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” 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.” 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 %

*All Stats come from MLS data retreived from virebvrebfvrebrebgv, cadreb, interiorrealtors, bcnreb, creastats, kar, and kadrea

** Not included is Kootenay Association of Realtors® July 2022 stats, Kamloops & District Real Estate Association July 2022 Stats, Association of Interior Realtors®.

Retreived from VIREB July 2022 Monthly Statistics Package 
3  Retreived from REBGV Stats Package July 2022

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