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 " 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 %

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

** 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

Retreived from VIREB June 2022 Monthly Statistics Package 
Retreived from VREB June 2022 Stats Release
4  Retreived from REBGV Stats Package June 2022

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