BC Real Estate Sales Stats - October 2022
Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for October 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 October 2022, 249 single-family homes were sold, a 37% decrease from last year's same month, which saw 395 residential home sales (October 2021). October did see an increase of 10 sales from the prior month of September. For October, the Average Sale Price was $772,350, a 4.2% decrease from the previous year.
VIREB's November 1st Press Release said with increased inventory and lower demand, now is "a perfect time to buy." 1 Properties that are well-priced and cared for are still experiencing multiple offers and last only a short time on the market.
However, the market has changed from the chaotic conditions that were experienced most of last year. Due to this, buyers and sellers "need to be realistic and flexible about prices," 1 stated the Boards Chair, Erica Kavanaugh.
Unit Sales |
Average Sale Price |
| Oct-22 | Sep-22 | Oct-21 | % Change | Oct-22 | Sep-22 | Oct-21 | % Change | |
| Campbell River | 28 | 27 | 50 | - 44.00 % | $ 691,110 | $ 665,586 | $ 755,543 | - 8.53 % |
| Comox Valley | 38 | 49 | 68 | - 44.12 % | $ 717,192 | $ 828,362 | $ 872,184 | - 17.77 % |
| Cowichan Valley | 45 | 47 | 75 | - 40.00 % | $ 800,764 | $ 777,868 | $ 787,942 | 1.63 % |
| Nanaimo | 73 | 49 | 96 | - 23.96 % | $ 801,475 | $ 801,021 | $ 897,275 | - 10.68 % |
| Parksville/Qualicum | 38 | 42 | 49 | - 22.45 % | $ 949,157 | $ 900,161 | $ 895,362 | 6.01 % |
| Port Alberni/West Coast | 14 | 16 | 29 | - 51.72 % | $ 562,250 | $ 557,688 | $ 555,259 | 1.26 % |
| Vancouver Island | 249 | 239 | 395 | - 36.96 % | $ 772,350 | $ 775,758 | $ 806,354 | - 4.22 % |
Victoria Real Estate Stats
The Victoria Real Estate Board (VREB) reported 230 single-family detached home sales in October 2022, a 32% decrease from the 339 sold in October 2021 and 4% more than the 221 sold in the previous month of September 2022. The Average Sale Price decreased 6% from the previous year, with $1,226,455 being the October 2022 average, slightly more than the September 2022 average of $1,213,743.
Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated that inventory has remained stable for the first time since May of this year, and there is a slow increase in month-over-month sales. October sales pointed to the new trends we are seeing: increased activity and lots of attention on well-priced homes, "some receiving multiple offers." 2 Dinnie-Smyth adds that if you're thinking of selling, you must be up-to-date on the changing market conditions to price your property correctly for the current market.
Unit Sales |
Average Sale Price |
| Oct-22 | Sep-22 | Oct-21 | % Change | Oct-22 | Sep-22 | Oct-21 | % Change | |
| Victoria/Vic West | 30 | 22 | 37 | - 18.92 % | $ 1,323,673 | $ 1,378,523 | $ 1,334,705 | - 0.83 % |
| Oak Bay | 13 | 15 | 22 | - 40.91 % | $ 2,324,356 | $ 1,894,693 | $ 1,831,042 | 26.94 % |
| Esquimalt | 11 | 4 | 9 | 22.22 % | $ 937,627 | $ 911,225 | $ 1,312,972 | - 28.59 % |
| View Royal | 11 | 4 | 5 | 120 % | $ 976,818 | $ 1,136,500 | $ 1,156,200 | - 15.51 % |
| Saanich East | 39 | 35 | 56 | - 30.36 % | $ 1,398,115 | $ 1,336,911 | $ 1,482,825 | - 5.71 % |
| Saanich West | 22 | 17 | 27 | - 18.52 % | $ 989,041 | $ 1,059,811 | $ 1,112,525 | - 11.10 % |
| Central Saanich | 16 | 15 | 16 | 0 % | $ 1,080,506 | $ 1,069,013 | $ 1,677,772 | - 35.60 % |
| North Saanich | 8 | 9 | 21 | - 61.90 % | $ 2,148,750 | $ 1,652,794 | $ 1,663,857 | 29.14 % |
| Sidney | 7 | 8 | 9 | -22.22 % | $ 1,324,286 | $ 1,275,188 | $ 1,146,333 | 15.52 % |
| Highlands | 3 | 3 | 1 | 200 % | $ 1,553,333 | $ 1,346,633 | $ 1,365,000 | 13.80 % |
| Colwood | 12 | 9 | 11 | 9.09 % | $ 1,026,317 | $ 1,203,322 | $ 1,105,993 | - 7.20 % |
| Langford | 18 | 23 | 53 | - 66.04 % | $ 888,485 | $ 1,000,995 | $ 1,135,555 | - 21.76 % |
| Metchosin | 1 | 4 | 4 | - 75.00 % | $ 1,379,500 | $ 1,000,750 | $ 1,213,000 | 13.73 % |
| Sooke | 13 | 23 | 30 | - 56.67 % | $ 880,577 | $ 1,014,841 | $ 1,025,197 | -14.11 % |
| Gulf Islands | 18 | 22 | 29 | - 37.93 % | $ 1,012,889 | $ 1,021,341 | $ 1,240,034 | - 18.32 % |
| Malahat & Area | 8 | 8 | 9 | - 11.11 % | $ 879,740 | $ 958,903 | $ 726,200 | 21.14 % |
| Victoria | 230 | 221 | 339 | - 32.15 % | $ 1,226,455 | $ 1,213,743 | $ 1,311,271 | - 6.47 % |
Fraser Valley Real Estate Stats
For October 2022, the Fraser Valley reported 290 single-family home sales, a 58% decrease from the 699 homes sold the previous year and a 1.75% increase from the prior month of September (285 single-family sales). The Average Sale Price in the Fraser Valley has seen a 10% decrease from $1,545,712 in October of 2021 to $1,391,690 this year.
The Fraser Valley Real Estate Boards November 2nd Press Release said the Fraser Valley housing market saw similar sales to the prior month of September, with a slight dip in real estate prices across all housing types. FVREB President Sandra Benz said following last year's intense market conditions, current trends point to the market balancing out.
With sales lagging and inventory slowing being added, we're seeing a "pattern regarding whether to buy or list a property," 3 and we can expect this pattern to remain for the rest of the year.
Unit Sales |
Average Sale Price |
| Oct-22 | Sep-22 | Oct-21 | % Change | Oct-22 | Sep-22 | Oct-21 | % Change | |
| Abbotsford | 53 | 39 | 116 | - 54.31 % | $ 1,112,056 | $ 1,123,179 | $ 1,242,817 | - 10.52 % |
| Mission | 24 | 25 | 59 | - 59.32 % | $ 967,474 | $ 933,150 | $ 1,078,141 | - 10.26 % |
| White Rock/South Surrey | 49 | 36 | 112 | - 56.25 % | $ 1,892,879 | $ 1,975,185 | $ 1,919,645 | - 1.39 % |
| Langley | 60 | 73 | 94 | - 36.17 % | $ 1,421,747 | $ 1,390,622 | $ 1,579,211 | - 9.97 % |
| Delta North | 14 | 19 | 41 | - 65.85 % | $ 1,269,142 | $ 1,287,894 | $ 1,503,884 | - 15.61 % |
| Surrey Central | 37 | 37 | 156 | - 76.28 % | $ 1,405,337 | $ 1,453,940 | $ 1,703,591 | - 17.51 % |
| Surrey Cloverdale | 23 | 32 | 44 | - 47.73 % | $ 1,293,260 | $ 1,398,122 | $ 1,495,504 | - 13.52 % |
| Surrey North | 29 | 24 | 77 | - 62.34 % | $ 1,466,051 | $ 1,446,753 | $ 1,506,593 | - 2.69 % |
| Fraser Valley | 290 | 285 | 699 | - 58.51 % | $ 1,391,690 | $ 1,394,676 | $ 1,545,712 | - 9.96 % |
Greater Vancouver Real Estate Stats
Greater Vancouver reported 575 single-family sales in October, a 47% decrease from the year before (1,090) and a 9.5% increase from the previous month of September, which saw 525 sales. October's benchmark price for single-family homes is $1,892,100, a 1.6% increase from last year’s benchmark and a minor decrease of 2.4% from September this year (1,906,400).
Sales continue to remain well below historical levels. With interest rates and inflation across all headlines, many buyers and sellers are assessing how "these factors impact their housing options," 4 said the Board's economic and data analytics director, Andrew Lis. With the calming of the market, buyers and sellers have more time to do their due diligence in real estate transactions. Lis goes on to say that now it is more important than ever to secure "financing as early in the process as possible" 4 with another possible rate hike next month.
Unit Sales |
Median Price |
| Oct-22 | Sep-22 | Oct-21 | % Change | Oct-22 | Sep-22 | Oct-21 | % Change | |
| Burnaby | 43 | 35 | 97 | - 55.67 % | $ 2,005,000 | $ 1,661,000 | $ 1,772,000 | 13.15 % |
| Coquitlam | 56 | 52 | 100 | - 44.00 % | $ 1,500,000 | $ 1,715,000 | $ 1,631,500 | - 8.06 % |
| Delta - South | 24 | 30 | 51 | - 52.94 % | $ 1,380,000 | $ 1,481,000 | $ 1,452,000 | - 4.96 % |
| Gulf Islands | 4 | 6 | 12 | - 66.97 % | n/a | n/a | n/a | n/a |
| Maple Ridge/Pitt Meadows | 75 | 65 | 122 | - 38.52 % | $ 1,160,000 | $ 1,192,500 | $ 1,280,000 | - 9.38 % |
| New Westminster | 9 | 9 | 29 | - 68.97 % | n/a | n/a | $ 1,400,000 | n/a |
| North Vancouver | 62 | 50 | 94 | - 34.04 % | $ 2,012,500 | $ 1,849,500 | $ 2,187,500 | - 8.00 % |
| Port Coquitlam | 22 | 15 | 37 | - 40.54 % | $ 1,302,500 | n/a | $ 1,380,500 | - 5.65 % |
| Port Moody/Belcarra | 12 | 9 | 21 | - 42.86 % | n/a | n/a | $ 1,700,000 | n/a |
| Richmond | 59 | 53 | 116 | - 49.14 % | $ 1,740,000 | $ 2,085,400 | $ 1,810,000 | - 3.87 % |
| Squamish | 15 | 12 | 24 | - 37.50 % | n/a | n/a | $ 1,539,950 | n/a |
| Sunshine Coast | 27 | 36 | 63 | - 57.14 % | $ 932,125 | $ 835,000 | $ 877,000 | 6.29 % |
| Vancouver East | 56 | 66 | 137 | - 59.12 % | $ 1,702,500 | $ 1,660,000 | $ 1,850,500 | - 8.00 % |
| Vancouver West | 73 | 54 | 108 | - 32.41 % | $ 3,101,750 | $ 3,395,000 | $ 3,205,000 | -3.22 % |
| West Van/Howe Sound | 27 | 26 | 60 | - 55.00 % | $ 3,096,250 | $ 2,695,000 | $ 2,625,000 | 17.95 % |
| Whistler/Pemberton | 11 | 7 | 19 | - 42.11 % | n/a | n/a | $ | n/a |
| Greater Vancouver | 575 | 525 | 1090 | - 47.25 % | 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 147 home sales this October, a 37% decrease from last October's sales (233). The Average Sale Price was $710,690, a 22% decrease from last year's average sale price of $916,289.
Chilliwack's President Daryl Moniz stated year-over-year sales comparisons will "remain outsized for some time since we're comparing a downturn" 5 as a result of interest rate hikes and the crazy activity of last year. New listings remain healthy, and it is a good time for those home buyers who folded during the frantic last year to re-enter the home search.
Unit Sales |
Average Sale Price |
| Oct-22 | Sep-22 | Oct-21 | % Change | Oct-22 | Sep-22 | Oct-21 | % Change | |
| Chilliwack & District | 147 | 151 | 233 | - 36.91 % | $ 710,690 | $ 671,783 |
$ 916,289 | - 22.44 % |
Powell River & Sunshine Coast Real Estate Stats
Powell River Sunshine Coast recorded 33 sales in October 2022, 15 less than the prior month of September 2022 and 14 more than last year's same month. The average sale price was $580,198 in October, which is a 9.9% increase from October 2021.
Following a continued decline in home sales, this October finally saw "typical levels for this time of year." 6 New listings have brought up inventory levels from the previous low levels seen through last year.
While prices are still gaining, it may not be until late next spring before "these gains turn into declines as we move past the one-year mark" 6 of price increases from earlier in the year.
Unit Sales |
Average Sale Price |
| Oct-22 | Sep-22 | Oct-21 | % Change | Oct-22 | Sep-22 | Oct-21 | % Change | |
| Powell River & Sunshine Coast | 33 | 18 | 19 | 73.7 % | $ 580,198 | $ 546,989 | $ 527,932 | 9.90 % |
Northern BC Real Estate Stats
British Columbia Northern Real Estate Board reported 310 sales in October 2022, a 34% decrease from the prior year. October also saw a decline of 15 property sales compared to the previous month of September. The Average Sale Price in Northern BC for October was $398,644, decreasing 1% from October last year, with an average sale price of $403,101.
The Board says sales activity for this October declined from last year. Rising interest rates are impacting the year-over-year price comparisons, "with October posting a small year-over-year decline and the first of its kind since December" 7 of 2020. With another interest rate increase likely in December, prices may continue to soften
Unit Sales |
Average Sale Price |
| Oct-22 | Sep-22 | Oct-21 | % Change | Oct-22 | Sep-22 | Oct-21 | % Change | |
| Northern BC | 310 | 325 | 472 | - 34.32 % | $ 398,644 | $ 406,054 | $ 403,101 | - 1.11 % |
** Not included is Kootenay Association of Realtors® October 2022 stats, Kamloops & District Real Estate Association October 2022 Stats, Association of Interior Realtors®.
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