MARKET QUICK LINKS: Toronto | Calgary | Edmonton | Vancouver
A LOOK BACK in 2022 and AHEAD in 2023
Interest rate hikes have undeniably eased a few scorching hot Canadian seller’s markets (which was needed). Unfortunately, though, we’ve also seen record declines in total sales month-over-month and, in some cases, close to the lowest posted sales numbers in 6 years.
Since January 2022, the Bank of Canada policy rate experienced 7 different rate hikes, taking us from 0.25 in January to 4.25 in December 2022. The rate announcement is scheduled for January 25th, 2023.
For a deeper dive into the numbers for each of Canada’s 4 major markets, click below and check out these videos.
Toronto | Calgary | Edmonton | Vancouver
What can we expect in the coming months of 2023?
I believe we will see inventory levels rise across the board giving buyers more choices – which should, in turn, result in increased sales. This coupled with some time that elapsed helping buyers and sellers climatize to the current interest rate, should pave the way for a balanced market or bordering on a buyer’s market in some cases.
Predictions are tough but there’s one thing that is clear. The numbers all markets experienced in 2020 and 2021 have come to an end (at least for now). However, this doesn’t mean your business has to decline – it simply means you need to know exactly what works and do more of it to maintain or gain your piece of a smaller pie.
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TORONTO, ON
Click here to download Toronto’s 2022 Recap market slides.
The Toronto Regional Real Estate Board is reporting a substantial -31.4% decrease in month-over-month sales for December 2022. The average price also slipped -2.6% and now sits at $1,051,216, respectively. TRREB is reporting its fourth consecutive month of declining sales and its second consecutive month of declining average price.
Other TRREB Highlights:
Total sales from January to June (Q1 & Q2) totalled 47,453, falling a staggering -32.47% from the same time period a year prior. Total sales from July to December 2022 (Q3 & Q4) totalled 28,199, falling from 51,863 from Q3 & Q4 totals in 2021, a -45.63% decrease.
Year-over-year, the average price fell by -9.21% in December 2022 to $1,051,216 from $1,157,849 in December 2021.
CALGARY, AB
Click here to download Calgary’s 2022 Recap market slides.
The Calgary Real Estate Board is reporting a -26.9% decrease in month-over-month sales for December 2022. The average price, however, rose marginally by 1% in the same time period and now sits at $495,231, respectively. CREB is reporting its ninth consecutive month of declining sales and but average price remains a bright spot in the area.
Other CREB Highlights:
Total sales from January to June (Q1 & Q2) totalled 18,735 while total sales from the same time period a year prior totalled 15,060. Total sales from July to December 2022 (Q3 & Q4) totalled 11,000, falling from 12,665 from Q3 & Q4 totals in 2021.
Unlike every other market in this Q4 update, year-over-year, the average price increased by 3.61% in December 2022 to $495,231 from $477,977 in December 2021.
EDMONTON, AB
Click here to download Edmonton’s 2022 Recap market slides.
The REALTOR® Association of Edmonton is reporting a large -22.3% decrease in month-over-month sales for December 2022. The average price also slipped slightly by 2% and now sits at $361,172, respectively. RAE is reporting its ninth consecutive month of declining sales but just its second consecutive month of declining average price.
Other RAE Highlights:
Total sales from January to June (Q1 & Q2) totalled 15,249 while total sales from the same time period a year prior totalled 13,551. Total sales from July to December 2022 (Q3 & Q4) totalled 9,061, falling from 11,155 from Q3 & Q4 totals in 2021.
Year-over-year, the average price fell by -5.42% in December 2022 to $361,172 from $381,868 in December 2021.
VANCOUVER, BC
Click here to download Vancouver’s 2022 Recap market slides.
The Real Estate Board of Greater Vancouver is reporting a steep -19.8% decrease in month-over-month sales for December 2022. The benchmark price remained almost neutral but fell by -1.5% and now sits at $1,114,300, respectively. Despite an increase in month-over-month sales in October, REBGV sales have consistently been trending downward since March 2022, seeing nearly 9 consecutive months of decreasing sales. REBGV is reporting its eighth consecutive month of declining benchmark price, beginning its fall in May 2022.
Other REBGV Highlights:
Total sales from January to June (Q1 & Q2) totalled 18,647 while total sales from the same time period a year prior totalled 24,752. Total sales from July to December 2022 (Q3 & Q4) totalled 10,256, falling from 19,237 from Q3 & Q4 totals in 2021.
Year-over-year, the benchmark price fell -9.42% in December 2022 to $1,114,300 from $1,230,200 in December 2021.
Take Action
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Until next time, remember…it’s a beautiful life, make it count.
Richard Robbins
CEO