BC Real Estate Sales Stats - September 2022

Loyal Homes has comprised the British Columbia Real Estate Boards' residential sales stats for September 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 September 2022, 241 single-family homes were sold, a 45.5% decrease from last year's same month, which saw 442 sales (September 2021). September also saw a decline of 64 sales from the prior month of August. For September, the Average Sale Price was $773,884, a 0.5% decrease from the previous year.

VIREB's October 3rd Press Release said the single-family homes that came on the market "nearly tripled from September 2021"1. This is great for buyers as there is less pressure to act quickly and more options. For sellers, many may have to adjust their expectations and understand the market is not the same as it was a year ago, and homes should be priced to reflect that. Well-priced properties still see multiple offers, while overpriced properties are sitting with light interest.

                                Unit Sales            

Average Sale Price

Sep-22 Aug-22 Sep-21 % Change Sep-22 Aug-22 Sep-21 % Change
Campbell River 27 28 45 - 40.00 % $ 665,586 $ 698,071 $ 721,675 - 7.77 %
Comox Valley 49 56 69 - 28.99 % $ 828,362 $ 877,285 $ 831,133 - 0.33 % 
Cowichan Valley 49 57 79 - 37.97 % $ 768,567 $ 773,434 $ 783,383 - 1.89 %
Nanaimo 49 72 130 - 62.31 % $ 801,021 $ 881,254 $ 831,802 -3.70 %
Parksville/Qualicum 42 51 60 - 30.00 % $ 900,161 $ 889,337 $ 900,522 -0.04 %
Port Alberni/West Coast 16 25 46 - 65.22 % $ 557,688 $ 720,980 $ 508,897 9.59 %
Vancouver Island 241  305  442   - 45.48 % $ 773,884 $ 816,107 $ 777,744 - 0.50 %

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) reported 221 single-family detached home sales in September 2022, a 33.2% decrease from the 331 sold in September 2021 and 11.2% less than the 249 sold in August 2022. The Average Sale Price decreased by 0.5% from the previous year, with $1,213,743 being the September 2022 average, slightly less than the August 2022 average of $1,274,982.

Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth said typically October is the peak for the fall and winter real estate market. However, since May 2022, sales have dropped month over month, and September yielded "some of the lowest sales numbers for that month in decades."2 There is no doubt rising interest rates and inflation are contributing to a slowing market. Still, well-priced properties are receiving multiple offers, which may not be visible in statistics "but is noticeable if you are actively buying and selling."2

                               Unit Sales            

Average Sale Price

Sep-22 Aug-22 Sep-21 % Change Sep-22 Aug-22 Sep-21 % Change
Victoria/Vic West 22 26 40 - 45.00 % $ 1,378,523 $ 1,292,708 $ 1,299,740 6.06 %
Oak Bay 15 5 17 - 11.76 % $ 1,894,693 $ 2,489,800 $ 1,937,294 - 2.20 %
Esquimalt 4 5 6 - 33.33 % $ 911,225 $ 1,045,200 $ 1,186,500 - 23.20 %
View Royal 4 2 4  0.00 % $ 1,136,500 $ 1,060,000 $ 1,098,250 3.48 %
Saanich East 35 36 55 - 36.36 % $ 1,336,911 $ 1,422,087 $ 1,352,324 - 1.14 %
Saanich West 17 24 27 - 43.75 % $ 1,059,811 $ 1,174,581 $ 1,193,181 - 11.18 %
Central Saanich 15 16 11  36.36 % $ 1,069,013  $ 1,746,500 $ 1,398,034 - 23.53 %
North Saanich 9 19 16 - 43.75 % $ 1,652,794 $ 1,562,958 $ 1,880,250 - 12.10 %
Sidney 8 10 11 -27.27 % $ 1,275,188 $ 1,224,400 $ 998,727 27.68 %
Highlands 3 1 0  n/a $ 1,346,633 $ 843,000 n/a -n/a
Colwood 9 10 16 - 43.75 % $ 1,203,322 $ 1,033,990 $ 1,004,906 19.74 %
Langford 23 34 42 - 45.24 % $ 1,000,995 $ 1,005,400 $ 1,039,210 - 3.68 %
Metchosin 4 2 5 - 20.00 %  $ 1,000,750 $ 1,658,750 $ 2,200,000 -54.51 %
Sooke 23 32 28 - 17.86 % $ 1,014,841  $ 833,391 $ 849,264 19.50 %
Gulf Islands 22 17 35 - 37.14 % $ 1,021,341 $ 1,765,903 $ 868,174 17.64 %
Malahat & Area 8 10 18 - 55.56 % $ 958,903 $ 942,300 $ 1,076,439 - 10.92 %
Victoria 221  249  331  - 33.23 % $ 1,213,743 $ 1,274,982 $ 1,219,772 -  0.49 %

Fraser Valley Real Estate Stats

For September 2022, the Fraser Valley reported 285 single-family home sales, a 58.5% decrease from the 686 homes sold the previous year and a 9.5% decrease from the prior month of August (315 single-family sales). The Average Sale Price in the Fraser Valley has seen a 6.52% decrease from $1,491,989 in September 2021 to $1,394,676 this year.

The Fraser Valley Real Estate Boards October 4th Press Release said the Fraser Valley housing market is seeing stability from a combination of increased inventory and slowing real estate sales. President Sandra Benz also said there is no doubt interest rates are a "primary factor in the market trends over the past six months or so."3 The slowing down of sales can be attributed to buyers taking their time and some who may be waiting for the market to settle. Prices are expected to continue to decline.

                                 Unit Sales            

Average Sale Price

Sep-22 Aug-22 Sep-21 % Change Sep-22 Aug-22 Sep-21 % Change
Abbotsford 39 45 99 - 60.61 % $ 1,123,179 $ 1,175,319 $ 1,208,870 - 7.09 %
Mission 25 14 58 - 56.90 % $ 933,150 $ 995,369 $ 1,117,209 - 16.47 %
White Rock/South Surrey 36 41 124 - 70.97 % $ 1,975,185 $ 2,105,065 $ 1,882,448 4.93 %
Langley 73 66 93 - 21.51 % $ 1,390,622 $ 1,412,484 $ 1,452,482 - 4.26 %
Delta North 19 29 32 - 40.63 % $ 1,287,894 $ 1,295,413 $ 1,378,046 - 6.54 %
Surrey Central 37 52 157 - 76.43 % $ 1,453,940 $ 1,518,038 $ 1,548,462 - 6.10 %
Surrey Cloverdale 32 36 39 - 17.95 % $ 1,398,122 $ 1,356,463 $ 1,456,956 - 4.04 %
Surrey North 24 31 84 - 71.43 % $ 1,446,753 $ 1,528,093 $ 1,505,910 - 3.93 %
Fraser Valley 285  315  686  - 58.45 % $ 1,394,676 $ 1,458,424 $ 1,491,989 - 6.52 % 

Greater Vancouver Real Estate Stats

Greater Vancouver reported 525 single-family sales in September, a 44.7% decrease from the year before (950) and a 1.5% increase from the previous month of August, which saw 517 sales. September's benchmark price for single-family homes is $1,906,400, a 3.8% increase from last year's benchmark and a minor decrease of 2.4% from August this year.

With interest rates rising to combat inflation, the "cost of borrowing funds has risen substantially"4 in a short amount of time, making it increasingly difficult for new homebuyers to enter the market. The increased inventory on the market is allowing more options for buyers while at the same time driving down prices.

                                  Unit Sales

              Median Price

Sep-22 Aug-22 Sep-21 % Change Sep-22 Aug-22 Sep-21 % Change
Burnaby 35 50 75 - 53.33 % $ 1,661,000 $ 1,815,000 $ 1,650,000 0.67 %
Coquitlam 52 49 74 - 29.73 % $ 1,715,000 $ 1,585,000 $ 1,570,000 9.24 %
Delta - South 30 20 49 - 38.78 % $ 1,481,000 $ 1,477,500 $ 1,390,000 6.55 %
Gulf Islands 6 5 6 0.00 % n/a n/a n/a n/a
Maple Ridge/Pitt Meadows 65 63 109 - 40.37 % $ 1,192,500 $ 1,215,000 $ 1,222,500 - 2.45 %
New Westminster 9 12 14 - 35.71 % n/a n/a n/a n/a
North Vancouver 50 42 80 - 37.50 % $ 1,849,500 $ 1,835,000 $ 2,147,500 - 13.88 %
Port Coquitlam 15 28 38 - 60.53 % n/a $ 1,288,300 $ 1,240,000 n/a
Port Moody/Belcarra 9 5 24 - 62.50 % n/a n/a $ 1,698,860 n/a
Richmond 53 56 106 - 50.00 % $ 2,085,400 $ 1,960,000 $ 1,760,000 18.49 %
Squamish 12 8 20 - 40.00 % n/a n/a $ 1,352,500 n/a
Sunshine Coast 36 29 70 - 48.57 % $ 835,000 $ 900,000 $ 922,500 - 9.49 %
Vancouver East 66 57 138 - 52.17 % $ 1,660,000 $ 1,768,000 $ 1,742,500 - 4.73 %
Vancouver West 54 57 82 - 34.15 % $ 3,395,000 $ 3,050,000 $ 3,140,000 8.12 %
West Van/Howe Sound 26 28 41 - 36.59 % $ 2,695,000 $ 2,790,000 $ 2,953,000 - 8.74 %
Whistler/Pemberton 7 8 24 - 70.83 % n/a n/a $ 3,084,603 n/a
Greater Vancouver 525  517 950  - 44.74 % 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 151 home sales this September, a 53% decrease from last September's sales (321). The Average Sale Price was $671,783, a 10.3% decrease from last year's average sale price of $749,038.

Chilliwack home sales were again below the normal levels seen this time of year for Chilliwack. As a result of increased interest rates, buyers and sellers are stepping back to reevaluate their expectations after a year of multiple offers and frenzies. Inventory is rising, which is promising for the market and once "interest rates stabilize, we're likely to see more buyers return to the market," 5 according to President of the Board Daryl Moniz.

                         Unit Sales            

Average Sale Price

Sep-22 Aug-22 Sep-21 % Change Sep-22 Aug-22 Sep-21 % Change
Chilliwack & District  151  147 321 - 52.96 % $ 671,783 $ 748,227
$ 749,038 10.31 %

Powell River & Sunshine Coast Real Estate Stats

Powell River Sunshine Coast recorded 18 sales in September 2022, 16 less than the prior month of August 2022 and one more than last year's same month. The average sale price was $546,989 in September, which is a 3.9% decrease from September 2021.

Home sales for the region were substantially lower than the average typically seen this time of year. However, this was expected due to rising interest rates and home prices and will "likely continue into early 2023 as buyers and sellers" 6 adjust to the changing market conditions.

                         Unit Sales            

Average Sale Price

Sep-22 Aug-22 Sep-21 % Change Sep-22 Aug-22 Sep-21 % Change
Powell River & Sunshine Coast 18  34 32  43.8 % $ 546,989 $ 721,172 $ 569,415 3.94 %

Northern BC Real Estate Stats

British Columbia Northern Real Estate Board reported 325 sales in September 2022, a 32.57 % decrease from the prior year. September also saw a decline of 74 property sales compared to the previous month of August. The Average Sale Price in Northern BC for August was $406,054, increasing 2.2% from September last year, with an average sale price of $397,313.

The Board says sales activity is still trending below what is typically seen this time of year for the region. Although new listings are continuously entering the market and are a "good sign that sellers have not fled the market," 7 says President of the Board, Wynnette Lowes. Once again, it is important to acknowledge the average sale price is only useful in seeing trends over time and is not a good indication of "an actual price of a home due to the wide selection7 of real estate and the sheer size of the Northern region.

                         Unit Sales            

Average Sale Price

Sep-22 Aug-22 Sep-21 % Change Sep-22 Aug-22 Sep-21 % Change
Northern BC 325  399 482  - 32.57 % $ 406,054 $ 418,479 $ 397,313 2.20 %

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

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

Retreived from VIREB September 2022 Monthly Statistics Package 

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