BC Real Estate Sales Stats - February 2023

Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for February 2023. 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 2023, 220 single-family homes were sold, a 37% decrease from last year's same month, which saw 350 residential home sales (February 2022). February saw an increase of 55 sales from the prior month of January. For February, the Average Sale Price was $783,746, an 11% decrease from the previous year.

VIREB's March 1st Press Release emphasized the market is picking up as we head into spring, which is typical. The market is still seeing some multiple-offer situations on well-priced properties, but "the market is more price-sensitive than we've seen in some time." 1

On the listings side, although inventory has increased substantially from the record low levels experience throughout the pandemic, they are still below historic levels, and O'Dwyer said they're not "expecting supply to normalize until some time in 2026". 

                                Unit Sales            

Average Sale Price

Feb-23 Jan-23 Feb-22 % Change Feb-23 Jan-23 Feb-22 % Change
Campbell River 28 17 36 - 22.22 % $ 737,953 $ 617,326 $ 812,401 - 9.16 %
Comox Valley 39 31 47 - 17.02 % $ 816,735 $ 724,752 $ 951,004 - 14.12 % 
Cowichan Valley 35 28 61 - 42.62 % $ 761,080 $ 683,863 $ 847,646 - 10.21 %
Nanaimo 60 46 101 - 40.59 % $ 793,790 $ 795,527 $ 935,830 - 15.18 %
Parksville/Qualicum 36 23 56 - 35.71 % $ 892,642  $ 902,652 $ 1,051,508 - 15.11 %
Port Alberni/West Coast 18 13 35 - 48.57 % $ 636,472 $ 659,308 $ 627,866 1.37 %
Vancouver Island 220  165 350   - 37.14 % $ 783,746 $ 734,138 $ 884,108 - 11.35 %

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) reported 220 single-family detached home sales in February 2023, a 29% decrease from the 309 sold in February 2022 and 83% more than the 120 sold in the previous month of January 2022. The Average Sale Price decreased 9% of the prior year, with $1,410,313 being the February 2022 average, slightly more than the February 2023 average of $1,272,933.

Victoria Real Estate Board (VREB) Chair Graden Sol stated that there is positive growth in market action as we enter into spring, which is typically busy. Prices are beginning to stabilize, and well-priced properties "are selling at a good pace." According to Sol, there is a lot of demand from buyers, but inventory is still lower than usual. However, buyers are feeling less pressure and can take their time and view houses and "do their due diligence." 2

                               Unit Sales            

Average Sale Price

Feb-23 Jan-23 Feb-22 % Change Feb-23 Jan-23 Feb-22 % Change
Victoria/Vic West 25 12 37 - 32.43 % $ 1,487,302 $ 1,118,550 $ 1,513,608 - 1.74 %
Oak Bay 11 8 16 - 31.25 % $ 1,962,273 $ 1,904,469 $ 2,329,417 - 15.76 %
Esquimalt 6 3 6 0 % $ 945,667 $ 848,333 $ 1,038,500 - 8.94 %
View Royal 8 0 7  14.29 % $ 986,661 n/a $ 1,115,000 - 11.51 %
Saanich East 42 20 59 - 28.81 % $ 1,324,659 $ 1,580,913 $ 1,571,117 - 15.69 %
Saanich West 13 9 25 - 48.00 % $ 1,159,753 $ 933,867 $ 1,280,125 - 9.40 %
Central Saanich 11 7 14 - 21.43 % $ 1,081,882  $ 1,162,714 $ 1,322,812 - 18.21 %
North Saanich 16 5 9 77.78 % $ 1,844,656 $ 1,242,322 $ 2,100,889 - 12.20 %
Sidney 6 5 10 - 40.00 % $ 1,071,500 $ 1,174,600 $ 1,305,800 - 17.94 %
Highlands 1 0 n/a  n/a $ 1,228,000 n/a n/a n/a
Colwood 15 11 28 - 46.43 % $ 1,060,130 $ 982,627  $ 1,174,724 - 9.75 %
Langford 33 11 38 - 13.16 % $ 1,130,445 $ 1,090,029 $ 1,319,027 - 14.30 %
Metchosin n/a 1 3 n/a  n/a $ 1,207,000 $ 1,571,667 n/a
Sooke 19 11 25 -24.00 % $ 1,015,343 $ 1,326,136 $ 1,231,188 - 17.53 %
Gulf Islands 7 13 17 -58.82 % $ 1,307,500 $ 941,500 $ 1,135,485 15.15 %
Malahat & Area 7 4 15 - 53.33 % $ 896,442 $ 1,423,750 $ 1,031,920 - 13.13 %
Victoria 220 120 309 - 28.80 % $ 1,272,933 $ 1,233,152 $ 1,410,313 - 9.74 %

Fraser Valley Real Estate Stats

For February 2023, the Fraser Valley reported 278 single-family home sales, a 60% decrease from the 684 homes sold the previous year and a 52% increase from the prior month of January (182 single-family sales). The Average Sale Price in the Fraser Valley has seen a 24% decrease from $1,898,693 in February of 2022 to $1,427,964 this year.

The Fraser Valley Real Estate Boards March 2nd Press Release said February had a positive increase in sales for the first time since October, although sales are still much below the average seen this time of year.

Many have remained on the sidelines with the "uncertainty regarding rates and prices," 3 which has had a negative impact on inventory. With the belief of a pause on rate hikes, the board expects to see sales increase as we head into the spring market.

                                 Unit Sales            

Average Sale Price

Feb-23 Jan-23 Feb-22 % Change Feb-23 Jan-23 Feb-22 % Change
Abbotsford 41 20 116 - 64.66 % $ 1,031,046 $ 1,059,045 $ 1,520,257 - 32.18 %
Mission 22 16 52 - 57.69 % $ 993,250 $ 847,843 $ 1,375,000 - 27.76 %
White Rock/South Surrey 53 31 125 - 57.60 % $ 1,812,028 $ 1,819,743 $ 2,402,398 - 24.57 %
Langley 55 45 98 - 43.88 % $ 1,525,618 $ 1,377,647 $ 1,965,155 - 22.37 %
Delta North 19 14 58 - 67.24 % $ 1,351,248 $ 1,306,178 $ 1,846,127 - 26.81 %
Surrey Central 42 21 109 - 61.47 % $ 1,521,239  $ 1,444,404 $ 1,991,505 - 23.61 %
Surrey Cloverdale 26 15 54 - 51.85 % $ 1,309,680 $ 1,244,615 $ 1,820,702 - 28.07 %
Surrey North 19 20 72 - 73.61 % $ 1,499,255 $ 1,561,214 $ 1,881,995 - 20.34 %
Fraser Valley 278  182  684  - 59.36 % $ 1,427,964 $ 1,382,775 $ 1,898,693 - 24.79 % 

Greater Vancouver Real Estate Stats

Greater Vancouver reported 514 single-family sales in January, a 49% decrease from the year before (1,010) and a 74% increase from the previous month of January, which saw 295 sales. February's benchmark price for single-family homes is $1,813,100, a 12% decrease from last year's benchmark and a minor increase of 0.7% from January this year. The Boards March 2nd Press Release said sales activity for the month was below the average as a result of "reluctance among prospective home sellers." 4

The limited sales activity allows listing inventory to grow, which is "keeping market conditions from straying too deeply into" 4 a strong sellers' market, which benefits prospective buyers.

                                  Unit Sales

              Median Price

Feb-23 Jan-23 Feb-22 % Change Feb23 Jan-23 Feb-22 % Change
Burnaby 47 26 102 - 53.92 % $ 1,837,000 $ 1,864,000 $ 2,200,000 - 16.50 %
Coquitlam 34 21 80 - 57.50 % $ 1,659,542 $ 1,485,000 $ 1,865,000 - 11.02 %
Delta - South 22 22 62 - 64.52 % $ 1,355,000 $ 1,322,500 $ 1,707,500 - 20.64 %
Gulf Islands 1 3 4 - 75.00 % n/a n/a n/a n/a
Maple Ridge/Pitt Meadows 76 44 126 - 39.68 % $ 1,150,000 $ 1,135,000 $ 1,565,000 - 26.52 %
New Westminster 11 11 32 - 65.63 % n/a n/a $ 1,683,000 n/a
North Vancouver 48 18 80 - 40.00 % $ 1,852,500 n/a $ 2,303,500 - 19.58 %
Port Coquitlam 11 13 42 - 73.81 % n/a n/a $ 1,594,500 n/a
Port Moody/Belcarra 11 3 26 - 57.69 % n/a n/a $ 2,090,000 n/a
Richmond 60 24 101 - 40.59 % $ 1,837,500 $ 2,004,000 $ 2,108,000 - 12.83 %
Squamish 12 8 20 - 40.00 % n/a n/a $ 1,630,000 n/a
Sunshine Coast 24 22 49 - 51.02 % $ 1,072,500 $ 767,250 $ 1,100,500 - 2.54 %
Vancouver East 57 33 117 - 51.28 % $ 1,748,000 $ 1,600,000 $ 2,165,000 - 19.26 %
Vancouver West 66 25 102 - 35.29 % $ 3,356,500 $ 3,430,000 $ 3,655,000 - 8.17 %
West Van/Howe Sound 27 16 58 - 53.45 % $ 2,884,000 n/a $ 3,022,500 - 4.58 %
Whistler/Pemberton 7 6 9 - 22.22 % n/a n/a n/a n/a
Greater Vancouver 514  295  1010  - 49.11 % 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 194 home sales this February, a 10% decrease from last February's sales (250). The Average Sale Price was $719,334, a 36% decrease from last year's average sale price.

Chilliwack's President Brad Latham said sales activity was still well below what is typical for the area this time of year. However, since August last year, "it appears home sales have been on an upward" 5 trend. Latham further says they aren't expecting pre-pandemic activity right away, but it is hopeful to see the market move in a positive direction. Listings are still declining, and the area is not seeing as many sellers on the hunt. Hopefully, Chilliwack & District can see a "rebound in inventories over the upcoming spring season." 5

                         Unit Sales            

Average Sale Price

Feb-23 Jan-23 Feb-22 % Change Feb-23 Jan-23 Feb-22 % Change
Chilliwack & District  194 120 215  - 9.77 % $ 719,334 $ 695,148
$ 1,118,254 - 35.67 %

Powell River & Sunshine Coast Real Estate Stats


Powell River Sunshine Coast recorded 8 sales in February 2023, 5 less than the prior month of January 2023 and 22 less than February 2022. The average sale price was $645,475 in February 2023, which is a 6.7% increase from February 2022.

President of the board Neil Frost said sales activity is still below what is typical for February; furthermore, the available inventory is seeing a decline in home sales. Supply may be weaker than in past years, but new listings are entering the market at an average pace. Therefore, the "story of lower demand might have more to do with the price side of the market." Unlike other markets, Powell River and the Sunshine Coast are still seeing higher average price levels. This can be a result of sellers still needing to realize what buyers are now willing to pay.

                         Unit Sales            

Average Sale Price

Feb-23 Jan-23 Feb-22 % Change Feb-23 Jan-23 Feb-22 % Change
Powell River & Sunshine Coast  8 13  30 - 73.3 % $ 645,475 $ 564,800 $ 604,943 - 6.70 %

*All Stats come from MLS data retreived from virebvrebfvrebrebgvcadrebinteriorrealtorsbcnrebcreastatskar, and kadrea.

** Not included is Kootenay Association of Realtors® February 2023 stats, Kamloops & District Real Estate Association February 2023 Stats, Association of Interior Realtors®.

Post a Comment