BC Real Estate Sales Stats - December 2022
Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for December 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 December 2022, 200 single-family homes were sold, a 10% decrease from last year's same month, which saw 222 residential home sales (December 2021). December saw a decline of 44 sales from the prior month of November. For December, the Average Sale Price was $735,529, an 8% decrease from the previous year.
VIREB's January 3rd Press Release said this December reflected the slower holiday seasons typically seen this time of year. Many buyers are believed to be waiting until spring which often sees more activity.
Two new policy changes take effect this new year, the Foreign Buyer Ban, which bans non-residents of Canada from "buying residential property across Canada" 1 for the next two years. The second policy now in effect is The Home Buyer Rescission Period which allows buyers to back out of an approved offer within "3 business days of an accepted offer." 1 It is too early to tell how this will affect the real estate market.
Unit Sales |
Average Sale Price |
| Dec-22 | Nov-22 | Dec-21 | % Change | Dec-22 | Nov-22 | Dec-21 | % Change | |
| Campbell River | 18 | 23 | 24 | - 25.00 % | $ 705,722 | $ 733,665 | $ 681,012 | 3.63 % |
| Comox Valley | 30 | 41 | 39 | - 23.08 % | $ 785,897 | $ 786,279 | $ 826,438 | - 4.91 % |
| Cowichan Valley | 29 | 46 | 33 | - 12.12 % | $ 738,207 | $ 726,264 | $ 864,142 | - 14.57 % |
| Nanaimo | 64 | 55 | 71 | - 9.86 % | $ 773,795 | $ 755,586 | $ 859,547 | - 9.98 % |
| Parksville/Qualicum | 28 | 44 | 23 | 21.74 % | $ 841,864 | $ 894,193 | $ 928,591 | - 9.34 % |
| Port Alberni/West Coast | 21 | 22 | 21 | 0.00 % | $ 604,516 | $ 660,455 | $ 627,421 | - 3.65 % |
| Vancouver Island | 200 | 244 | 222 | - 9.91 % | $ 735,529 | $ 755,001 | $ 802,874 | - 8.39 % |
Victoria Real Estate Stats
The Victoria Real Estate Board (VREB) reported 156 single-family detached home sales in December 2022, a 24% decrease from the 207 sold in December 2021 and 14% less than the 182 sold in the previous month of November 2022. The Average Sale Price decreased 6% from the previous year, with $1,330,847 being the December 2021 average, slightly more than the December 2022 average of $1,244,484.
Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated that 2022 began with record-low inventory and "higher than average sales." 2 Then suddenly, the market switched as interest rates kept increasing and gone were the days of low-cost borrowing. As a result, buyers have taken to the sidelines while inventory continues to flood the market.
Unit Sales |
Average Sale Price |
| Dec-22 | Nov-22 | Dec-21 | % Change | Dec-22 | Nov-22 | Dec-21 | % Change | |
| Victoria/Vic West | 19 | 17 | 25 | - 24.00 % | $ 1,136,284 | $ 1,155,871 | $ 1,357,387 | - 16.29 % |
| Oak Bay | 8 | 4 | 12 | - 33.33 % | $ 2,091,875 | $ 2,518,750 | $ 1,973,332 | 6.01 % |
| Esquimalt | 8 | 3 | 4 | 100 % | $ 1,315,313 | $ 1,062,667 | $ 1,204,000 | 9.25 % |
| View Royal | 5 | 4 | 4 | 25.00 % | $ 870,000 | $ 1,200,000 | $ 1,234,000 | - 29.50 % |
| Saanich East | 17 | 32 | 27 | - 37.04 % | $ 1,421,618 | $ 1,307,266 | $ 1,576,704 | - 9.84 % |
| Saanich West | 13 | 11 | 17 | - 23.53 % | $ 842,538 | $ 933,334 | $ 1,181,389 | - 28.68 % |
| Central Saanich | 6 | 6 | 10 | - 40.00 % | $ 1,327,500 | $ 912,483 | $ 1,580,200 | - 15.99 % |
| North Saanich | 11 | 11 | 16 | - 31.25 % | $ 1,936,273 | $ 1,807,727 | $ 1,689,956 | 14.58 % |
| Sidney | 3 | 6 | 4 | -25.00 % | $ 2,026,667 | $ 1,382,500 | $ 1,072,750 | 88.92 % |
| Highlands | 0 | 1 | 1 | - 100 % | n/a | $ 1,553,333 | n/a | n/a |
| Colwood | 10 | 4 | 11 | - 9.09 % | $ 1,031,000 | $ 1,338,250 | $ 1,127,258 | - 8.54 % |
| Langford | 22 | 41 | 22 | 0 % | $ 1,142,695 | $ 1,079,568 | $ 1,264,090 | - 9.60 % |
| Metchosin | 0 | 2 | 2 | - 100 % | n/a | $ 2,539,500 | $ 1,628,500 | n/a |
| Sooke | 13 | 16 | 22 | - 40.91 % | $ 888,450 | $ 822,197 | $ 1,032,233 | - 13.93 % |
| Gulf Islands | 11 | 16 | 21 | - 47.62 % | $ 1,196,364 | $ 793,500 | $ 832,043 | 43.79 % |
| Malahat & Area | 10 | 8 | 9 | 11.11 % | $ 1,031,900 | $ 790,739 | $ 1,478,111 | - 30.19 % |
| Victoria | 156 | 182 | 207 | - 24.64 % | $ 1,244,484 | $ 1,169,441 | $ 1,330,847 | - 6.49 % |
Fraser Valley Real Estate Stats
For December 2022, the Fraser Valley reported 220 single-family home sales, a 65% decrease from the 635 homes sold the previous year and an 18% decrease from the prior month of November (269 single-family sales). The Average Sale Price in the Fraser Valley has seen a 17% decrease from $1,674,255 in December of 2021 to $1,377,503 this year.
The Fraser Valley Real Estate Boards January 5th Press Release said 2022 started with high prices that carried over from the hectic 2021, but as the year went on, the market returned to typical levels by year-end. This was largely due to the continuous interest rate hikes throughout 2022. Buyers and sellers have been holding off "in somewhat of a watch-and-wait mode." 3 Which has resulted in slowed sales and inventory for the region. As we get closer to spring, activity is expected to pick up.
Unit Sales |
Average Sale Price |
| Dec-22 | Nov-22 | Dec-21 | % Change | Dec-22 | Nov-22 | Dec-21 | % Change | |
| Abbotsford | 36 | 49 | 102 | - 64.71 % | $ 966,388 | $ 1,124,712 | $ 1,366,438 | - 29.28 % |
| Mission | 22 | 30 | 43 | - 48.84 % | $ 935,556 | $ 854,866 | $ 1,192,789 | - 21.57 % |
| White Rock/South Surrey | 31 | 31 | 100 | - 69.00 % | $ 1,890,064 | $ 1,837,862 | $ 2,073,110 | - 8.83 % |
| Langley | 41 | 59 | 89 | - 53.93 % | $ 1,461,934 | $ 1,327,873 | $ 1,756,037 | - 16.75 % |
| Delta North | 13 | 10 | 48 | - 72.92 % | $ 1,291,769 | $ 1,418,666 | $ 1,667,755 | - 22.54 % |
| Surrey Central | 44 | 36 | 139 | - 68.35 % | $ 1,522,138 | $ 1,429,769 | $ 1,682,600 | - 9.54 % |
| Surrey Cloverdale | 17 | 21 | 37 | - 54.05 % | $ 1,320,764 | $ 1,397,847 | $ 1,695,305 | - 22.09 % |
| Surrey North | 16 | 32 | 76 | - 78.95 % | $ 1,432,938 | $ 1,310,703 | $ 1,675,359 | - 14.47 % |
| Fraser Valley | 220 | 269 | 635 | - 65.35 % | $ 1,377,503 | $ 1,314,092 | $ 1,674,255 | - 17.72 % |
Greater Vancouver Real Estate Stats
Greater Vancouver reported 371 single-family sales in December, a 53% decrease from the year before (794) and a 23% decrease from the previous month of November, which saw 486 sales. December's benchmark price for single-family homes is $1,823,300, a 5.1% decrease from last year's benchmark and a minor decrease of 1.8% from November this year.
The Boards January 4th Press Release said following the record year of 2021, this year saw caution as interest rates continuously rose to combat inflation. The board expects inflation to remain in the headlines into 2023 "as inflationary pressures remain persistent across" 4 the country.
It will be interesting to see if buyers and sellers will participate in the market and give in to the higher-borrowing costs.
Unit Sales |
Median Price |
| Dec-22 | Nov-22 | Dec-21 | % Change | Dec-22 | Nov-22 | Dec-21 | % Change | |
| Burnaby | 34 | 45 | 82 | - 58.54 % | $ 1,837,000 | $ 1,943,750 | $ 1,998,444 | - 8.08 % |
| Coquitlam | 32 | 37 | 67 | - 52.24 % | $ 1,520,000 | $ 1,500,000 | $ 1,700,000 | - 10.59 % |
| Delta - South | 22 | 28 | 37 | - 40.54 % | $ 1,508,000 | $ 1,453,750 | $ 1,599,999 | - 5.57 % |
| Gulf Islands | 0 | 7 | 8 | 100 % | n/a | n/a | n/a | n/a |
| Maple Ridge/Pitt Meadows | 51 | 60 | 104 | - 50.96 % | $ 1,055,000 | $ 1,175,000 | $ 1,380,000 | - 23.55 % |
| New Westminster | 9 | 17 | 22 | - 59.09 % | n/a | n/a | $ 1,557,500 | n/a |
| North Vancouver | 25 | 55 | 56 | - 55.36 % | $ 1,910,000 | $ 1,925,000 | $ 2,199,000 | - 13.14 % |
| Port Coquitlam | 10 | 11 | 27 | - 62.96 % | n/a | n/a | $ 1,480,000 | n/a |
| Port Moody/Belcarra | 8 | 12 | 7 | 14.29 % | n/a | n/a | n/a | n/a |
| Richmond | 36 | 53 | 92 | - 60.87 % | $ 1,780,000 | $ 2,025,000 | $ 2,131,000 | - 16.47 % |
| Squamish | 7 | 11 | 23 | - 69.57 % | n/a | n/a | $ 1,631,500 | n/a |
| Sunshine Coast | 20 | 23 | 46 | - 56.52 % | $ 887,500 | $ 850,000 | $ 1,024,000 | - 13.33 % |
| Vancouver East | 38 | 50 | 94 | - 59.57 % | $ 1,718,800 | $ 1,697,500 | $ 1,850,000 | - 7.09 % |
| Vancouver West | 38 | 53 | 79 | - 51.90 % | $ 3,205,000 | $ 3,185,000 | $ 3,550,000 | - 9.72 % |
| West Van/Howe Sound | 26 | 16 | 41 | - 36.59 % | $ 2,697,500 | n/a | $ 3,140,00 | -14.09 % |
| Whistler/Pemberton | 15 | 8 | 9 | 66.67 % | n/a | n/a | n/a | n/a |
| Greater Vancouver | 371 | 486 | 794 | - 53.27 % | 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 125 home sales this December, a 49% decrease from last December's sales (248). The Average Sale Price was $653,789, an 18% decrease from last year's average sale price.
Chilliwack's President Daryl Moniz stated 2022 ended with a relatively balanced market and is continuously recovering from "bottoming out in June 2022." 5 2023 looks promising for rebalancing the market, but it is too early to see any trends that may occur in the coming months.
Unit Sales |
Average Sale Price |
| Dec-22 | Nov-22 | Dec-21 | % Change | Dec-22 | Nov-22 | Dec-21 | % Change | |
| Chilliwack & District | 125 | 145 | 248 | - 49.60 % | $ 653,789 | $ 649,006 |
$ 797,622 | - 18.03 % |
Northern BC Real Estate Stats
British Columbia, Northern Real Estate Board, reported 169 sales in December 2022, a 33% decrease from the prior year. December also saw a decline of 95 property sales compared to the previous month of November. The Average Sale Price in Northern BC for December was $386,969, decreasing 0.4% from December last year, with an average sale price of $385,427.
The Board says sales for 2022 were not even close to what we saw in 2021 but were at "average levels when compared to other years on record." 6 President Wynnette Lowes said it will be interesting to see how ready buyers are when we enter the spring market.
Unit Sales |
Average Sale Price |
| Dec-22 | Nov-22 | Dec-21 | % Change | Dec-22 | Nov-22 | Dec-21 | % Change | |
| Northern BC | 169 | 264 | 253 | - 33.20 % | $ 386,969 | $ 410,961 | $ 385,427 | - 0.40 % |
** Not included is Kootenay Association of Realtors® December 2022 stats, Kamloops & District Real Estate Association December 2022 Stats, Association of Interior Realtors®, Powell River & Sunshine Coast December 2022 Stats.
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