Despite hitting a record-low in Q3-2022, Vancouver’s new home sales rate for the year was only seven percent below the 10-year average.
A total of 14,447 new home sales were recorded in the Metro Vancouver area in 2022 – many of which took place in the fourth quarter, when sales activity started inching back up.
Much of the sales activity in Q4-2022 came from concrete condominium launches that offered longer completion times and more incentives for buyers. Several project launches were able to attract investors that were previously on the sidelines.
By the end of 2022, the average price for a concrete condominium project was $1,337,955 in Metro Vancouver, though prices outside of the metro varied by location. Concrete projects located north of the Fraser River averaged out at $1,085,782, while locations south of the Fraser had an average price of $1,961,825.
By the end of 2022, the North of the Fraser region held 89 per cent of the total standing inventory in Metro Vancouver.