{"id":20604,"date":"2022-12-13T09:00:00","date_gmt":"2022-12-13T14:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=20604"},"modified":"2022-12-12T16:16:45","modified_gmt":"2022-12-12T21:16:45","slug":"rebgv-november-2022","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/rebgv-november-2022\/","title":{"rendered":"Vancouver Sales Below the 10 Year Average as \u201cLooming Economic Factors\u201d Persist: REBGV"},"content":{"rendered":"\n

Real estate markets in and around Vancouver<\/a> have had a quiet November as the volume of sales and new listings are trending below the seasonal norms, according to the most recent data from the Real Estate Board of Greater Vancouver (REGVB)<\/a>. There were 1,614 sales in November, down almost 53% year-over-year from last November\u2019s sales volume of 3,428 and nearly 37% below the 10 year November average.<\/p>\n\n\n\n

Downward Pressure Caused by Rate Hikes is Still Strong<\/h2>\n\n\n\n

This year to date, Canadians have been hit with seven rate hikes since March in the Bank\u2019s bid to tackle inflation, and housing markets have felt the heat with each increase to the overnight lending rate. Month-over-month, sales were down 15.2% to just 1,614 in November. With a seventh rate hike of 50 basis points announced last week, Andrew Lis, REBGV director, believes the quiet winter is likely to continue. Prior to the announcement, he said: \u201cWhile it\u2019s 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.\u201d<\/p>\n\n\n\n