BC Real Estate Sales Stats - August 2022

Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for August 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 August 2022, 307 single-family homes were sold, a 32.8% decrease from last year's same month, which saw 457 sales (August 2021). August also saw an increase of 12 sales from the prior month of July. For August, the Average Sale Price was $816,032, a 7.4% increase from the previous year.

VIREB's September 1st Press Release said August saw increased inventory while sales were down, which is expected in the summer. The market calming down allowed buyers to "catch their breath after the frenetic pace1 the housing market has experienced since 2020. Sellers may have to change their expectations to align with the changing market demand.

Even with demand cooling down, housing supply is still a considerable issue experienced province-wide. According to Kavanaugh, we're dealing with "decades of insufficient supply, and that's not a quick fix" 1.

                                Unit Sales            

Average Sale Price

Aug-22 Jul-22 Aug-21 % Change Aug-22 Jul-22 Aug-21 % Change
Campbell River 28 27 54 - 48.15 % $ 698,071 $ 725,107 $ 686,417 1.70 %
Comox Valley 56 46 67 - 16.42 % $ 877,285 $ 851,510 $ 854,785 2.63 %
Cowichan Valley 59 55 68 - 13.24 % $ 774,487 $ 829,943 $ 770,839 0.47 %
Nanaimo 72 81 129 - 44.19 % $ 881,254 $ 878,302 $ 765,884 15.06 %
Parksville/Qualicum 51 53 78 - 34.62 % $ 899,337 $ 944,421 $ 858,405 4.77 %
Port Alberni/West Coast 25 19 40 - 37.50 % $ 720,980 $ 629,145 $ 614,255 17.37 %
Vancouver Island 307  295 457   - 32.82 % $ 816,032 $ 834,173 $ 759,820 7.40 %

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) reported 249 single-family detached home sales in August 2022, a 30.3% decrease from the 357 sold in August 2021 and 2% less than the 254 sold in July 2022. The Average Sale Price increased 4.3% from the previous year, with $1,222,627 being the July 2022 average but slightly less than the August 2022 average of $1,274,982.

Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated that typically August is a slower month for real estate, which was true this year. Inventory is on the rise, and a market that favoured sellers for some time is slowly changing. The market is gradually returning to a more balanced market, says the Board's President.

                               Unit Sales            

Average Sale Price

Aug-22 Jul-22 Aug-21 % Change Aug-22 Jul-22 Aug-21 % Change
Victoria/Vic West 26 29 41 - 36.59 % $ 1,292,708 $ 1,290,777 $ 1,203,671 7.40 %
Oak Bay 5 9 21 - 76.19 % $ 2,489,800 $ 2,170,722 $ 2,037,233 22.21 %
Esquimalt 5 12 7 - 28.57 % $ 1,045,200 $ 750,250 $ 1,309,286 - 20.17 %
View Royal 2 8 6 -66.67 % $ 1,060,000 $ 1,892,599 $ 1,002,467 5.74 %
Saanich East 36 42 63 - 42.86 % $ 1,422,087 $ 1,472,252 $ 1,393,243 2.07 %
Saanich West 24 19 31 - 22.58 % $ 1,174,581 $ 1,189,368 $ 1,211,123 - 3.02 %
Central Saanich 16 7 10 60.00 % $ 1,746,500  $ 1,440,857 $ 1,389,580 25.69 %
North Saanich 19 6 13 46.15 % $ 1,562,958 $ 1,521,667 $ 2,149,514 - 27.29 %
Sidney 10 10 6 66.67 % $ 1,224,400 $ 1,008,600 $ 980,292 24.90 %
Highlands 1 2 1 0 % $ 843,000 $ 1,002,500 $ 1,125,000 - 25.07 %
Colwood 10 21 19 -47.37 % $ 1,033,990 $ 1,077,629 $ 1,042,241 - 0.79 %
Langford 34 30 52 - 34.62 % $ 1,005,400 $ 1,065,910 $ 1,098,128 - 8.44 %
Metchosin 2 3 4 - 50 %  $ 1,658,750 $ 1,525,000 $ 1,182,500 40.27 %
Sooke 32 20 31 3.23 % $ 833,391 $ 910,290 $ 839,803 -0.76 %
Gulf Islands 17 19 35 - 51.43 % $ 1,765,903 $ 890,181 $ 776,065 127.55 %
Malahat & Area 10 16 17 -41.18 % $ 942,300 $ 1,318,844 $ 1,186,396 - 20.57 %
Victoria 249  254  357  - 30.25 % $ 1,274,982 $ 1,204,196 $ 1,222,627 - 4.28 %

Fraser Valley Real Estate Stats

For August 2022, the Fraser Valley reported 315 single-family home sales, a 59.6% decrease from the 778 homes sold the previous year and a 6.1% increase from the prior month of July (297 single-family sales). The Average Sale Price in the Fraser Valley has seen a meagre 0.5% decrease from $1,465,764 in August 2021 to $1,458,424 this year.

The Fraser Valley Real Estate Boards September 2nd News Release said balance is returning to the market as listings increase and sales steady. With these changing factors, benchmark prices have “return[ed] to levels not seen since last year.” 2
The Boards President, Sandra Benz, said with the market settling following record “sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region’s reputationfor offering homebuyers better value than fellow nearby communities.

                                 Unit Sales            

Average Sale Price

Aug-22 Jul-22 Aug-21 % Change Aug-22 Jul-22 Aug-21 % Change
Abbotsford 45 49 112 - 59.82 % $ 1,175,319 $ 1,178,944 $ 1,179,556 - 0.36 %
Mission 14 21 60 - 76.67 % $ 995,369 $ 1,083,311 $ 1,083,311 - 8.12 %
White Rock/South Surrey 41 40 123 - 66.67 % $ 2,105,065 $ 1,948,320 $ 1,801,171 16.87 %
Langley 66 59 125 - 47.20 % $ 1,412,484 $ 1,489,804 $ 1,611,829 - 12.37 %
Delta North 29 24 60 - 51.67 % $ 1,295,413 $ 1,371,700 $ 1,344,762 - 3.67 %
Surrey Central 52 50 158 - 67.09 % $ 1,518,038 $ 1,706,074 $ 1,496,999 1.41 %
Surrey Cloverdale 36 29 56 - 35.71 % $ 1,356,463 $ 1,404,998 $ 1,449,872 - 6.44 %
Surrey North 31 25 84 - 63.10 % $ 1,528,093 $ 1,549,952 $ 1,529,745 -0.11 %
Fraser Valley 315  297  778  - 59.51 % $ 1,458,424 $ 1,495,176 $ 1,465,764 - 0.50 % 

Greater Vancouver Real Estate Stats

Greater Vancouver reported 517 single-family sales in August, a 45.3% decrease from the year before (945) and a 1.2% decrease from the previous month of July, which saw 523 sales. August’s benchmark price for single-family homes is $1,954,100, a 7.9% increase from August 2021’s benchmark and a minor decrease of 2.3% from July this year.

August was slow for Metro Vancouver, with reduced listings and sales. Home prices have slowly declined with the increased interest rates and pressure from inflation. Both buyers and sellers are taking more time to observe what “this changing landscape means for their housing needs.” 3

                                  Unit Sales

              Benchmark Price

Aug-22 Jul-22 Aug-21 % Change Aug-22 Jul-22 Aug-21 % Change
Burnaby 50 54 72 - 30.56 % $ 1,815,000 $ 1,900,000 $ 1,825,000 - 0.55 %
Coquitlam 49 49 99 - 50.51 % $ 1,585,000 $ 1,670,000 $1,550,000 2.26 %
Delta - South 20 24 63 - 68.25 % $ 1,477,500 $ 1,470,000 $ 1,287,000 14.80 %
Gulf Islands 5 4 4 25 % n/a n/a n/a n/a
Maple Ridge/Pitt Meadows 63 63 117 - 46.15 % $ 1,215,000 $ 1,207,000 $ 1,200,000 1.25 %
New Westminster 12 11 21 - 42.86 % n/a n/a $ 1,605,000 n/a
North Vancouver 42 44 72 - 41.67 % $ 1,835,000 $ 2,020,000 $ 1,870,000 - 1.87 %
Port Coquitlam 28 21 36 - 22.22 % $ 1,288,000 $ 1,340,000 $ 1,301,500 - 1.01 %
Port Moody/Belcarra 5 14 18 - 72.22 % n/a n/a n/a n/a
Richmond 56 54 117 - 52.14 % $ 1,960,000 $ 1,850,000 $ 1,944,000 - 1.71 %
Squamish 8 14 19 -57.89 % n/a n/a n/a n/a
Sunshine Coast 29 34 67 - 56.72 % $ 900,000 $ 1,142,500 $ 864,834 4.07 %
Vancouver East 57 54 102 - 44.12 % $ 1,768,000 $ 1,790,000 $ 1,810,000 - 2.32 %
Vancouver West 57 46 75 - 24.00 % $ 3,050,000 $ 3,455,000 $ 3,284,000 - 7.13 %
West Van/Howe Sound 28 30 43 - 34.88 % $ 2,790,000 $ 2,870,000 $ 2,967,500 - 5.98 %
Whistler/Pemberton 8 7 20 - 60.00 % n/a n/a $ 3,250,000 n/a
Greater Vancouver 517   523 945  - 45.29 % n/a n/a n/a n/a

* Median Selling Prices are not reported for the Gulf Islands or areas with under 20 sales

Chilliwack & District Real Estate Stats

Chilliwack saw 147 home sales this August, a 57.1% decrease from last August’s sales. The Average Sale Price was $748,227, a 5.1% increase from last year’s average sale price of $711,919.

Chilliwack home sales are well below typical levels seen this time of year. The Board says contributing to this is the lack of affordability due to the “significant rate increase over the past few months.” 4 with another increase announced last week, it could take as long as into next year to see the impact of these higher rates.

With lower demand, new listings on the market allow inventory to return to healthy levels.

                         Unit Sales            

Average Sale Price

Aug-22 Jul-22 Aug-21 % Change Aug-22 Jul-22 Aug-21 % Change
Chilliwack & District 147  132   343 - 57.14 % $ 748,227 $ 756,179 
$ 711,919 5.10 %

Powell River & Sunshine Coast Real Estate Stats

Powell River Sunshine Coast recorded 34 sales in August 2022, fourteen more than the prior month of July 2022 and one more than last year’s same month. The average sale price was $721,172 in August, which is a 40% increase from August 2021. Sales activity trended just below what is typically seen for August. However, it is “holding up relatively well compared to other regions in the province.” 5

New listings are above average numbers, helping the inventory return to normal levels. Unlike other markets in the province that are seeing prices begin to decline, the Powell River Sunshine Coast is still seeing price gains “deep into the double-digit territory” 5 with no sign of calming down.

                         Unit Sales            

Average Sale Price

Aug-22 Jul-22 Aug-21 % Change Aug-22 Jul-22 Aug-21 % Change
Powell River & Sunshine Coast 34  20   33 3.0 % $ 721,172 $ 649,890 $ 515,122 40 %

Northern BC Real Estate Stats

British Columbia Northern Real Estate Board reported 399 sales in August 2022, an 18.2% decrease from the prior year. August also saw an increase of 24 property sales compared to the previous month of July. The Average Sale Price in Northern BC for August was $418,479, increasing 4.8% from August last year, with an average sale price of $399,312.

The Board says sales activity is still below levels typically seen this time of year. With the Bank of Canada increasing rates, and another hike just announced, it could take months for “the housing market to fully absorb the impact of these increases before we see declines begin to bottom out.” 6

The Boards President, Wynette Lowes, said new listings coming on the market are also below typical numbers but not by much. The listings on the market have allowed the overall inventory to come out of historical lows.

                         Unit Sales            

Average Sale Price

Jul-22 Jun-22 Jul-21 % Change Jul-22 Jun-22 Jul-21 % Change
Northern BC 399  375  488 - 18.24 % $ 418,479 $ 409,548 $ 399,312 4.80 %

*All Stats come from MLS data retreived from virebvrebfvrebrebgvcadrebinteriorrealtors, bcnreb, creastats, kar, and kadrea

** Not included is Kootenay Association of Realtors® July 2022 stats, Kamloops & District Real Estate Association July 2022 Stats, Association of Interior Realtors®.

3  Retreived from REBGV Stats Package August 2022

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