BC Real Estate Sales Stats - April 2022

Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for April 2022. Our goal is to help you compare and easily understand the changes in the real estate market.

We do our best to transfer all data to one comparable variable. However, some boards measure in benchmark and others by average. Average prices are taken by adding the total dollar amount of sales for the month and dividing it by the number of houses sold. The average sale price can sometimes be misleading if there are outlier houses, such as significantly higher-priced homes or lower-priced houses.

A benchmark price is based on the predicted value of houses in a general neighbourhood or community. Several factors, such as the number of bedrooms and bathrooms, square footage, and house age, contribute to the benchmark price. These factors are given a value; then, they are entered into a formula to determine the benchmark price.

Vancouver Island Real Estate Stats

In April 2022, 507 single-family homes were sold, a 12.6 % decrease from last year's same month, which saw 580 sales (April 2021). April also saw a decline of 14 sales from the prior month of March. For April, the Average Sale Price was $886,229, a 21.4% increase from the previous year.

VIREB's May 2nd Press Release mentions that real estate prices have increased with record-low inventory, historically low mortgage rates, and changes in people's lifestyles due to the pandemic. However, the demand is not equal across the region. Instead, REALTORS® are seeing micro-markets, where the activity is heightened and "favour particular price points and property types within an area." ¹

Individuals between the age of 30 - 39 are entering the real estate market, and it is the largest contingent of this age group seen in the country since the 1970s. VIREB said in many cases, that intergenerational wealth is helping many "get onto or climb the property ladder," ¹ which is placing more pressure on property prices and supply.

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) reported 403 single-family detached home sales in April 2022, a 28.6% decrease from the 564 sold in April 2021 and 2.1% less than the 412 sold in March 2022. The Average Sale Price increased 25.7% from the previous year, with $1,432,298 being the April 2022 average. Slightly more than the March 2022 average of $1,426,628.

Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated that April often peaks in the real estate market due to spring. However, this April had "notably lower sales compared to April last year." ² With a continued low supply of houses, we see multiple offer scenarios for lower-priced homes. Although demand seems to be slightly cooling off, the fact is that we still need more supply to balance the housing market.

Fraser Valley Real Estate Stats

For April 2022, the Fraser Valley saw sales of 550 single-family homes, a 56.5% decrease from the 1,264 homes sold the previous year and a 41% decrease from the prior month of March (932 single-family sales). The Average Sale Price in the Fraser Valley has seen a 22.3% increase from $1,411,522 in April 2021 to $1,726,506 in April 2022.

The Fraser Valley Real Estate Boards May 3rd News Release said April sales dropped more than 35% compared to the previous month. Furthermore, this April marked the "first time monthly sales have fallen below the ten-year average since June 2020" ³. Generally, activity is heightened during the spring and FVREB President, Sandra Benz, says it's too early to tell if this trend will continue. Still, the slowing of sales "combined with an increase of active listings is helping restore a semblance of balance" ³ to the region's real estate market.

Greater Vancouver Real Estate Stats

Greater Vancouver reported 962 single-family sales in April, a 41.9% decrease from the year before (1,655) and a 25.5% decrease from the previous month of March. April's benchmark price for single-family homes is $2,139,200, a 20.8% increase from April 2021's benchmark.

For April, the Greater Vancouver region saw sales cool down and follow more typical levels seen in the past. Chair of the REBGV, Daniel John, said that the return of more traditional home sales allows home buyers "more time to make decisions, secure financing and perform other due diligence" ⁴ instead of rushing into a contract with fear of losing out.

Chilliwack & District Real Estate Stats

Chilliwack saw 290 single-family sales this April, a 48.2% decrease from last April's sales. However, April saw an increase of 111 sales compared to the previous month of March. In April 2022, the Average Sale Price was $895,165, a 19.5% increase from last year's average sale price of $749,092.

Like other boards across the province, in Chilliwack, sales cooled off slightly in April and were below the average typically seen in April. Listings are coming on at a healthy level, restoring some balance to the market. After a continuous red-hot market, it is a breath of fresh air for buyers. The remainder of the year will be interesting to watch and see what that market does and if this "beginning of a moderation is "due to rising interest rates." ⁵

BC Interior Real Estate Stats

Residential sales in April 2022 were 1,708, a 31.9% decrease from last April. Throughout the Interior, sales showed signs of slowing "down after more than a year of historical high sales." ⁶ President of the Board Lyndi Cruickshank states it's important to acknowledge that each month yielded record highs for most of last year. Therefore saying this April saw sales were down doesn't "mean they are low they are just lower in comparison to a time of unusual real estate market activity." ⁶ There is hope that the market is beginning to balance itself out after a solid first quarter to 2022. 

Powell River & Sunshine Coast Real Estate Stats

Powell River Sunshine Coast recorded 30 sales in April 2022, a 40% decrease from April 2021 (20 sales) and a decrease from February, which saw 36 sales. The average sale price was $828,000, a 49.6% increase from April 2021.

The Sunshine Coast reported sales are slightly below the average seen this time of year. A continuous volume of new supply has kept the market “from going back to rock-bottom inventory levels.” ⁷

President Neil Frost mentioned with increased interest rates, and if sales remain stable over the rest of 2022, Frost believes the market will “likely shift away from being historically tight to more balanced.” ⁷ However, prices continue to rise, and April 2022 set a new record high.

Northern BC Real Estate Stats

British Columbia Northern Real Estate Board reported 415 sales in April 2022, a 21.7% decrease from the prior year, which saw 530 sales and a reduction of 63 sales from March 2022. The Average Sale Price in Northern BC reached $445,951 in April 2022, increasing 9.7% from last year's same month.

Although this Aprils sales levels are well below last year, they are still above the average customarily seen this time of year. The Boards President Wynnette Lowes states demand is still well above supply, and the "overall inventories are still getting lower each month." ⁸