BC Real Estate Sales Stats - January 2023
Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for January 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 January 2023, 165 single-family homes were sold, a 24% decrease from last year's same month, which saw 218 residential home sales (January 2022). January saw a decline of 35 sales from the prior month of December. For January, the Average Sale Price was $734,138, a 14% decrease from the previous year
VIREB's February 1st Press Release said this January appears to be off to a slower start. Yet, realtors are seeing lots of activity and believe it's "actually a great time to buy a home." 1 The board's Chair wanted to let potential buyers know they can renegotiate their rate if they are worried about rates dropping once they've been locked in.
On January 3rd, the Home Buyer Recission Period took effect, allowing buyers to retract their accepted offer within three business days. O'Dwyer stated their noticing "longer subject-removal periods" 1 and sales dates seen to take longer in order for buyers to satisfy their contact subjects.
Unit Sales |
Average Sale Price |
| Jan-23 | Dec-22 | Jan-22 | % Change | Jan-23 | Dec-22 | Jan-22 | % Change | |
| Campbell River | 17 | 18 | 25 | - 32.00 % | $ 617,326 | $ 705,722 | $ 665,845 | - 7.29 % |
| Comox Valley | 31 | 30 | 39 | - 20.51 % | $ 724,752 | $ 785,897 | $ 896,844 | - 19.19 % |
| Cowichan Valley | 28 | 29 | 38 | - 26.32 % | $ 683,863 | $ 738,207 | $ 816,924 | - 16.29 % |
| Nanaimo | 46 | 64 | 60 | - 23.33 % | $ 795,527 | $ 773,795 | $ 1,003,705 | - 20.74 % |
| Parksville/Qualicum | 23 | 28 | 27 | - 14.81 % | $ 902,652 | $ 841,864 | $ 975,557 | - 7.47 % |
| Port Alberni/West Coast | 13 | 21 | 15 | - 13.33 % | $ 659,308 | $ 604,516 | $ 651,020 | 1.27 % |
| Vancouver Island | 165 | 200 | 218 | - 24.31 % | $ 734,138 | $ 735,529 | $ 854,412 | - 14.08 % |
Victoria Real Estate Stats
The Victoria Real Estate Board (VREB) reported 120 single-family detached home sales in January 2023, a 33% decrease from the 170 sold in January 2022 and 23% less than the 156 sold in the previous month of December 2022. The Average Sale Price decreased 13% from the previous year, with $1,410,380 being the January 2022 average, slightly more than the January 2023 average of $1,233,152.
Victoria Real Estate Board (VREB) Chair Graden Sol stated that this January was one of the "slowest we've seen on record." 2 Having said that, part way through the month, buyers seemed to come out of hiding, and more activity took place as buyers began to accept the increased interest rates.
It is still too early to determine what the spring market will bring, with several factors, including interest rates, inventory and other external economic forces impacting the outcome.
Unit Sales |
Average Sale Price |
| Jan-23 | Dec-22 | Jan-22 | % Change | Jan-23 | Dec-22 | Jan-22 | % Change | |
| Victoria/Vic West | 12 | 19 | 22 | - 45.45 % | $ 1,118,550 | $ 1,136,284 | $ 1,408,233 | - 20.57 % |
| Oak Bay | 8 | 8 | 10 | - 20.00 % | $ 1,904,469 | $ 2,091,875 | $ 3,075,100 | - 38.07 % |
| Esquimalt | 3 | 8 | 13 | - 76.92 % | $ 848,333 | $ 1,315,313 | $ 1,236,831 | - 31.41 % |
| View Royal | 0 | 5 | 3 | - 100 % | n/a | $ 870,000 | $ 1,759,333 | n/a |
| Saanich East | 20 | 17 | 23 | - 13.04 % | $ 1,580,913 | $ 1,421,618 | $ 1,548,300 | 2.11 % |
| Saanich West | 9 | 13 | 10 | - 10.00 % | $ 933,867 | $ 842,538 | $ 1,130,673 | - 17.41 % |
| Central Saanich | 7 | 6 | 6 | 16.67 % | $ 1,162,714 | $ 1,327,500 | $ 1,534,384 | - 24.22 % |
| North Saanich | 5 | 11 | 8 | - 37.50 % | $ 1,242,322 | $ 1,936,273 | $ 2,114,750 | - 41.25 % |
| Sidney | 5 | 3 | 4 | - 25.00 % | $ 1,174,600 | $ 2,026,667 | $ 1,241,500 | - 5.39 % |
| Highlands | 0 | 0 | 0 | 0 % | n/a | n/a | n/a | n/a |
| Colwood | 11 | 10 | 24 | - 54.17 % | $ 982,627 | $ 1,031,000 | $ 1,273,153 | - 22.82 % |
| Langford | 11 | 22 | 29 | - 62.07 % | $ 1,090,029 | $ 1,142,695 | $ 1,212,849 | - 10.13 % |
| Metchosin | 1 | 0 | -1 | 200 % | $ 1,207,000 | n/a | $ -1,575,000 | - 23.37 % |
| Sooke | 11 | 13 | 14 | - 21.43 % | $ 1,326,136 | $ 888,450 | $ 862,396 | 53.77 % |
| Gulf Islands | 13 | 11 | 9 | 44.44 % | $ 941,500 | $ 1,196,364 | $ 1,002,039 | - 6.04 % |
| Malahat & Area | 4 | 10 | 5 | - 20.00 % | $ 1,423,750 | $ 1,031,900 | $ 1,223,200 | 16.40 % |
| Victoria | 120 | 156 | 179 | - 32.96 % | $ 1,233,152 | $ 1,244,484 | $ 1,410,380 | - 12.57 % |
Fraser Valley Real Estate Stats
For January 2023, the Fraser Valley reported 182 single-family home sales, a 61% decrease from the 469 homes sold the previous year and a 17% decrease from the prior month of November (220 single-family sales). The Average Sale Price in the Fraser Valley has seen a 24% decrease from $1,819027 in January of 2022 to $1,382,775 this year.
The Fraser Valley Real Estate Boards February 2nd Press Release said there was a slow start to the year as buyers are cautious. Having said that, the board's president Sandra Benz believes sales will increase in the coming months due as there is "pent-up demand that has been building since the last quarter" 3 of 2022. Furthermore, rate hikes are suspected to subside, which should further excel sales activity into the spring market.
Unit Sales |
Average Sale Price |
| Jan-23 | Dec-22 | Jan-22 | % Change | Jan-23 | Dec-22 | Jan-22 | % Change | |
| Abbotsford | 20 | 36 | 74 | - 72.97 % | $ 1,059,045 | $ 966,388 | $ 1,440,712 | - 29.28 % |
| Mission | 16 | 22 | 31 | - 48.39 % | $ 847,843 | $ 935,556 | $ 1,246,748 | - 21.57 % |
| White Rock/South Surrey | 31 | 31 | 85 | - 63.53 % | $ 1,819,743 | $ 1,890,064 | $ 2,173,133 | - 8.83 % |
| Langley | 45 | 41 | 63 | - 28.57 % | $ 1,377,647 | $ 1,461,934 | $ 1,789,799 | - 16.75 % |
| Delta North | 14 | 13 | 28 | - 50.00 % | $ 1,306,178 | $ 1,291,769 | $ 1,780,312 | - 22.54 % |
| Surrey Central | 21 | 44 | 106 | - 80.19 % | $ 1,444,404 | $ 1,522,138 | $ 1,936,938 | - 9.54 % |
| Surrey Cloverdale | 15 | 17 | 26 | - 42.31 % | $ 1,244,615 | $ 1,320,764 | $ 1,824,418 | - 22.09 % |
| Surrey North | 20 | 16 | 56 | - 64.29 % | $ 1,561,214 | $ 1,432,938 | $ 1,432,938 | - 14.47 % |
| Fraser Valley | 182 | 220 | 469 | - 61.19 % | $ 1,382,775 | $ 1,377,503 | $ 1,377,503 | - 17.72 % |
Greater Vancouver Real Estate Stats
Greater Vancouver reported 295 single-family sales in January, a 53% decrease from the year before (622) and a 20% decrease from the previous month of December, which saw 371 sales. January's benchmark price for single-family homes is $1,801,300, a 9% decrease from last year's benchmark and a minor decrease of 1.2% from December this year.
The Boards February 2nd Press Release said January had low activity, which is typical due to seasonality. Furthermore, with the increased mortgage rates over 2022, "we anticipated sales this month would be among the lowest in recent history." 4 The Bank of Canada has said as long as the economic data is consistent, they will hold off on any more rate increases, which would provide more assurance for buyers and sellers.
Unit Sales |
Median Price |
| Jan-23 | Dec-22 | Jan-22 | % Change | Jan-23 | Dec-22 | Jan-22 | % Change | |
| Burnaby | 26 | 34 | 45 | - 42.22 % | $ 1,864,000 | $ 1,837,000 | $ 2,062,500 | - 9.62 % |
| Coquitlam | 21 | 32 | 49 | - 57.14 % | $ 1,485,000 | $ 1,520,000 | $ 1,936,000 | - 23.30 % |
| Delta - South | 22 | 22 | 36 | - 38.89 % | $ 1,322,500 | $ 1,508,000 | $ 1,664,354 | - 20.54 % |
| Gulf Islands | 3 | 0 | 3 | 0.00 % | n/a | n/a | n/a | n/a |
| Maple Ridge/Pitt Meadows | 44 | 51 | 61 | - 27.87 % | $ 1,135,000 | $ 1,055,000 | $ 1,530,000 | - 25.82 % |
| New Westminster | 11 | 9 | 18 | - 38.89 % | n/a | n/a | n/a | n/a |
| North Vancouver | 18 | 25 | 37 | - 51.35 % | n/a | $ 1,910,000 | $ 2,250,000 | n/a |
| Port Coquitlam | 13 | 10 | 29 | - 55.17 % | n/a | n/a | $ 1,591,500 | n/a |
| Port Moody/Belcarra | 3 | 8 | 15 | - 80.00 % | n/a | n/a | n/a | n/a |
| Richmond | 24 | 36 | 108 | - 77.78 % | $ 2,004,000 | $ 1,780,000 | $ 2,200,000 | - 8.91 % |
| Squamish | 8 | 7 | 13 | - 38.46 % | n/a | n/a | n/a | n/a |
| Sunshine Coast | 22 | 20 | 36 | - 38.89 % | $ 767,250 | $ 887,500 | $ 861,905 | - 10.98 % |
| Vancouver East | 33 | 38 | 65 | - 49.23 % | $ 1,600,000 | $ 1,718,800 | $ 2,100,000 | - 23.81 % |
| Vancouver West | 25 | 38 | 65 | - 61.54 % | $ 3,430,000 | $ 3,205,000 | $ 3,196,500 | 7.30 % |
| West Van/Howe Sound | 16 | 26 | 32 | - 50.00 % | n/a | $ 2,697,500 | $ 3,080,000 | 7.30 % |
| Whistler/Pemberton | 6 | 15 | 10 | - 40.00 % | n/a | n/a | n/a | n/a |
| Greater Vancouver | 295 | 371 | 622 | - 52.57 % | 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 120 home sales this January, a 40% decrease from last January's sales (199). The Average Sale Price was $695,148, a 19% decrease from last year's average sale price.
Chilliwack's President Brad Latham said it was no surprise that January was a slow month, "posting the lowest level for the month since 2019." 5
On a positive note, supply has returned to familiar levels seen in 2019 before the record lows in 2021, which has shifted from a seller's market into buyer's territory. Latham believes sales and property prices will be slow until buyers have come to terms with the hiked interest rates and the "market uncertainty has settled." 5
Unit Sales |
Average Sale Price |
| Jan-23 | Dec-22 | Jan-23 | % Change | Jan-23 | Dec-22 | Jan-22 | % Change | |
| Chilliwack & District | 120 | 125 | 199 | - 39.70 % | $ 695,148 | $ 653,789 |
$ 855,032 | - 18.70 % |
Powell River & Sunshine Coast Real Estate Stats
Powell River Sunshine Coast recorded 13 sales in January 2023, 10 less than the prior month of December 2022 and 9 less than January 2022. The average sale price was $564,800 in January 2023, which is a 5.66% increase from January 2022.
President of the board Neil Frost said the winter months are difficult to gauge real estate market trends due to the low seasonal activity. Similar to other boards, Powell River & the Sunshine Coast saw inventory levels return to where they were in 2019 before the pandemic, as well as prices come down. As the market calms down and rates aren't raised anymore, buyers should return to the market.
Unit Sales |
Average Sale Price |
| Jan-23 | Dec-22 | Jan-22 | % Change | Jan-23 | Dec-22 | Jan-22 | % Change | |
| Powell River & Sunshine Coast | 13 | 23 | 22 | - 40.9 % | $ 564,800 | $ 602,135 | $ 598,688 | - 5.66 % |
*All Stats come from MLS data retreived from vireb, vreb, fvreb, rebgv, cadreb, interiorrealtors, bcnreb, creastats, kar, and kadrea.
** Not included is Kootenay Association of Realtors® January 2023 stats, Kamloops & District Real Estate Association January 2023 Stats, Association of Interior Realtors®, BC Northern Real Estate Board January 2023 Stats.
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