BC Real Estate Sales Stats - March 2022
Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for March 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 March 2022, 528 single-family homes were sold, a 5.6 % decrease from last year's same month, which saw 559 sales (March 2021). March did see an increase of 174 sales from the prior month of February. For March, the Average Sale Price was $913,286, a 24.9% increase from the previous year.
VIREB's April 1st Press Release mentions the real estate market is still far from balanced and will take a "substantial decline in demand to return active listings to a healthy state." 1 The difficulty of securing an accepted offer on a house has caused some buyers to make unconditional offers on what may be the most significant transaction of their lives.
Recently, the BC government announced the Homebuyer Protection Period, which introduces a 5-day "cooling-off" period within a real estate transaction. However, there are concerns that this method creates an "unequal playing field favouring buyers over sellers," 1 which is supported by industry data. Suggested by organized real estate is implementing a "pre-offer period" that would mandate listings be available for 5 business days prior to allowing offers. VIREB's press release states that the difference between the cooling-off period and a proposed pre-offer period is that the proposed offer allows "due diligence before making an offer, while a cooling-off period is reactive." 1
Unit Sales |
Average Sale Price |
| Mar-22 | Feb-22 | Mar-21 | % Change | Mar-22 | Feb-22 | Mar-21 | % Change | |
| Campbell River | 59 | 37 | 60 | - 1.67 % | $ 837,509 | $ 804,769 | $ 707,609 | 18.36 % |
| Comox Valley | 87 | 48 | 90 | - 3.33 % | $ 968,513 | $ 970,317 | $ 769,491 | 25.86 % |
| Cowichan Valley | 94 | 61 | 76 | 23.68 % | $ 881,697 | $ 847,646 | $ 740,062 | 19.14 % |
| Nanaimo | 150 | 102 | 191 | - 31.47 % | $ 970,961 | $ 934,018 | $ 743,858 | 30.53 % |
| Parksville/Qualicum | 71 | 57 | 81 | - 12.35 % | $ 1,063,595 | $ 1,056,986 | $ 844,782 | 25.90 % |
| Port Alberni/West Coast | 42 | 35 | 35 | 20.00 % | $ 731,838 | $ 627,866 | $ 525,402 | 39.29 % |
| Vancouver Island | 528 | 354 | 559 | - 5.55 % | $ 913,286 | $ 886,894 | $ 731,285 | 24.89 % |
Victoria Real Estate Stats
The Victoria Real Estate Board (VREB) reported 412 single-family detached home sales in March 2022, a 28.2% decrease from the 574 sold in March 2021 and 33% more than the 309 sold in February 2022. The Average Sale Price increased 21.2% from the previous year, with $1,426,628 being the March 2022 average. Slightly more than February's 2022 average of $1,410,313.
Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated that March 2022 was a record low for active listings (1,063). In the past five years, "the average number of active listings at the end of March is 1,864" 2 listings. While March did see an increase in homes on the market compared to the previous month of February, supply is still so short that multiple offer scenarios continue.
Dinnie-Smyth also mentions, "March generally kicks off the busy spring real estate season," 2 but with COVID-19 restrictions lifting, people are focusing on vacations that they have had to hold off on for the past two spring breaks.
Unit Sales |
Average Sale Price |
| Mar-22 | Feb-22 | Mar-21 | % Change | Mar-22 | Feb-22 | Mar-21 | % Change | |
| Victoria/Vic West | 41 | 37 | 65 | - 36.92 % | $ 1,433,632 | $ 1,513,608 | $ 1,335,156 | 7.38 % |
| Oak Bay | 30 | 16 | 31 | - 3.23 % | $ 2,274,626 | $ 2,329,417 | $ 1,820,774 | 24.93 % |
| Esquimalt | 13 | 6 | 16 | - 18.75 % | $ 1,149,385 | $ 1,038,500 | $ 1,000,734 | 14.85 % |
| View Royal | 8 | 7 | 16 | - 50.00 % | $ 1,233,500 | $ 1,115,000 | $ 954,813 | 29.19 % |
| Saanich East | 72 | 59 | 119 | - 39.50 % | $ 1,540,936 | $ 1,571,117 | $ 1,250,196 | 23.26 % |
| Saanich West | 29 | 25 | 55 | - 47.27 % | $ 1,286,897 | $ 1,280,125 | $ 1,029,451 | 25.01 % |
| Central Saanich | 14 | 14 | 20 | - 30.00 % | $ 1,358,000 | $ 1,350,571 | $ 1,383,600 | - 1.85 % |
| North Saanich | 20 | 9 | 24 | - 16.67 % | $ 1,849,575 | $ 2,100,889 | $ 1,607,598 | 15.05 % |
| Sidney | 17 | 10 | 22 | - 22.73 % | $ 1,253,265 | $ 1,305,800 | $ 952,484 | 31.58 % |
| Highlands | 3 | 0 | 4 | - 25.00 % | $ 2,108,667 | n/a | $ 953,925 | n/a |
| Colwood | 26 | 28 | 24 | 8.33 % | $ 1,217,537 | $ 1,174,724 | $ 920,512 | 32.27 % |
| Langford | 64 | 38 | 84 | - 23.81 % | $ 1,267,307 | $ 1,319,027 | $ 1,019,416 | 24.32 % |
| Metchosin | 6 | 3 | 7 | - 14.29 % | $ 1,904,167 | $ 1,571,667 | $ 1,464,429 | 30.03 % |
| Sooke | 29 | 25 | 38 | - 23.68 % | $ 1,014,166 | $ 1,231,188 | $ 874,772 | 15.93 % |
| Gulf Islands | 23 | 17 | 27 | - 14.81 % | $ 1,250,378 | $ 1,135,485 | $ 1,107,667 | 12.88 % |
| Malahat & Area | 17 | 15 | 20 | - 15.00 % | $ 1,275,450 | $ 1,031,920 | $ 1,045,630 | 21.98 % |
| Victoria | 412 | 309 | 574 | - 28.22 % | $ 1,426,628 | $ 1,410,313 | $ 1,176,691 | 21.24 % |
Fraser Valley Real Estate Stats
For March 2022, the Fraser Valley saw sales of 932 single-family homes, a 34.2% decrease from the 1,416 homes sold the previous year and a 36.3% increase from the prior month of February (684 single-family sales). The Average Sale Price in the Fraser Valley has seen a 26.9% increase from $1,408,763 in March 2021 to $1,787,448 in March 2022.
The Fraser Valley Real Estate Boards April 4th News Release said active listings have continued to increase for the third consecutive month. Allowing buyers more to choose from and helping reduce the imbalanced market. President of FVREB Sandra Benz mentions they're hopeful "this will contribute to a slowing in price growth." 3
Unit Sales |
Average Sale Price |
| Mar-22 | Feb-22 | Mar-21 | % Change | Mar-22 | Feb-22 | Mar-21 | % Change | |
| Abbotsford | 175 | 116 | 243 | - 27.98 % | $ 1,537,072 | $ 1,520,257 | $ 1,138,323 | 35.03% |
| Mission | 69 | 52 | 90 | - 23.33 % | $ 1,266,358 | $ 1,375,000 | $ 961,856 | 31.66 % |
| White Rock/South Surrey | 147 | 125 | 224 | - 34.38 % | $ 2,174,763 | $ 2,402,398 | $ 1,838,347 | 18.30 % |
| Langley | 168 | 98 | 214 | - 21.50 % | $ 1,743,528 | $ 1,965,155 | $ 1,415,974 | 23.13 % |
| Delta North | 56 | 58 | 99 | - 43.43 % | $ 1,720,907 | $ 1,846,127 | $ 1,328,127 | 29.57 % |
| Surrey Central | 174 | 109 | 286 | - 39.16 % | $ 1,931,224 | $ 1,991,505 | $ 1,477,942 | 30.67 % |
| Surrey Cloverdale | 60 | 54 | 113 | - 46.90 % | $ 1,751,393 | $ 1,820,702 | $ 1,395,146 | 25.53 % |
| Surrey North | 83 | 72 | 147 | - 43.54 % | $ 1,921,303 | $ 1,881,995 | $ 1,394,507 | 37.78 % |
| Fraser Valley | 932 | 684 | 1416 | - 34.18 % | $ 1,787,448 | $ 1,898,693 | $ 1,408,763 | 26.88 % |
Greater Vancouver Real Estate Stats
Greater Vancouver single-family sales hit 1,291 in March, a 34.3% decrease from the year before (1,965) and a 27.8% increase from the previous month of February. March's benchmark price for single-family homes is $2,118,600, a 23.4% increase from March 2021's benchmark.
For the month of March, the Greater Vancouver region saw sales that were "25.5 % above the 10-year March sales average" 4. While market activity is still elevated, it has calmed since last year. However, supply is still lacking and continuing to cause upward pressure on property prices. Daniel John, REBGV's Chair, said the number of properties on their "MLS® system today is less than half of what's needed to shift the market into balanced territory." 4
Unit Sales |
Benchmark Price |
| Mar-22 | Feb-22 | Mar-21 | % Change | Mar-22 | Feb-22 | Mar-21 | % Change | |
| Burnaby | 91 | 102 | 155 | - 41.29 % | $ 2,190,000 | $ 2,200,000 | $ 1,755,000 | 24.79 % |
| Coquitlam | 119 | 80 | 180 | - 33.89 % | $ 1,900,000 | $ 1,865,000 | $ 1,557,500 | 21.99 % |
| Delta - South | 72 | 62 | 109 | - 33.94 % | $ 1,651,000 | $ 1,707,500 | $ 1,350,000 | 22.30 % |
| Gulf Islands | 7 | 4 | 10 | - 30.00 % | n/a | n/a | n/a | n/a |
| Maple Ridge/Pitt Meadows | 153 | 126 | 271 | - 43.54 % | $ 1,488,000 | $ 1,565,000 | $ 1,189,000 | 25.15 % |
| New Westminster | 29 | 32 | 46 | - 36.96 % | $ 1,640,000 | $ 1,683,000 | $ 1,350,000 | 21.48 % |
| North Vancouver | 117 | 80 | 175 | - 33.14 % | $ 2,320,000 | $ 2,303,500 | $ 1,915,000 | 21.15 % |
| Port Coquitlam | 51 | 42 | 81 | - 37.04 % | $ 1,555,500 | $,1,594,500 | $ 1,260,000 | 23.45 % |
| Port Moody/Belcarra | 33 | 26 | 41 | - 19.51 % | $ 2,100,000 | $ 2,090,000 | $ 1,565,000 | 34.19 % |
| Richmond | 148 | 10 | 234 | - 36.75 % | $ 2,110,000 | $ 2,108,000 | $ 1,850,000 | 14.05 % |
| Squamish | 27 | 20 | 46 | - 41.30 % | $ 1,679,000 | $ 1,630,000 | $ 1,490,500 | 12.56 % |
| Sunshine Coast | 71 | 49 | 106 | - 33.02 % | $ 1,082,500 | $ 1,100,500 | $ 858,024 | 26.16 % |
| Vancouver East | 174 | 117 | 244 | - 28.69 % | $ 2,095,000 | $ 2,165,000 | $ 1,768,000 | 18.50 % |
| Vancouver West | 124 | 102 | 146 | - 15.07 % | $ 3,500,000 | $ 3,655,000 | $ 3,509,000 | - 0.26 % |
| West Van/Howe Sound | 62 | 58 | 98 | - 36.73 % | $ 3,000,000 | $ 3,022,500 | $ 2,939,000 | 2.08 % |
| Whistler/Pemberton | 13 | 9 | 23 | - 43.48 % | n/a | n/a | $ 2,375,000 | n/a |
| Greater Vancouver | 1291 | 1010 | 1965 | - 34.30 % | n/a | n/a | n/a | n/a |
Chilliwack & District Real Estate Stats
Chilliwack saw 179 single-family sales this March, a 54.1% decrease from the 390 sales last year and a 16.7% decrease from the 215 single-family sales in the prior month of February. In March 2022, the Average Sale Price was $1,065,740, a 26.6% increase from last year's ASP of $841,894.
Although March did not surpass last year's record for the month, sales are still "above typical levels for this time of year." 5 President of the Board, Daryl Moniz, said with the new listings seen hitting the market in March, it may be that the "busy spring market has started even earlier than usual this year." 5
Unit Sales |
Average Sale Price |
| Mar-22 | Feb-22 | Mar-21 | % Change | Mar-22 | Feb-22 | Mar-21 | % Change | |
| Chilliwack & District | 179 | 215 | 390 | - 54.10 % | $ 1,065,740 | $ 1,118,254 | $ 841,894 | 26.59 % |
BC Interior Real Estate Stats
Residential sales in March 2022 were 1,898, a 25% decrease from last March's sales of 2,372. Seasonally, sales and listings typically pick up speed as spring is near.
Kim Heizmann, President of the Association of Interior REALTORS®, mentioned it is encouraging to see an increase in listings and sales compared to the previous month of February. However, the supply of new listings is still "not coming on to the market at the rate needed to meet demand." 6 A drastic addition of listings needs to be introduced in order to reduce negative impacts on sellers and buyers in this real estate market.
Unit Sales |
Average Sales Price |
| Mar-22 | Feb-22 | Mar-21 | % Change | Mar-22 | Feb-22 | Mar-21 | % Change | |
| Central Okanagan | 301 | 231 | 411 | - 26.76 % | $ 1,281,050 | $ 1,251,713 | $ 963,810 | 32.92 % |
| North Okanagan | 116 | 72 | 160 | - 27.50 % | $ 815,920 | $ 872,976 | $ 654,076 | 34.74 % |
| Shuswap/Revelstoke | 46 | 42 | 59 | - 22.03 % | $ 805,350 | $ 763,931 | $ 583,911 | 37.92 % |
| South Okanagan | 87 | 86 | 149 | - 41.61 % | $ 834,808 | $ 811,006 | $ 696,427 | 19.87 % |
| South Peace River | 38 | 26 | 36 | 5.56 % | $ 261,745 | $ 267,712 | $ 300,290 | - 12.84 % |
Powell River & Sunshine Coast Real Estate Stats
Powell River Sunshine Coast recorded 36 sales in March 2022, a 20% decrease from March 2021 (45 sales) and an increase from February, which saw 30 sales. The average sale price was $740,664, a 41.8% increase from March 2021.
Powell River Sunshine Coast Real Estate Board president Neil Frost said sales activity for March is one of the nest on record. Although the Powell River market is "tight by historical standards, we are in a much better position" 7 than in 2021, where supply was almost non-existent.
Unit Sales |
Average Sale Price |
| Mar-22 | Feb-22 | Mar-21 | % Change | Mar-22 | Feb-22 | Mar-21 | % Change | |
| Powell River & Sunshine Coast | 36 | 30 | 45 | 20.00 % | $ 740,664 | $ 618,420 | $ 522,330 | 41.80 % |
Northern BC Real Estate Stats
British Columbia Northern Real Estate Board reported 478 sales in March 2022, a 10.4% increase from the prior year, which saw 433 sales and an increase of 173 sales from February 2022. The Average Sale Price in Northern BC reached $422,359 in March 2022, increasing 11.7% from last year's same month.
Property sales this month had the second-best level recorded in March. However, supply is still low, causing a drive in real estate prices. Over the remainder of 2022, we will have to keep a close eye on the effects of rising interest rates on the market.
Unit Sales |
Average Sale Price |
| Mar-22 | Feb-22 | Mar-21 | % Change | Mar-22 | Feb-22 | Mar-21 | % Change | |
| Northern BC | 478 | 305 | 433 | 10.39 % | $ 422,359 | $ 402,128 | $ 378,119 | 11.70 % |
** Not included is Kootenay Association of Realtors® Mar 2022 stats. & Kamloops & District Real Estate Association Mar 2022 Stats
Post a Comment