BC Real Estate Sales Stats - February 2022

Below, we have comprised all British Columbia Real Estate Boards' residential sales stats for Febraury 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 February 2022, 360 single-family homes were sold, a 13% decrease from last year's same month, which saw 414 sales (February 2021). February did see an increase of 140 sales from the prior month of January. For February, the Average Sale Price was $887,659, a 28.6% increase from the previous year.

VIREB's March 1st press release stated that February saw an inventory increase but not nearly enough to keep up with buyer demand. The British Columbia Real Estate Association even said the market is "so out-of-balance, it will take a substantial decline in demand to return active listings to a healthy state." 1 BCREA went on to say the combination of historically low supply, mortgage rates and factors of the pandemic has created a perfect storm, resulting in substantial price increases and competitive transactions for the real estate market.

VIREB president Erica Kavanaugh said Vancouver Island is in the middle of a housing crisis, and BCREA has released A Better Way Home: Strengthening Consumer Protection in Real Estate across BC. which proposes more than 30 recommendations on how to protect and provide affordable housing.

                                Unit Sales            

Average Sale Price

Feb-22 Jan-22 Feb-21 % Change Feb-22 Jan-22 Feb-21 % Change
Campbell River 38 25 30 26.67 % $ 806,351 $ 665,845 $ 601,745 34.00 %
Comox Valley 48 40 57 - 15.79 % $ 970,317  $ 893,423 $ 741,996 30.77 %
Cowichan Valley 61 38 67 - 8.96 % $ 847,646 $ 816,924 $ 658,100 28.80 %
Nanaimo 104 60 145 - 28.28 % $ 944,950 $ 1,003,705 $ 747,413 26.43 %
Parksville/Qualicum 58 28 63 - 7.94 % $ 1,050,262 $ 1,012,073 $ 824,826 27.33 %
Port Alberni/West Coast 37 15 33 12.12 % $ 622,576 $ 651,020 $ 446,573 39.41 %
Vancouver Island 360 220 414  - 13.04 % $ 887,659 $ 859,181 $ 690,452 28.56 %

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) reported 309 single-family detached home sales in February 2022, a 20.8% decrease from the 390 sold in February 2021 and 72.6% more than the 179 sold in January 2022. The Average Sale Price increased 21.5% from the previous year, with $1,410,313 being the February 2022 average.Slightly less than January 2022's.

Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated that more listings entered the market in February. However, inventory remains well below the amount needed to balance out the market. Dinnie-Smyth says, "without government focus on increasing supply," 2 buyers will continue to face challenges with increasing prices. To build more housing, there needs to be lightening and even removals of development barriers within municipalities.

                               Unit Sales            

Average Sale Price

Feb-22 Jan-22 Feb-21 % Change Feb-22 Jan-22 Feb-21 % Change
Victoria/Vic West 37 22 53 - 30.19 % $ 1,513,608 $ 1,408,233 $ 1,179,652 28.31 %
Oak Bay 16 10 24 - 33.33 % $ 2,329,417 $ 3,075,100 $ 2,122,442 9.75 %
Esquimalt 6 13 4 50.00 % $ 1,038,500 $ 1,236,831 $ 822,000 26.34 %
View Royal 7 3 7 0.00 % $ 1,115,000 $ 1,759,333 $ 1,127,179 - 1.08 %
Saanich East 59 23 73 - 19.18 % $ 1,571,117 $ 1,548,300 $ 1,363,794 15.20 %
Saanich West 25 10 18 38.89 % $ 1,280,125 $ 1,130,673 $ 1,131,217 13.16 %
Central Saanich 14 6 14 0.00 % $ 1,350,571 $ 1,534,384 $ 1,653,713 - 18.33 %
North Saanich 9 8 10 - 10.00 % $ 2,100,889 $ 2,114,750 $ 1,272,893 65.05 %
Sidney 10 4 11 - 9.09 % $ 1,305,800 $ 1,241,500 $ 1,099,364 18.78 %
Highlands 0 0 3 100.00 % n/a n/a $ 1,263,333 n/a
Colwood 28 24 24 16.67 % $ 1,174,724 $ 1,273,153 $ 969,706 21.14 %
Langford 38 29 50 - 24.00 % $ 1,319,027 $ 1,212,849 $ 938,209 40.59 %
Metchosin 3 - 1 3 0.00 %  $ 1,571,667 - $ 1,575,000 $ 1,675,000 - 6.17 %
Sooke 25 14 46 -45.65 % $ 1,231,188 $ 862,396 $ 898,597 37.01 %
Gulf Islands 17 9 33 - 48.48 % $ 1,135,485 $ 1,002,039 $ 606,568 87.20 %
Malahat & Area 15 5 17 - 11.76 % $ 1,031,920 $ 1,223,200 $ 1,169,647 - 11.78 %
Victoria 309 179 390 - 20.77 % $ 1,410,313 $ 1,410,380 $ 1,160,938 21.48 %

Fraser Valley Real Estate Stats

In the Fraser Valley, February saw sales of 684 single-family homes, a 36.9% decrease from the 1084 homes sold the previous year and a 45.8% increase from the prior month of January (469 single-family sales). The Average Sale Price in the Fraser Valley has seen a 40% increase from $1,356,006 in February 2021 to $1,898,693 in February 2022.

The Fraser Valley Real Estate Boards March 2nd News Release said buyers had more inventory to choose from in February due to the "record-breaking volume of new listings received" 3 in February. The FVREB President Larry Anderson states it is promising to see new listings increase for two months in a row, but the market still has a ways to go to be balanced. Hopefully, with spring around the corner, more sellers will help level out the market.

                                 Unit Sales            

Average Sale Price

Feb-22 Jan-22 Feb-21 % Change Feb-22 Jan-22 Feb-21 % Change
Abbotsford 116 74 117 - 0.85 % $ 1,520,257 $ 1,440,712 $ 1,081,973 40.51 %
Mission 52 31 80 - 35.00 % $ 1,375,000 $ 1,246,748 $ 942,322 45.92 %
White Rock/South Surrey 125 85 206 - 39.32 % $ 2,402,398 $ 3,173,133 $ 1,730,133 38.86 %
Langley 98 63 122 - 19.67 % $ 1,965,155  $ 1,786,779 $ 1,411,704 39.20 %
Delta North 58 28 62 - 6.45 % $ 1,846,127 $ 1,780,312 $ 1,313,032 40.60 %
Surrey Central 109 106 225 - 51.56 % $ 1,991,505 $ 1,936,938 $ 1,389,477 43.33 %
Surrey Cloverdale 54 26 93 - 41.94 % $ 1,820,702 $ 1,824,418 $ 1,354,248 34.44 %
Surrey North 72 56 119 - 39.50 % $ 1,881,995 $ 1,928,206 $ 1,297,438 45.05 %
Fraser Valley 684 469 1084 - 36.90 % $ 1,898,693 $ 1,819,027 $ 1,356,006 40.02 %

Greater Vancouver Real Estate Stats

Greater Vancouver single-family sales reached 1,010 in February, an 18% decrease from the year before (1231) and a 62.4% increase from the previous month of January. February's benchmark price for single-family homes is $2,044,800, a 25% increase from last year's benchmark.

The Greater Vancouver region experienced slight increases in listings come on the market along with the continued rise in prices. REBGV Chair Taylor Biggar said even though there has been an increase in inventory in February, the "housing market remains significantly undersupplied, which has been pushing home prices to new highs month after month." 4

                                  Unit Sales

              Benchmark Price

Feb-22 Jan-22 Feb-21 % Change Feb-22 Jan-22 Feb-21 % Change
Burnaby 102 45 97 5.15 % $ 2,200,000 $ 2,062,500 $ 1,739,999 26.44 %
Coquitlam 80 49 105 - 23.81 % $ 1,865,000 $ 1,936,000 $ 1,545,000 20.71 %
Delta - South 62 36 84 - 26.19 % $ 1,707,500 $ 1,664,354 $ 1,280,000 33.40 %
Gulf Islands 4 3 11 - 63.64 % n/a n/a n/a n/a
Maple Ridge/Pitt Meadows 126 61 169 - 25.44 % $ 1,565,000 $ 1,530,000 $ 1,080,000 44.91 %
New Westminster 32 18 30 6.67 % $ 1,683,000 n/a $ 1,308,000 28.67 %
North Vancouver 80 37 88 - 9.09 % $ 2,303,500 $ 2,250,000 $ 1,953,000 17.95 %
Port Coquitlam 42 29 51 - 17.65 % $ 1,594,500 $ 1,591,500 $ 1,270,000 25.55 %
Port Moody/Belcarra 26 15 27 - 3.70 % $ 2,090,000 n/a $ 1,720,000 21.51 %
Richmond 101 108 139 -27.34 % $ 2,108,000 $ 2,200,000 $ 1,750,000 20.46 %
Squamish 20 13 32 - 37.50 % $ 1,630,000 n/a $ 1,352,500 20.52 %
Sunshine Coast 49 36 32 53.13 % $ 1,100,500 $ 861,905 $ 800,000 37.56 %
Vancouver East 117 65 137 - 14.60 % $ 2,165,000 $ 2,100,000 $ 1,700,000 27.35 %
Vancouver West 102 65 87 17.24 % $ 3,655,000 $ 3,196,500 $ 3,232,500 13.07 %
West Van/Howe Sound 58 32 78 -25.64 % $ 3,022,500 $ 3,080,000 $ 3,064,000 - 1.35 %
Whistler/Pemberton 9 10 25 - 64.00 % n/a n/a $ 2,200,000 n/a
Greater Vancouver 1010 622 1231 - 17.95 % n/a n/a n/a n/a

Chilliwack & District Real Estate Stats

Chilliwack saw 215 single-family sales this February, a 30.7% decrease from the 310 sales last year and a 51.4% increase from the 142 single-family sales in the prior month of January. In February 2022, the average sale price was $1,118,254, a 41.3% increase from last year's average price of $1,098,710.

Chilliwack has had a healthy number of new listings come onto the market, unlike other communities across BC. In fact, Andrew Verschuur, president of the Chilliwack & District Real Estate Board, said property "sales are currently trending at near unprecedented highs." 5 This February was the second ever to pass 400 unit sales in the month of February. While some balance seems to be returning to the market, intense buyer competition and high prices still exist.

                         Unit Sales            

Average Sale Price

Feb-22 Jan-22 Feb-21 % Change Feb-22 Jan-22 Feb-21 % Change
Chilliwack & District 215 142 310 - 30.65 % $ 1,118,254 $ 1,098,710 $ 791,606 41.26 %

BC Interior Real Estate Stats

Residential sales in February were 1,516, a 15% decrease from last February's sales of 1,318. Demand remains high across the Interior despite low inventory on the market. President Kim Heizmann says with the imbalance in the market, buyers "show signs of fatigue in having to compete in a seller's" 6 driven market, and lack of supply continues to put pressure on prices. Heizmann also mentioned that she doesn't expect the inventory to see much growth as we move further into the year.

                          Unit Sales  

            Average Sales Price

Feb-22 Jan-22 Feb-21 % Change Feb-22 Jan-22 Feb-21 % Change
Central Okanagan 231 157 288 - 19.97 % $ 1,251,713 $ 1,096,289 $ 904,864 38.33 %
North Okanagan 72 57 103 - 30.10 % $ 872,976 $ 764,319 $ 643,807 35.60 %
Shuswap/Revelstoke 43 27 44 - 2.27 % $ 798,723 $ 738,274 $ 587,808 35.88 %
South Okanagan 86 57 93 - 7.53 % $ 811,006 $ 783,061 $ 702,034 15.52 %
South Peace River 26 20 20 30.00 % $ 267,712 $ 293,425 $ 264,528 1.20 %

Powell River & Sunshine Coast Real Estate Stats

Powell River Sunshine Coast recorded 30 sales in February 2022, a 26.8% decrease from February 2021 (41 sales) and an increase from January, which saw 23 sales. In February, the Average Sale Price was $618,420, a 38.5% increase from February 2021.

Powell River Sunshine Coast Real Estate Board president Neil Frost said sales activity is solid, and new listings have contributed to stabilizing the market. However, the market is still leaning in favor of sellers, which is "continuing to cause very strong price gains and record price levels." 7

                         Unit Sales            

Average Sale Price

Feb-22 Jan-22 Feb-21 % Change Feb-22 Jan-22 Feb-21 % Change
Powell River & Sunshine Coast 30   23 41  - 26.8 % $ 618,420 $ 602,135 $ 446,512 38.50 %

Northern BC Real Estate Stats

British Columbia Northern Real Estate Board reported 305 sales in February 2022, an 11% increase from the prior year, which saw 274 sales and an increase of 50 sales from January 2022.

In Northern BC, the Average Sale Price reached $402,128 in February 2022, increasing 12% from last year's same month. Along with other BC communities, the north continues to experience low inventory with high demand. Sandra Hinchliffe, BC Northern Real Estate Board President, says with the low inventory remaining, "prices are trending just shy of all-time records." 8

                         Unit Sales            

Average Sale Price

Feb-22 Jan-22 Feb-21 % Change Feb-22 Jan-22 Feb-21 % Change
Northern BC 305  255 274  11.31 % $ 402,128 $ 378,242 $ 359,042 12.00 %

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

** Not yet included is Kootenay Association of Realtors® Feb 2022 stats. & Kamloops & District Real Estate Association Feb 2022 Stats

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