BC Real Estate Sales Stats - May 2022

Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for May 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 May 2022, 455 single-family homes were sold, a 13.7% decrease from last year's same month, which saw 527 sales (May 2021). May also saw a decline of 148 sales from the prior month of April. For May, the Average Sale Price was $889,544, a 24% increase from the previous year. VIREB's

June 3rd Press Release mentions the real estate market is experiencing increased inventory and less demand, which is ideal for home buyers, allowing more options and less pressure to rush an offer in fear of losing out.

However, the market is still far from balanced and favours sellers. The BC Financial Service Authority recently released a report that recommends several measures "intended to enhance consumer protection in" 1 BC's real estate industry. VIREB's President Erica Kavanaugh said the success of these suggested measures "hinge on the next steps taken by the BCFSA and" 1 our provincial government.

                                Unit Sales            

Average Sale Price

May-22 Apr-22 May-21 % Change May-22 Apr-22 May-21 % Change
Campbell River 41 45 54 - 24.07 % $ 799,617 $ 785,633 $ 692,351 15.49 %
Comox Valley 80 89 81 - 1.23 % $ 980,289 $ 910,178 $ 764,550 28.22 %
Cowichan Valley 90 90 81 11.11 % $ 911,291 $ 906,138 $ 687,136 32.62 %
Nanaimo 137 148 187 - 26.74 % $ 895,765 $ 933,278 $ 752,421 19.05 %
Parksville/Qualicum 57 59 60 - 5.00 % $ 1,050,681 $ 1,057,664 $ 843,524 24.56 %
Port Alberni/West Coast 38 51 43 - 11.63 % $ 579,983 $ 663,119 $ 535,980 8.21 %
Vancouver Island 455 503  527   - 13.66 % $ 889,544 $ 884,393 $ 717,566 23.97 %

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) reported 367 single-family detached home sales in May 2022, a 31.7% decrease from the 537 sold in May 2021 and 11% less than the 412 sold in April 2022. The Average Sale Price increased 19.8% from the previous year, with $1,396,076 being the May 2022 average but slightly less than the April 2022 average of $1,432,298.

Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated after two years of irregularity over the pandemic, the Victoria market is seeing a steadier pace. Even with inventory remaining at historically low levels, especially in spring, it is now in line with the "pre-pandemic five-year average," 2 which is promising for home buyers.

Smyth agrees with the BCFSA that consumer protection is of the utmost importance. Still, the report for a five-day pre-offer period has left several "detailed processes and procedural questions unanswered" and is something that needs to be addressed prior to implementation.

                               Unit Sales            

Average Sale Price

May-22 Apr-22 May-21 % Change May-22 Apr-22 May-21 % Change
Victoria/Vic West 35 46 50 - 30.00 % $ 1,292,146 $ 1,533,650 $ 1,148,776 12.48 %
Oak Bay 20 26 31 - 35.48 % $ 2,804,275 $ 2,411,543 $ 1,821,008 54.00 %
Esquimalt 15 16 14 7.14 % $ 1,104,207 $ 1,231,875 $ 1,087,349 1.55 %
View Royal 8 8 13 - 38.46 % $ 1,159,250 $ 1,418,875 $ 1,116,231 3.85 %
Saanich East 63 60 114 - 44.74 % $ 1,758,028 $ 1,498,810 $ 1,286,380 36.66 %
Saanich West 34 36 38 - 10.53 % $ 1,240,241 $ 1,253,380 $ 1,048,440 18.29 %
Central Saanich 18 13 13  38.46 % $ 1,314,389  $ 1,502,974 $ 1,428,441  - 7.98 %
North Saanich 19 23 24 - 20.83 % $ 1,662,579 $ 1,899,587 $ 1,578,896 5.30 %
Sidney 13 19 23 - 43.48 % $ 1,084,300 $ 1,574,022 $ 1,009,137 7.45 %
Highlands 6 1 3 100 % $ 1,532,083 $ 2,330,000 $ 959,167 59.73 %
Colwood 12 26 34 - 64.71 % $ 1,131,306 $ 1,275,474 $ 982,409 15.16  %
Langford 52 61 80 - 35.00 % $ 1,211,746 $ 1,147,926 $ 1,050,924 15.30 %
Metchosin 4 3 5 - 20.00 %  $ 1,512,225 $ 1,635,000 $ 1,374,000 10.06 %
Sooke 28 35 45 - 37.78 % $ 947,818 $ 1,056,740 $ 887,475 6.80 %
Gulf Islands 24 20 29 - 17.24 % $ 1,056,375 $ 1,191,175 $ 989,133 6.80 %
Malahat & Area 15 10 21 - 28.57 % $ 1,192,633 $ 1,349,101 $ 966,052 23.45 %
Victoria 367  412 537  - 31.66 % $ 1,396,076 $ 1,432,298 $ 1,165,581 19.78 %

Fraser Valley Real Estate Stats

For May 2022, the Fraser Valley saw sales of 434 single-family homes, a 63.6% decrease from the 1,193 homes sold the previous year and a 21.1% decrease from the prior month of April (550 single-family sales). The Average Sale Price in the Fraser Valley has seen a 16.07% increase from $1,416,230 in May 2021 to $1,643,815 in May 2022.

The Fraser Valley Real Estate Boards June 2nd News Release said the Fraser Valley is seeing growing active listings and reduced demand, moving the market towards "more balanced levels not seen since" 3 before the pandemic.

While it is still early, the Board's President, Sandra Benz, said it appears as though the pandemic-era drivers - " working from home and record low-interest rates" 3 may be of the past. As prices cool off, it's welcoming for home buyers, especially with the increased mortgage rates we are seeing.

                                 Unit Sales            

Average Sale Price

May-22 Apr-22 May-21 % Change May-22 Apr-22 May-21 % Change
Abbotsford 69 76 179 - 61.45 % $ 1,346,626 $ 1,371,620 $ 1,162,559 15.83 %
Mission 40 54 89 - 55.06 % $ 1,180,903 $ 1,201,846 $ 962,126 22.74 %
White Rock/South Surrey 62 91 188 - 67.02 % $ 2,122,752 $ 2,135,465 $ 1,901,397 11.64 %
Langley 94 109 191 - 50.79 % $ 1,596,259 $ 1,796,697 $ 1,461,759 9.20 %
Delta North 27 34 95 - 71.58 % $ 1,655,177 $ 1,626,570 $ 1,268,717 30.46 %
Surrey Central 69 79 221 - 68.78 % $ 1,822,835 $ 1,905,850 $ 1,443,165 26.31 %
Surrey Cloverdale 39 56 104 - 62.50 % $ 1,651,330 $ 1,696,273 $ 1,353,703 21.99 %
Surrey North 34 51 126 - 73.02 % $ 1,668,718 $ 1,753,167 $ 1,420,035 17.51 %
Fraser Valley 434  550 1193  - 63.62 % $ 1,643,815 $ 1,726,506 $ 1,416,230 16.07 %

Greater Vancouver Real Estate Stats

Greater Vancouver reported 793 single-family sales in May, a 44.12% decrease from the year before (1,419) and a 17.57% decrease from the previous month of April, which saw 962 sales. May's benchmark price for single-family homes is $2,093,600, a 15% increase from May 2021's benchmark and a slight decrease of 0.4% from April this year.

For May, the Greater Vancouver region saw more typical market activity for springtime after record-setting levels throughout 2021. This return to more normalcy is largely due to the rising interest rates.

REBGV's Chair Daniel John stated with the increased interest rates, home buyers are "taking more time to make their decision in today's housing market" 4 after a hectic two years of racing against multiple offers. Home buyers in the market now have more time to explore their options and do their due diligence.

                                  Unit Sales

              Benchmark Price

May-22 Apr-22 May-21 % Change May-22 Apr-22 May-21 % Change
Burnaby 67 85 115 - 41.74 % $ 2,130,500 $ 2,207,000 $ 1,784,000 19.42 %
Coquitlam 67 88 155 - 56.77 % $ 1,786,400  $ 1,840,000 $ 1,499,500 19.12 %
Delta - South 39 36 71 - 45.07 % $ 1,600,000 $ 1,692,500 $ 1,380,000 15.94 %
Gulf Islands 4 10 10 - 60.00 % n/a n/a n/a n/a
Maple Ridge/Pitt Meadows 92 103 178 - 48.31 % $ 1,365,000 $ 1,404,500 $ 1,200,000 13.75 %
New Westminster 20 24 45 - 55.56 % $ 1,482,500 $ 1,701,500 $ 1,308,000 13.34 %
North Vancouver 81 96 128 - 36.72 % $ 2,150,000 $ 2,260,500 $ 1,877,000 14.54 %
Port Coquitlam 27 36 51 - 47.06 % $ 1,475,000 $ 1,500,000 $ 1,295,500 13.86 %
Port Moody/Belcarra 12 16 27 - 55.56 % n/a n/a $ 1,700,000 n/a
Richmond 77 96 134 - 42.54 % $ 2,135,000 $ 1,960,000 $ 1,734,000 23.13 %
Squamish 19 24 31 - 38.71 % n/a $ 1,770,000 $ 1,384,000 n/a
Sunshine Coast 55 72 85 - 35.29 % $ 999,000 $ 1,125,000 $ 900,000 11.00 %
Vancouver East 94 110 190 - 50.53 % $ 1,940,000 $ 2,065,000 $ 1,770,000 9.60 %
Vancouver West 84 93 117 - 28.21 % $ 3,544,000 $ 3,768,000 $ 3,580,000 -1.01 %
West Van/Howe Sound 46 54 60 - 23.33 % $ 3,322,500 $ 3,205,000 $ 3,125,000 6.32 %
Whistler/Pemberton 9 19 22 - 59.09 % n/a n/a $ 2,272,500 n/a
Greater Vancouver 793  962 1,419  - 44.12 % 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 218 single-family sales this May, a 46.7% decrease from last Mays sales. The Average Sale Price was $843,200, a 21.6% increase from last year's average sale price of $693,421.

With rising interest rates, demand has cooled down a bit, while new inventory is "trending near record highs," 5 and the market is appearing to be balancing out. President of Chilliwack and District Real Estate Board says this is an excellent time for those home buyers who took a step back in the chaos last year to hop back in the market and find their home. 

                         Unit Sales            

Average Sale Price

May-22 Apr-22 May-21 % Change May-22 Apr-22 May-21 % Change
Chilliwack & District 218  290  409 - 46.70 % $ 843,200 895,165 $ 693,421 21.60 %

Powell River & Sunshine Coast Real Estate Stats

Powell River Sunshine Coast recorded 40 sales in May 2022, ten more than the prior month of April 2022 and unchanged from last year's same month. The average sale price was $677,950 in May, which is a 43.3% increase from May 2021.

The Sunshine Coast reported sales are trending at more typical levels, although May was slightly above average seen this time of year. Neil Frost, the board's president, says the market is more balanced but is "on the tighter side" 6 and is still dealing with historically low inventory. However, as interest rates increase, a more balanced market is expected.

                         Unit Sales            

Average Sale Price

May-22 Apr-22 May-21 % Change May-22 Apr-22 May-21 % Change
Powell River & Sunshine Coast  40  30  40 - 0.00 % $ 677,950 $ 828,000 $ 473,098 43.3 %

Northern BC Real Estate Stats

British Columbia Northern Real Estate Board reported 525 sales in May 2022, a 19.6% decrease from the prior year, which saw 653 sales. May did see an increase of 110 sales compared to April. The Average Sale Price in Northern BC for May was $437,175, increasing 15% from last year's same month, which recorded an average sale price of $380,152.

Northern BC is experiencing better performance than other Boards across the province. Home sales trended above the "five and 10-year average" 7 in May. Available inventory continues to decline and are at levels not seen since the mid-1990s. However, President of the Board, Wynnette Lowes, believes there should be some moderation in the market as interest rates increase.

                         Unit Sales            

Average Sale Price

May-22 Apr-22 May-21 % Change May-22 Apr-22 May-21 % Change
Northern BC  525 415 653 - 19.60 % $ 437,175 $ 445,951 $ 380,152 15.00 %

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

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

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

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