On December 7, 2022, the Bank of Canada announced another interest rate hike, from 4.25% to 4.50%. As rates rise to combat inflation, sales and new listings have seen a sharp decline, which is expected to last until the end of 2022. Despite a 7% decline in sales since last month, there are still opportunities with relatively quick turnover rates to be found.

Mission Real Estate Statistics

The Board processed 839 sales of all property types on its Multiple Listing Service® (MLS®) in November 2022. 33 sales took place in Mission — a 46.8% decrease from November 2021. 30 detached homes were sold in November 2022, compared to 50 in November 2021. The sales of townhomes decreased 40% compared to this month last year, and there were no sales of apartments in Mission for November 2022.

Active listings in Mission for detached homes and townhomes increased by 213.5% and 200% respectively compared to this month last year.

New listings in November 2022 remained the same as October 2022 at 62. 

Sales of all property types in Mission increased by 10% compared to October 2022. 

Mission’s Benchmark Price for detached homes in November 2022 was $941,200, compared to $1,063,600 in November 2021, a decrease of 11.5%. 

The start of a new year is the perfect time to consider your plans for the future, downsizing, or upgrading to a new home. I’d be happy to provide a complimentary market analysis and property evaluation, no strings attached! You can contact me anytime at 604 302 0177. As we reach the end of 2022, I wish you and your family a happy holiday season and a wonderful start to 2023.