BC Real Estate Sales Stats - July 2022
Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for July 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 July 2022, 297 single-family homes were sold, a 34% decrease from last year’s same month, which saw 450 sales (July 2021). July also saw a decline of 109 sales from the prior month of June. For July, the Average Sale Price was $835,187, a 12.4% increase from the previous year.
VIREB’s August 2nd Press Release stated the inventory for the region significantly increased in July, providing house hunters with options and reducing the need to act quickly.
Additionally, REALTORS® are noticing continued “price reductions on higher-priced properties” 1 along with a decrease in multiple offer scenarios.
Unit Sales |
Average Sale Price |
| Jul-22 | Jun-22 | Jul-21 | % Change | Jul-22 | Jun-22 | Jul-21 | % Change | |
| Campbell River | 28 | 40 | 40 | - 30.00 % | $ 723,104 | $ 718,012 | $ 687,464 | 5.18 % |
| Comox Valley | 46 | 76 | 66 | - 30.30 % | $ 851,510 | $ 899,158 | $ 787,891 | 8.07 % |
| Cowichan Valley | 55 | 66 | 82 | - 32.93 % | $ 829,943 | $ 799,486 | $ 734,876 | 12.94 % |
| Nanaimo | 81 | 120 | 140 | - 42.14 % | $ 878,302 | $ 883,038 | $ 793,957 | 10.62 % |
| Parksville/Qualicum | 53 | 63 | 56 | - 5.36 % | $ 944,468 | $ 942,211 | $ 873,202 | 8.16 % |
| Port Alberni/West Coast | 20 | 30 | 38 | - 47.37 % | $ 662,588 | $ 707,713 | $ 576,212 | 14.99 % |
| Vancouver Island | 297 | 406 | 450 | - 34.00 % | $ 835,187 | $ 844,613 | $ 742,906 | 12.42 % |
Victoria Real Estate Stats
The Victoria Real Estate Board (VREB) reported 254 single-family detached home sales in July 2022, a 35.9% decrease from the 396 sold in July 2021 and 15.9% less than the 302 sold in June 2022. The Average Sale Price increased 2.8% from the previous year, with $1,204,196 being the July 2022 average but slightly less than the June 2022 average of $1,171,915.
Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated fewer listings entered the market in July, and sales continue to decrease. These conditions can benefit buyers and sellers by allowing more time for decision-making.
Unit Sales |
Average Sale Price |
| Jul-22 | Jun-22 | Jul-21 | % Change | Jul-22 | Jun-22 | Jul-21 | % Change | |
| Victoria/Vic West | 29 | 40 | 44 | - 34.09 % | $ 1,211,604 | $ 1,290,777 | $ 1,194,170 | 1.46 % |
| Oak Bay | 9 | 12 | 19 | - 52.63 % | $ 1,949,444 | $ 1,628,042 | $ 1,999,421 | - 2.50 % |
| Esquimalt | 12 | 8 | 17 | -29.41 % | $ 1,012,583 | $ 1,125,375 | $ 1,012,959 | - 0.04 % |
| View Royal | 8 | 14 | 8 | 0.00 % | $ 1,108,750 | $ 1,081,485 | $ 1,111,972 | - 0.29 % |
| Saanich East | 42 | 53 | 65 | - 35.38 % | $ 1,472,252 | $ 1,462,274 | $ 1,260,896 | 16.79 % |
| Saanich West | 19 | 23 | 33 | - 42.42 % | $ 1,189,368 | $ 1,123,130 | $ 1,156,077 | 2.88 % |
| Central Saanich | 7 | 12 | 9 | -22.22 % | $ 1,440,857 | $ 1,940,417 | $ 1,274,111 | 13.09 % |
| North Saanich | 6 | 18 | 17 | - 64.71 % | $ 1,521,667 | $ 2,191,944 | $ 1,713,935 | -11.22 % |
| Sidney | 10 | 14 | 16 | - 37.50 % | $ 1,008,600 | $ 1,215,564 | $ 1,183,800 | - 14.80 % |
| Highlands | 2 | 3 | 4 | - 50.00 % | $ 1,002,500 | $ 1,276,667 | $ 1,496,250 | - 33.00 % |
| Colwood | 21 | 19 | 18 | 16.67 % | $ 1,077,629 | $ 1,187,108 | $ 896,139 | 20.25 % |
| Langford | 30 | 37 | 64 | - 53.13 % | $ 1,065,910 | $ 1,247,292 | $ 1,090,067 | - 2.22 % |
| Metchosin | 3 | 3 | 3 | 0.00 % | $ 1,525,000 | $ 1,375,000 | $ 1,451,667 | 5.05 % |
| Sooke | 20 | 22 | 27 | - 25.93 % | $ 910,290 | $ 929,635 | $ 823,940 | 10.48 % |
| Gulf Islands | 19 | 13 | 36 | - 47.22 % | $ 890,181 | $ 1,536,900 | $ 912,423 | -2.44 % |
| Malahat & Area | 16 | 11 | 16 | 0.00 % | $ 1,318,844 | $ 1,093,323 | $ 1,027,981 | 28.29 % |
| Victoria | 254 | 302 | 396 | - 35.86 % | $ 1,204,196 | $ 1,349,403 | $ 1,171,915 | 2.75 % |
Fraser Valley Real Estate Stats
For July 2022, the Fraser Valley reported 297 single-family home sales, a 61.2% decrease from the 765 homes sold the previous year and a 22.9% decrease from the prior month of June (385 single-family sales). The Average Sale Price in the Fraser Valley has seen a 9.2% increase from $1,368,962 in July 2021 to $1.495,176 in July 2022.
The Fraser Valley Real Estate Boards August 3rd News Release said sales have continued to fall throughout July due to increased interest rates. Prices have also been dropping due to lessened demand from buyers. Since March this year, home prices have seen a 10.2% reduction.
The board’s President, Sandra Benz, added that real estate “is and always will be an asset with considerable upside over the long-term.” 2 As prices begin to come down, it presents the opportunity for homebuyers who have been waiting for calmer conditions to re-start their property search.
Unit Sales |
Average Sale Price |
| Jul-22 | Jun-22 | Jul-21 | % Change | Jul-22 | Jun-22 | Jul-21 | % Change | |
| Abbotsford | 49 | 58 | 116 | - 57.76 % | $ 1,178,944 | $ 1,273,986 | $ 1,113,792 | 5.85 % |
| Mission | 21 | 39 | 61 | - 65.57 % | $ 1,083,311 | $ 1,049,930 | $ 1,009,609 | 7.30 % |
| White Rock/South Surrey | 40 | 63 | 109 | - 63.30 % | $ 1,948,320 | $ 2,180,545 | $ 1,705,318 | 14.25 % |
| Langley | 59 | 65 | 123 | - 52.03 % | $ 1,489,804 | $ 1,638,852 | $ 1,309,540 | 13.77 % |
| Delta North | 24 | 27 | 64 | - 62.50 % | $ 1,371,700 | $ 1,375,484 | $ 1,284,945 | 6.75 % |
| Surrey Central | 50 | 54 | 170 | - 70.59 % | $ 1,706,074 | $ 1,638,779 | $ 1,488,669 | 14.60 % |
| Surrey Cloverdale | 29 | 52 | 52 | - 44.23 % | $ 1,404,998 | $ 1,538,173 | $ 1,493,116 | - 5.90 % |
| Surrey North | 25 | 26 | 70 | - 64.29 % | $ 1,549,952 | $ 1,620,526 | $ 1,379,492 | 12.36 % |
| Fraser Valley | 297 | 385 | 765 | - 61.18 % | $ 1,495,176 | $ 1,577,356 | $ 1,368,962 | 9.22 % |
Greater Vancouver Real Estate Stats
Greater Vancouver reported 523 single-family sales in July, a 50.2% decrease from the year before (1,050) and a 20% decrease from the previous month of June, which saw 653 sales. July’s benchmark price for single-family homes is $2,000,600, an 11% increase from July 2021’s benchmark and a minor decrease of 2.8% from June this year.
As the increased interest rates continue to dampen the real estate market, home buyers “are exercising more caution in today’s market.” 3 This has allowed inventory to slowly increase while prices are beginning to come down over the past few months.
Unit Sales |
Benchmark Price |
| Jul-22 | Jun-22 | Jul-21 | % Change | Jul-22 | Jun-22 | Jul-21 | % Change | |
| Burnaby | 54 | 51 | 98 | - 44.90 % | $ 1,900,000 | $ 1,897,500 | $ 1,817,500 | 4.54 % |
| Coquitlam | 49 | 47 | 102 | - 51.96 % | $ 1,670,000 | $ 1,702,000 | $ 1,513,400 | 10.35 % |
| Delta - South | 24 | 31 | 47 | - 48.94 % | $ 1,470,000 | $ 1,499,000 | $ 1,300,000 | 13.08 % |
| Gulf Islands | 4 | 8 | 15 | - 73.33 % | n/a | n/a | n/a | n/a |
| Maple Ridge/Pitt Meadows | 63 | 65 | 127 | - 50.39 % | $ 1,207,000 | $ 1,295,000 | $ 1,105,000 | 9.23 % |
| New Westminster | 11 | 14 | 29 | - 62.07 % | n/a | $ 1,482,500 | $ 1,360,000 | n/a |
| North Vancouver | 44 | 62 | 72 | - 38.89 % | $2,020,000 | $ 2,025,000 | $ 1,875,000 | 7.73 % |
| Port Coquitlam | 21 | 31 | 39 | - 46.15 % | $ 1,340,000 | $ 1,350,000 | $ 1,260,000 | 6.35 % |
| Port Moody/Belcarra | 14 | 14 | 21 | - 33.33 % | n/a | n/a | $ 1,710,000 | n/a |
| Richmond | 54 | 72 | 94 | - 42.55 % | $ 1,850,000 | $ 2,098,000 | $ 1,743,000 | 6.14 % |
| Squamish | 14 | 18 | 14 | 0.00 % | n/a | n/a | n/a | n/a |
| Sunshine Coast | 34 | 50 | 77 | - 55.84 % | $ 1,142,500 | $ 1,003,000 | $ 899,000 | 27.09 % |
| Vancouver East | 54 | 77 | 144 | - 62.50 % | $ 1,790,000 | $ 1,855,000 | $ 1,688,500 | 6.01 % |
| Vancouver West | 46 | 71 | 93 | - 50.54 % | $ 3,455,000 | $ 3,350,000 | $ 3,200,000 | 7.97 % |
| West Van/Howe Sound | 30 | 32 | 54 | - 44.44 % | $ 2,870,000 | $ 3,063,500 | $ 2,900,000 | - 1.03 % |
| Whistler/Pemberton | 7 | 10 | 24 | - 70.83 % | n/a | n/a | $ 2,392,000 | n/a |
| Greater Vancouver | 523 | 653 | 1,050 | - 50.19 % | 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 132 single-family sales this July, a 57.3% decrease from last July’s sales. The Average Sale Price was $756,179, a 4.6% increase from last year’s average sale price of $722,924.
With rising interest rates, many homebuyers are having to re-evaluate “their financial positions under the constantly evolving mortgage rates,” 4 resulting in a decline in sales activity.
Supply is finally returning to healthy levels, although, due to the imbalance on the demand side, sellers may have to “adjust their pricing expectations to what buyers can afford.” 4 The board’s president, Daryl Moniz, said this is not something that is going to sort itself out in the next few months. Instead, by year-end, the environment should have stabilized more and buyers and sellers will have a better idea of their options.
Unit Sales |
Average Sale Price |
| Jul-22 | Jun-22 | Jul-21 | % Change | Jul-22 | Jun-22 | Jul-21 | % Change | |
| Chilliwack & District | 132 | 184 | 309 | - 57.28 % | $ 756,179 | $ 763,928 |
$ 722,924 | 4.60 % |
Powell River & Sunshine Coast Real Estate Stats
Powell River Sunshine Coast recorded 20 sales in July 2022, 50% less than the prior month of June 2022 and 52.4% less than last year’s same month (42 sales). The average sale price was $649,890 in July, a 32.6% increase from July 2021.
President of the Powell River Sunshine Coast Real Estate Board, Neil Frost, stated over the past two months home sale had declined rapidly due to increased interest rates. Heightened mortgage rates are making purchasing a home unaffordable for many homebuyers.
While there are still active homebuyers, many have taken a step back “to re-evaluate their positions, and sellers must continue to revise their pricing expectations.” 5 With inventory returning to healthy numbers, it will provide options for buyers when they decide to move forward with their real estate purchases.
Unit Sales |
Average Sale Price |
| Jul-22 | Jun-22 | Jul-21 | % Change | Jul-22 | Jun-22 | Jul-21 | % Change | |
| Powell River & Sunshine Coast | 20 | 40 | 42 | - 52.4 % | $ 649,890 | $ 677,950 | $ 490,113 | 32.60 % |
Northern BC Real Estate Stats
British Columbia Northern Real Estate Board reported 375 sales in July 2022, a 24.7% decrease from the prior year. July also saw a decline of 88 property sales compared to the previous month of June. The Average Sale Price in Northern BC for July was $409,548, increasing 6.5% from last year’s same month, with an average sale price of $384,552.
Northern BC and most other regions are experiencing a continued decline in home sales. The board’s president Wynette Lowes said the housing market would likely continue to see “dampened activity for the time being as buyers and sellers adjust to the new environment” 6 resulting from rising interest rates.
Unit Sales |
Average Sale Price |
| Jul-22 | Jun-22 | Jul-21 | % Change | Jul-22 | Jun-22 | Jul-21 | % Change | |
| Northern BC | 375 | 468 | 498 | - 24.70 % | $ 409,548 | $ 413,397 | $ 384,552 | 6.50 % |
** Not included is Kootenay Association of Realtors® July 2022 stats, Kamloops & District Real Estate Association July 2022 Stats, Association of Interior Realtors®.
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