At Oakwyn we’re always wanting to present the facts in an engaging way. Every month, one of our agents will unpick current market statistics from the Real Estate Board of Greater Vancouver to help you understand what’s going on in the real estate market and what you should be looking out for.
December’s statistics report comes straight from Adam Chahl. You can read up on December’s insights below to stay up to date on another big month for the market.
A 2021 Recap
2021 saw 43,999 sales, which is a 42% increase in the number of sales from 2020. Compared to 2015 – which was the previous record year – last year’s sales numbers were 33.4% higher. We saw the most listings and sales in the Vancouver area of all time during 2021.
Adam also looked at the average number of listings last year, and the average number of listings was 11% higher than the 10-year average. Now, with the sales being the highest number of all time and the listings 11% above the average, Adam asks: Do we really have an inventory problem or is the problem on the demand side? Adam suggests we could be seeing less of an inventory problem and more of a demand problem and asks what will our government do to address this.
What to Watch for 2022
There are two things Adam is mainly watching: the first one is when are these interest rate hikes going to happen and what effect is that going to have on the demand side? Secondly, is the “spring market” – which is typically when people think is a good time to sell their home – going to bring more inventory into the fray, or are people still going to sit on the sidelines because the home, the townhouse, the house they want to buy is so much more expensive than it was last year? Only time will tell.
Get in Touch!
Work with your Oakwyn agent, work with your trusted real estate advisor, and come up with a plan that makes sense for you in 2022 if you’re thinking about making a move.