BC Real Estate Sales Stats - June 2022
Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for June 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 June 2022, 408 single-family homes were sold, a 22.9% decrease from last year's same month, which saw 529 sales (June 2021). June also saw a decline of 43 sales from the prior month of May. For June, the Average Sale Price was $845,038, a 16.3% increase from the previous year.
VIREB's July 4th Press Release mentioned the inventory for the region rose significantly in June, and single-family home listings more than doubled compared to last June. This increase in inventory benefits buyers as it reduces pressure to act quickly for fear of losing out. Additionally, many home hunters are taking a break from purchasing a home with the increase in interest rates, and some REALTORS® are witnessing "price reductions in the higher end of" 1 the real estate market.
VIREB's president, Erica Kavanaugh, urges home buyers who are unsure whether now is the best time to buy or sell to seek the advice of a local REALTOR® who has experience in your local market.
Unit Sales |
Average Sale Price |
| June-22 | May-22 | Jun-21 | % Change | Jun-22 | May-22 | Jun-21 | % Change | |
| Campbell River | 40 | 41 | 63 | - 36.51 % | $ 718,137 | $ 799,617 | $ 697,318 | 2.99 % |
| Comox Valley | 76 | 80 | 81 | - 6.17 % | $ 899,093 | $ 980,289 | $ 788,665 | 14.00 % |
| Cowichan Valley | 67 | 89 | 99 | - 32.32 % | $ 804,568 | $ 904,676 | $ 723,071 | 11.27 % |
| Nanaimo | 120 | 136 | 141 | - 14.89 % | $ 883,038 | $ 892,498 | $ 755,857 | 16.83 % |
| Parksville/Qualicum | 64 | 55 | 71 | - 9.86 % | $ 938,786 | $ 1,050,615 | $ 857,299 | 9.51 % |
| Port Alberni/West Coast | 30 | 38 | 49 | - 38.78 % | $ 707,713 | $ 579,983 | $ 503,076 | 40.68% |
| Vancouver Island | 408 | 451 | 529 | - 22.87 % | $ 845,038 | $ 886,591 | $ 726,778 | 16.27 % |
Victoria Real Estate Stats
The Victoria Real Estate Board (VREB) reported 302 single-family detached home sales in June 2022, a 31.4% decrease from the 440 sold in June 2021 and 17.7% less than the 367 sold in May 2022. The Average Sale Price increased 10.8% from the previous year, with $1,349,403 being the June 2022 average but slightly less than the May 2022 average of $1,396,076.
Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated inventory levels are beginning to return to pre-pandemic levels, which is beneficial for buyers who can spend more time evaluating their decision. Dinnie-Smyth adds that while inventory levels are rising, it is essential to keep bringing up the need for supply and " 2 urge all levels of government to continue to aggressively address" the housing shortages, which will ultimately impact future generations.
Unit Sales |
Average Sale Price |
| Jun-22 | May-22 | Jun-21 | % Change | Jun-22 | May-22 | Jun-21 | % Change | |
| Victoria/Vic West | 40 | 35 | 38 | 5.26 % | $ 1,290,777 | $ 1,292,146 | $ 1,208,785 | 6.78 % |
| Oak Bay | 12 | 20 | 25 | - 52.00% | $ 1,628,042 | $ 2,804,275 | $ 1,966,716 | - 17.22 % |
| Esquimalt | 8 | 15 | 15 | - 46.67 % | $ 1,125,375 | $ 1,104,207 | $ 1,051,180 | 7.06 % |
| View Royal | 14 | 8 | 9 | 55.56 % | $ 1,081,485 | $ 1,159,250 | $ 906,016 | 19.37 % |
| Saanich East | 53 | 63 | 89 | - 40.45 % | $ 1,462,274 | $ 1,758,028 | $ 1,273,000 | 14.87 % |
| Saanich West | 23 | 34 | 42 | - 45.24% | $ 1,123,130 | $ 1,240,241 | $ 990,216 | 13.42 % |
| Central Saanich | 12 | 18 | 21 | - 42.86 % | $ 1,940,417 | $ 1,314,389 | $ 1,335,295 | 45.32 % |
| North Saanich | 18 | 19 | 21 | - 14.29 % | $ 2,191,944 | $ 1,662,579 | $ 1,730,833 | 26.64 % |
| Sidney | 14 | 13 | 12 | 16.67 % | $ 1,215,564 | $ 1,084,300 | $ 1,288,796 | - 5.68 % |
| Highlands | 3 | 6 | 4 | - 25.00 % | $ 1,276,667 | $ 1,532,083 | $ 1,155,000 | 10.53 % |
| Colwood | 19 | 12 | 21 | - 9.52 % | $ 1,187,108 | $ 1,131,306 | $ 1,099,839 | 7.93 % |
| Langford | 37 | 52 | 61 | - 39.34 % | $ 1,247,292 | $ 1,211,746 | $ 1,080,758 | 15.41 % |
| Metchosin | 3 | 4 | 3 | - 0.00 % | $ 1,375,000 | $ 1,512,225 | $ 4,661,667 | -70.50 % |
| Sooke | 22 | 28 | 38 | - 42.11 % | $ 929,635 | $ 947,818 | $ 782,249 | 18.84 % |
| Gulf Islands | 13 | 24 | 29 | - 55.17 % | $ 1,536,900 | $ 1,056,375 | $ 1,070,640 | 43.55 % |
| Malahat & Area | 11 | 15 | 12 | - 8.33 % | $ 1,093,323 | $ 1,192,633 | $ 1,152,650 | -5.15 % |
| Victoria | 302 | 367 | 440 | - 31.36 % | $ 1,349,403 | $ 1,396,076 | $ 1,218,176 | 10.77 % |
Fraser Valley Real Estate Stats
For June 2022, the Fraser Valley reported 385 single-family home sales, a 56.2% decrease from the 879 homes sold the previous year and an 11.3% decrease from the prior month of May (434 single-family sales). The Average Sale Price in the Fraser Valley has seen a 16.1% increase from $1,358,352 in June 2021 to $1,577,356 in June 2022.
The Fraser Valley Real Estate Boards July 5th News Release said sales have decreased for the third consecutive month while prices "for all property types continued to soften," 3 bringing the market to more balanced levels. The shifting to a more balanced market is primarily due to the lessening demand for single-family houses, said the president of FVREB, Sandra Benz.
The board's CEO, Baldev Gill, added due to "fixed rates at their highest levels in a decade," 3 we can expect to see a continued decline in sales in the coming months. Furthermore, increased rates and lower inventory will create challenges for first-time home buyers. They could influence the slow down of sales and even "erase price gains from the past 10 months" 3.
Unit Sales |
Average Sale Price |
| Jun-22 | May-22 | Jun-21 | % Change | Jun-22 | May-22 | Jun-21 | % Change | |
| Abbotsford | 58 | 69 | 136 | - 57.35 % | $ 1,273,986 | $ 1,346,626 | $ 1,113,720 | 14.39 % |
| Mission | 39 | 40 | 81 | - 51.85 % | $ 1,049,930 | $ 1,180,903 | $ 949,965 | 10.52 % |
| White Rock/South Surrey | 63 | 62 | 134 | - 52.99 % | $ 2,180,545 | $ 2,122,752 | $ 1,813,192 | 20.26 % |
| Langley | 65 | 94 | 154 | - 57.79 % | $ 1,638,852 | $ 1,596,259 | $ 1,373,117 | 19.35 % |
| Delta North | 27 | 27 | 65 | - 58.46 % | $ 1,375,484 | $ 1,655,177 | $ 1,232,390 | 11.61 % |
| Surrey Central | 54 | 69 | 161 | - 66.46 % | $ 1,638,779 | $ 1,822,835 | $ 1,444,161 | 13.48 % |
| Surrey Cloverdale | 52 | 39 | 60 | - 13.33 % | $ 1,538,173 | $ 1,651,330 | $ 1,304,029 | 17.96 % |
| Surrey North | 26 | 34 | 88 | - 70.45 % | $ 1,620,526 | $ 1,668,718 | $ 1,366,975 | 18.55 % |
| Fraser Valley | 385 | 434 | 879 | - 65.20 % | $ 1,577,356 | $ 1,643,815 | $ 1,358,352 | 16.12 % |
Greater Vancouver Real Estate Stats
Greater Vancouver reported 653 single-family sales in June, a 48.3% decrease from the year before (1,262) and a 17.7% decrease from the previous month of May, which saw 793 sales. June's benchmark price for single-family homes is $2,058,600, a 13.4% increase from June 2021's benchmark and a minor decrease of 1.7% from May this year.
For June, the Greater Vancouver region saw increased inventory and rising interest rates, causing home buyers to be more cautious with their purchasing decision, ultimately leading to listings accumulating on the real estate market. The board's Chair, Daniel John added that there is downward pressure on house prices "due to declining home buyer activity." 4
Unit Sales |
Median Sale Price |
| Jun-22 | May-22 | Jun-21 | % Change | Jun-22 | May-22 | Jun-21 | % Change | |
| Burnaby | 51 | 67 | 102 | - 50.00 % | $ 1,897,500 | $ 2,130,500 | $ 1,874,000 | 1.25 % |
| Coquitlam | 47 | 67 | 126 | - 62.70 % | $ 1,702,000 | $ 1,786,400 | $ 1,440,000 | 18.19 % |
| Delta - South | 31 | 39 | 66 | - 53.03 % | $ 1,499,000 | $ 1,600,000 | $ 1,409,500 | 6.35 % |
| Gulf Islands | 8 | 4 | 4 | 100 % | n/a | n/a | n/a | n/a |
| Maple Ridge/Pitt Meadows | 65 | 92 | 148 | - 56.08 % | $ 1,295,000 | $ 1,365,000 | $ 1,110,000 | 16.67 % |
| New Westminster | 14 | 20 | 29 | - 51.72 % | n/a | $ 1,482,500 | $ 1,330,000 | n/a |
| North Vancouver | 62 | 81 | 120 | - 48.33 % | $ 2,025,000 | $ 2,150,000 | $ 1,925,000 | 5.19 % |
| Port Coquitlam | 31 | 27 | 53 | - 41.51 % | $ 1,350,000 | $ 1,475,000 | $ 1,200,000 | 12.50 % |
| Port Moody/Belcarra | 14 | 12 | 28 | - 50.00 % | n/a | n/a | $ 1,674,000 | n/a |
| Richmond | 72 | 77 | 154 | - 53.25 % | $ 2,098,000 | $ 2,135,000 | $ 1,678,500 | 24.99 % |
| Squamish | 18 | 19 | 19 | - 5.26 % | n/a | n/a | n/a | n/a |
| Sunshine Coast | 50 | 55 | 61 | - 18.03 % | $ 1,003,000 | $ 999,000 | $ 880,000 | 13.98 % |
| Vancouver East | 77 | 94 | 155 | - 50.32 % | $ 1,855,000 | $ 1,940,000 | $ 1,711,000 | 8.42 % |
| Vancouver West | 71 | 84 | 115 | - 38.26 % | $ 3,350,000 | $ 3,544,000 | $ 3,360,000 | - 0.30 % |
| West Van/Howe Sound | 32 | 46 | 60 | - 46.67 % | $ 3,063,500 | $ 3,322,500 | $ 3,162,500 | - 3.13 % |
| Whistler/Pemberton | 10 | 9 | 22 | - 54.55 % | n/a | n/a | $ 2,237,500 | n/a |
| Greater Vancouver | 653 | 793 | 1,262 | - 48.26 % | 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 184 home sales this June, a 54.1% decrease from last June's sales. The Average Sale Price was $763,928, a 9.2% increase from last year's average sale price of $699,567.
Home Sales in Chilliwack dropped to levels not seen for June since 2000. Demand has lessened while supply is increasing, leading to a more balanced market. Listings that entered the market were the most June has evener recorded, which is promising for home buyers who have been on the sidelines or put a halt in their search last year or earlier this year.
Unit Sales |
Average Sale Price |
| Jun-22 | May-22 | Jun-21 | % Change | Jun-22 | May-22 | Jun-21 | % Change | |
| Chilliwack & District | 184 | 218 | 401 | - 54.11 % | $ 763,928 | $ 843,200 |
$ 699,567 | 9.20 % |
Northern BC Real Estate Stats
British Columbia Northern Real Estate Board reported 468 sales in June 2022, a 14.8% decrease from the prior year. June also saw a decline of 57 property sales compared to the previous month of May. The Average Sale Price in Northern BC for June was $413,397, increasing 8.8% from last year's same month, which had an average sale price of $379,960.
Northern BC, along with most other regions, are experiencing a decline in home sales as interest rates increase. The Boards President, Wynette Lowes, said they are watching the expected increase from "the Bank of Canada on July 13th and what impact" 5 it will have on the Northern BC housing market, homeowners and buyers' and mortgage rates.
Unit Sales |
Average Sale Price |
| Jun-22 | May-22 | Jun-21 | % Change | Jun-22 | May-22 | Jun-21 | % Change | |
| Northern BC | 468 | 525 | 549 | - 14.75 % | $413,397 | $ 437,175 | $ 379,960 | 8.80 % |
** Not included is Kootenay Association of Realtors® June 2022 stats. & Kamloops & District Real Estate Association June 2022 Stats, Powell River Sunshine Coast June 2022 Stats
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