This is your Real Estate Market update by Coquitlam Realtor® Krista Lapp for sales in December 2022 for Greater Vancouver. Cites included in Greater Vancouver are: Coquitlam, Port Moody, Port Coquitlam, New Westminster, Burnaby, Pitt Meadows and Maple Ridge.
During the month of December, 28 percent of properties sold, which means it’s a Sellers Market. Total sales for December 2022 were 483 which is 53 percent less from last year and an 18 percent decrease from the previous month. The Median Sales Price for a home in Greater Vancouver was $1,050,000 which is a 8 percent decrease from last year, and a 2 percent decrease from the previous month.
The total active listings last month was 1,723 which is an 80 percent increase from last year, and a 29 percent decrease from the previous month.
For detached homes throughout Greater Vancouver, it took on average 21 days to sell which is up 6 days from the previous month.
For attached properties which includes condos, townhomes and duplexes it took 20 days to sell which is up 6 days from the previous month.
During December, there continued to be pressure on price with another interest rate increase. A lot of buyers are still sitting on the sidelines waiting to see if prices have hit their lowest. As we progress through this month, move inventory will come on the market and we are looking for buyer confidence to come back.
New for 2023 are a few changes to legislation which include a ban on foreign buyers purchases as well as the implementation of the Home Buyers Rescission Period which allows buyers to have 3 day right of rescission to walk away from a contract.
If you have any questions about the market, real estate and new changes for 2023, feel free to reach out to me directly.
Krista Lapp is a Licensed REALTOR® based in Coquitlam and living in Burke Mountain.
Creating valuable relationships and happy clients has always been at the heart of Krista’s beliefs. With over 25 years of sales experience and being a successful entrepreneur, her level of professionalism, customer service, sales & marketing and integrity always result in exceptional client satisfaction.
With 106 sales in 2021, Krista qualified as a President’s Medallion Club Member which recognizes the Top 1% of Real Estate Agents for sales out of over 14,000 in Greater Vancouver. In 2022, her team was #1 in ALL of Canada for dollar volume of sales with Keller Williams for Team Category, with over $118,000,000 in closed Sales Volume. She is also in the Top 1% for sales at her brokerage Keller Williams Elite Realty.
Krista has been rated the #1 Coquitlam Real Estate Agent in 2019-2022, as well as one of the Top 100 Real Estate Agents in Canada for 2021 and 2022. RATE MY AGENT
Krista provides Real Estate services in Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows, Maple Ridge, Langley and the Greater Vancouver area.