREB) area, a 30 per cent decrease from one year ago and down by two per cent from October. There were 54 condo apartment sales in November 2022, a decline of 50 per cent year over year and up by 29 per cent from October. In the row/townhouse category, 46 units changed hands in November, down 52 per cent from one year ago and 10 per cent from October.
City of Calgary, December 1, 2022 - Residential sales in the city slowed to 1,648 units, a year-over-year decline of 22 per cent, but 12 per cent above the 10-year average.
The benchmark price in November slowed to $619,700, down from the high in May of $648,500. While prices have eased over the past several months, they continue to remain nearly 11 per cent higher than levels reported last year.
The benchmark price for Semi Detached reached $562,800, Row homes- $358,700, Apartments- $277,000
Full report HERE
TORONTO, ONTARIO, December 6, 2022 – Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were down markedly compared to the same period last year, following the trend that unfolded since the commencement of interest rate hikes in the spring. New listings were also down substantially from last year, and at a very low level historically. The fact that the supply of homes for sale has remained low, has supported average selling prices at the $1.08 to $1.09 million mark since August.
Greater Toronto Area (GTA) REALTORS® reported 4,544 sales through TRREB’s MLS® System in November 2022 – down 49 per cent compared to November 2021, but remaining at a similar level to October especially after considering the recurring seasonal downward trend in the fall. New listings, at 8,880, were down on both a year-over-year basis and month-over-month basis.
The MLS® Home Price Index Composite Benchmark was down by 5.5 per cent year-over-year in November 2022. The average selling price for all home types combined was down by 7.2 per cent yearover-year. Annual price declines continued to be greater for more expensive market segments, including detached and semi-detached houses.
Full report HERE