BC Real Estate Sales Stats - November 2022
Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for November 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 November 2022, 244 single-family homes were sold, a 30% decrease from last year's same month, which saw 348 residential home sales (November 2021). November saw a minor decline of 2 sales from the prior month of October. For November, the Average Sale Price was $755,001, a 6% decrease from the previous year.
VIREB's December 1st Press Release said active listings are "nearing our 10-year average," 1 which is a healthy development and promising for homebuyers. The Boards Chair, Erica Kavanaugh, further mentioned the lack of inventory experienced last year into early this year contributed to what felt like a never-ending sellers' market, which presented challenges for those looking to buy.
Unit Sales |
Average Sale Price |
| Nov-22 | Oct-22 | Nov-21 | % Change | Nov-22 | Oct-22 | Nov-21 | % Change | |
| Campbell River | 23 | 27 | 34 | - 32.35 % | $ 733,665 | $ 689,299 | $ 736,548 | - 0.39 % |
| Comox Valley | 41 | 38 | 62 | - 33.87 % | $ 786,279 | $ 717,192 | $ 858,975 | - 8.46 % |
| Cowichan Valley | 46 | 45 | 62 | - 25.81 % | $ 726,264 | $ 802,602 | $ 830,328 | -12.53 % |
| Nanaimo | 55 | 73 | 98 | - 43.88 % | $ 755,586 | $ 801,475 | $ 890,303 | - 15.13 % |
| Parksville/Qualicum | 44 | 38 | 42 | 4.79 % | $ 894,193 | $ 949,157 | $ 880,269 | 1.58 % |
| Port Alberni/West Coast | 22 | 14 | 28 | - 21.43 % | $ 660,455 | $ 562,250 | $ 601,221 | 9.85 % |
| Vancouver Island | 244 | 246 | 348 | - 29.89 % | $ 755,001 | $ 772,572 | $ 809,267 | - 6.71 % |
Victoria Real Estate Stats
The Victoria Real Estate Board (VREB) reported 182 single-family detached home sales in November 2022, a 34% decrease from the 279 sold in November 2021 and 20% less than the 230 sold in the previous month of October 2022. The Average Sale Price decreased 11% from the previous year, with $1,315,947 being the November 2021 average, slightly more than the November 2022 average of $1,169,441.
Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated that compared to last year, this November saw lower sales than the region typically sees. However, this is no surprise "as the market continues to settle after record setting" 2 numbers from last year. With prices slowly decreasing month over month, the market aligns more with what is typically seen as the holiday season approaches.
Recently there were changes regarding the Strata Property Act, which "removes rental restrictions and age restrictions" 2 in strata developments. It is hard to tell how this could affect the strata market and if it will open up more rental inventory for the market.
Unit Sales |
Average Sale Price |
| Nov-22 | Oct-22 | Nov-21 | % Change | Nov-22 | Oct-22 | Nov-21 | % Change | |
| Victoria/Vic West | 17 | 30 | 35 | - 51.43 % | $ 1,155,871 | $ 1,323,673 | $ 1,345,126 | - 14.07 % |
| Oak Bay | 4 | 13 | 18 | - 77.78 % | $ 2,518,750 | $ 2,324,356 | $ 2,684,096 | -6.16 % |
| Esquimalt | 3 | 11 | 6 | -50.00 % | $ 1,062,667 | $ 937,627 | $ 827,000 | 28.50 % |
| View Royal | 4 | 11 | 6 | -33.33 % | $ 1,200,000 | $ 976,818 | $ 998,908 | 20.13 % |
| Saanich East | 32 | 39 | 44 | - 27.27 % | $ 1,307,266 | $ 1,398,115 | $ 1,414,259 | - 7.57 % |
| Saanich West | 11 | 2 | 24 | - 54.17 % | $ 933,334 | $ 989,041 | $ 1,274,354 | - 26.76% |
| Central Saanich | 6 | 16 | 13 | -53.85 % | $ 912,483 | $ 1,080,506 | $ 1,586,923 | - 42.50 % |
| North Saanich | 11 | 8 | 10 | 10.00 % | $ 1,807,727 | $ 2,148,750 | $ 1,947,925 | - 7.20 % |
| Sidney | 6 | 7 | 9 | - 33.33 % | $ 1,382,500 | $ 1,324,286 | $ 1,120,522 | 23.38 % |
| Highlands | 1 | 3 | 0 | n/a | $ 2,500,000 | $ 1,553,333 | n/a | n/a |
| Colwood | 4 | 12 | 13 | - 69.23 % | $ 1,338,250 | $ 1,026,317 | $ 1,085,872 | 23.24 % |
| Langford | 41 | 18 | 40 | 2.50 % | $ 1,079,568 | $ 888,485 | $ 1,189,931 | - 9.27 % |
| Metchosin | 2 | 1 | 4 | - 50.00 % | $ 2,539,500 | $ 1,379,500 | $ 1,342,500 | 89.16 % |
| Sooke | 16 | 13 | 21 | - 23.81 % | $ 822,197 | $ 880,577 | $ 853,476 | - 3.66 % |
| Gulf Islands | 16 | 18 | 19 | - 15.79 % | $ 793,500 | $ 1,012,889 | $ 895,138 | - 11.35 % |
| Malahat & Area | 8 | 8 | 14 | - 42.86 % | $ 790,739 | $ 879,740 | $ 1,055,764 | -25.10 % |
| Victoria | 182 | 230 | 279 | - 34.77 % | $ 1,169,441 | $ 1,226,455 | $ 1,315,947 | - 11.13 % |
Fraser Valley Real Estate Stats
For November 2022, the Fraser Valley reported 269 single-family home sales, a 62% decrease from the 713 homes sold the previous year and a 7% decrease from the prior month of October (290 single-family sales). The Average Sale Price in the Fraser Valley has seen a 19% decrease from $1,633,917 in November of 2021 to $1,314,092 this year.
The Fraser Valley Real Estate Boards December 2nd Press Release said as the holiday approaches, the Fraser Valley real estate market is running the course of the regular season, where new listings and sales slow down.
Regardless, there are still home buying and selling opportunities that are seeing "brisk turnover time frames." 3 Sandra Benz mentioned that while continuous rate hikes are causing many buyers and sellers to halt, the Fraser Valley is still seeing quick turnover for "properties that are strategically priced." 3
Unit Sales |
Average Sale Price |
| Nov-22 | Oct-22 | Nov-21 | % Change | Nov-22 | Oct-22 | Nov-21 | % Change | |
| Abbotsford | 49 | 53 | 114 | - 57.02 % | $ 1,124,712 | $ 1,112,056 | $ 1,330,368 | - 15.46 % |
| Mission | 30 | 24 | 50 | - 40.00 % | $ 854,866 | $ 867,474 | $ 1,083,651 | - 21.11 % |
| White Rock/South Surrey | 31 | 49 | 120 | - 74.17 % | $ 1,837,862 | $ 1,892,879 | $ 2,172,460 | - 15.40 % |
| Langley | 59 | 60 | 113 | - 47.17 % | $ 1,327,873 | $ 1,421,747 | $ 1,673,988 | - 20.68 % |
| Delta North | 10 | 14 | 50 | - 80.00 % | $ 1,418,666 | $ 1,269,142 | $ 1,536,074 | - 7.64 % |
| Surrey Central | 36 | 37 | 140 | - 74.29 % | $ 1,429,769 | $ 1,405,337 | $ 1,661,767 | - 13.96 % |
| Surrey Cloverdale | 21 | 23 | 41 | - 48.78 % | $ 1,397,847 | $ 1,293,260 | $ 1,561,570 | - 10.48 % |
| Surrey North | 32 | 29 | 84 | - 61.90 % | $ 1,310,703 | $ 1,466,051 | $ 1,605,444 | - 18.36 % |
| Fraser Valley | 269 | 290 | 713 | - 62.27 % | $ 1,314,092 | $ 1,391,690 | $ 1,633,917 | - 19.57 % |
Greater Vancouver Real Estate Stats
Greater Vancouver reported 486 single-family sales in November, a 50% decrease from the year before (987) and a 15% decrease from the previous month of October, which saw 575 sales. November’s benchmark price for single-family homes is $1,856,800, a 1.7% decrease from last year’s benchmark and a minor decrease of 1.9% from October this year.
Although this time of year expects slowing market activity, the region’s sales and listing “totals lagged below the region’s long-term averages.” 4 With another rate increase to combat inflation, many people are foregoing purchasing a home this season. At this time, the market is pointing towards typical averages heading into the new year; whether this will continue “will depend on looming economic factors” 4 and new policies being introduced.
Unit Sales |
Median Price |
| Nov-22 | Oct-22 | Nov-21 | % Change | Nov-22 | Oct-22 | Nov-21 | % Change | |
| Burnaby | 45 | 43 | 90 | - 50.00 % | $ 1,943,750 | $ 2,005,000 | $ 1,958,000 | - 0.73 % |
| Coquitlam | 37 | 56 | 92 | - 59.78 % | $ 1,550,000 | $ 1,500,000 | $ 1,717,500 | - 9.75 % |
| Delta - South | 28 | 24 | 52 | - 46.15 % | $ 1,453,750 | $ 1,380,000 | $ 1,474,500 | - 1.41 % |
| Gulf Islands | 7 | 4 | 3 | 133.33 % | n/a | n/a | n/a | n/a |
| Maple Ridge/Pitt Meadows | 60 | 75 | 118 | - 49.15% | $ 1,175,000 | $ 1,160,000 | $ 1,325,500 | - 11.35 % |
| New Westminster | 17 | 9 | 24 | - 29.17 % | n/a | n/a | $ 1,487,500 | n/a |
| North Vancouver | 55 | 62 | 71 | - 22.54 % | $ 1,925,000 | $ 2,012,500 | $ 2,152,000 | - 10.55 % |
| Port Coquitlam | 11 | 22 | 35 | - 68.57 % | n/a | $ 1,302,500 | $ 1,470,000 | n/a |
| Port Moody/Belcarra | 12 | 12 | 11 | 9.09 % | n/a | n/a | n/a | n/a |
| Richmond | 53 | 59 | 133 | - 60.15 % | $ 2,025,000 | $ 1,740,000 | $ 2,052,500 | - 1.34 % |
| Squamish | 11 | 15 | 20 | - 45.00 % | n/a | n/a | $ 1,541,000 | n/a |
| Sunshine Coast | 23 | 27 | 55 | - 58.18 % | $ 850,000 | $ 932,125 | $ 1,085,000 | - 21.66 % |
| Vancouver East | 50 | 56 | 126 | - 60.32 % | $ 1,697,500 | $ 1,702,500 | $ 1,880,000 | - 9.71 % |
| Vancouver West | 53 | 73 | 100 | - 47.00 % | $ 3,185,000 | $ 3,101,750 | $ 3,665,000 | - 13.10 % |
| West Van/Howe Sound | 16 | 27 | 44 | - 63.64 % | n/a | $ 3,096,250 | $ 2,714,000 | n/a |
| Whistler/Pemberton | 8 | 11 | 13 | - 38.46 % | n/a | n/a | n/a | n/a |
| Greater Vancouver | 486 | 575 | 987 | - 15.48 % | 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 145 home sales this November, a 51% decrease from last November's sales (300). The Average Sale Price was $649,006, an 18% decrease from last year's average sale price.
Chilliwack's President Daryl Moniz stated sales activity is far lower than the typical levels the Chilliwack and District are used to this time of year. Throughout this year, listings have slowly come on the market, providing "ample opportunity for sidelined buyers to rejoin" 5 the home search.
Unit Sales |
Average Sale Price |
| Nov-22 | Oct-22 | Nov-21 | % Change | Nov-22 | Oct-22 | Nov-21 | % Change | |
| Chilliwack & District | 145 | 147 | 300 | - 51.67 % | $ 649,006 | $ 710,690 |
$ 798,000 | - 18.67% |
Northern BC Real Estate Stats
British Columbia Northern Real Estate Board reported 264 sales in November 2022, a 38% decrease from the prior year. November also saw a decline of 46 property sales compared to the previous month of October. The Average Sale Price in Northern BC for October was $410,961, decreasing 1% from November last year, with an average sale price of $405,286.
The Board says sales appear to have remained steady for the past three months. New listings on the market have continuously decreased, which has helped the real estate market from "veering too deep into seller's territory." 6
Unit Sales |
Average Sale Price |
| Nov-22 | Oct-22 | Nov-21 | % Change | Nov-22 | Oct-22 | Nov-21 | % Change | |
| Northern BC | 264 | 310 | 426 | - 38.03 % | $ 410,961 | $ 398,644 | $ 405,286 | 1.40 % |
** Not included is Kootenay Association of Realtors® November 2022 stats, Kamloops & District Real Estate Association November 2022 Stats, Association of Interior Realtors®, Powell River & Sunshine Coast November 2022 Stats.
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