British Columbia Real Estate Sales Stats - January 2022

Below, we have comprised all British Columbia Real Estate Boards' residential sales stats for January 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 January 2022, 220 single-family homes were sold, a 22% decrease from the previous year, which saw 281 sales (January 2021). January also saw a slight decline of 4 sales from the prior month of December. The decrease in home sold from this year to last correlate with the low inventory available in the market. For January, the Average Sale Price was $859,181, a 34.4% increase from the previous year.

VIREB's February 1st press release stated that the market had seen a minor rise in inventory, but demand still exceeds supply. VIREB president Erica Kavanaugh said, "unless demand drops significantly or more inventory" 1 becomes available through new builds, the unequal housing market will not see much improvement.

                                Unit Sales            

Average Sale Price

Jan-22 Dec-21 Jan-21 % Change Jan-22 Dec-21 Jan-21 % Change
Campbell River 25 24 32 - 21.88% $ 665,845 $ 681,012 $ 540,970 23.08 %
Comox Valley 40 39 35  14.29% $ 893,423 $ 826,438 $ 658,815  35.61 %
Cowichan Valley 38 33 42 - 9.52 % $ 816,924 $ 864,142 $ 643,729 26.90 %
Nanaimo 60 72 91 - 34.07% $ 1,003,705 $ 857,609 $ 732,452  37.03 %
Parksville/Qualicum 28 24 36 - 22.22 % $ 1,012,073 $ 930,421 $ 715,817  41.39 %
Port Alberni/West Coast 15 21 29 - 48.28 % $ 651,020 $ 627,421 $ 444,545  46.45 %
Vancouver Island 220 224 281  -21.71 % $ 859,181 $ 803,261 $ 639,330  34.39 %

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) reported 179 single-family detached home sales in January 2022, a 39.7% decrease from the 297 sold in January 2021 and 13.5% less than the 207 sold in December 2021. The Average Sale Price increased 17% from the previous year, with $1,410,380 being the January 2022 average.

Victoria Real Estate Board (VREB) President Karen Dinnie-Smyth stated that at a brief glance, it appears the market is slowing down; however, we have to acknowledge other forces such as lack of supply resulting in fewer home sales. Furthermore, Dinnie-Smyth mentioned building inventory takes time and "until we are better able to meet demand, our market will be under pressure." 2

                               Unit Sales            

Average Sale Price

Jan-22 Dec-21 Jan-21 % Change Jan-22 Dec-21 Jan-21 % Change
Victoria/Vic West 22 25 28 - 21.43 % $ 1,408,233 $ 1,357,387 $ 1,304,538 7.95 %
Oak Bay 10 12 25 - 60.00 % $ 3,075,100 $ 1,973,332 $ 3,032,456 54.30 %
Esquimalt 13 4 6  116.67 % $ 1,236,831 $ 1,204,000 $ 840,500 47.15 %
View Royal 3 4 5 - 40.00 % $ 1,759,333 $ 1,234,000 $ 2,433,600 - 27.71 %
Saanich East 23 27 42 - 45.24 % $ 1,548,300 $ 1,576,704 $ 1,307,224 18.44 %
Saanich West 10 17 20 - 50.00 % $ 1,130,673 $ 1,181,389 $ 1,219,645 - 7.29 %
Central Saanich 6 10 10 - 40.00 % $ 1,534,384 $ 1,580,200 $ 1,678,510 - 8.59 %
North Saanich 8 16 10 - 20.00 % $ 2,114,750 $ 1,689,956 $ 2,037,990 3.77 %
Sidney 4 4 13 - 69.23 % $ 1,241,500 $ 1,072,750 $ 1,033,223 20.16 %
Highlands 0 1 0 n/a  n/a $ 1,380,000 n/a n/a
Colwood 24 11 14  71.43 % $ 1,273,153 $ 1,127,258 $ 919,486 38.46 %
Langford 29 22 54 - 46.30 % $ 1,212,849 $ 1,264,090 $ 911,148 33.11 %
Metchosin -1 2 3 - 133.33 % - $ 1,575,000 $ 1,628,500 $ 1,007,167 - 256.38 %
Sooke 14 22 34 - 58.82 % $ 862,396 $ 1,032,233 $ 732,328 17.76 %
Gulf Islands 9 21 19 - 52.63 % $ 1,002,039 $ 832,043  $ 1,105,211 - 9.34 %
Malahat & Area 5 9 14 - 64.29 % $ 1,223,200 $ 1,478,111 $ 885,249 38.18 %
Victoria 179 207 297 - 39. 73 % $ 1,410,380 $ 1,330,847 $ 1,204,817 17.06 %

Fraser Valley Real Estate Stats

In the Fraser Valley, January saw sales of 469 single-family homes, a 30.8% decrease from the 678 homes sold the previous year and a 26% decrease from the prior month of December (635 single-family sales). The Average Sale Price in the Fraser Valley has seen a 42% increase from $1,280,065 in January 2021 to $1,819,027 in January 2022.

The Fraser Valley Real Estate Boards February 2nd News Release said the activity in January showed signs of the market rebalancing. This was due to sales slowing down while new listings rose slightly. Larry Anderson, FVREB president, said the Fraser Valley still has a ways to go to balance the supply and demand, but "this is a step in the right direction." 3

                                 Unit Sales            

Average Sale Price

Jan-22 Dec-21 Jan-21 % Change Jan-22 Dec-21 Jan-21 % Change
Abbotsford 74 102 114 - 35.09 % $ 1,440,712 $ 1,366,438 $ 1,009,782  42.68 %
Mission 31 43 41 - 24.39 % $ 1,246,748  $ 1,192,789  $ 870,765   43.18 %
White Rock/South Surrey 85 100 116 - 26.72 % $ 3,173,133  $ 2,073,110  $ 1,701,500   27.72 %
Langley 63 89 69 - 8.70 % $ 1,786,779  $ 1,756,037  $ 1,246,214   43.38 %
Delta North 28 48 48 - 41.67 % $ 1,780,312  $ 1,667,755  $ 1,176,960  51.26 %
Surrey Central 106 139 170 - 37.65 % $ 1,936,938  $ 1,682,600  $ 1,320,844   46.64 %
Surrey Cloverdale 26 37 45 - 42.22 % $ 1,824,418  $ 1,695,305  $ 1,271,259   43.51 %
Surrey North 56 76 75 - 25.33 % $ 1,928,206  $ 1,675,359  $ 1,272,807   51.49 %
Fraser Valley 469 635 678 - 30.83 % $ 1,819,027  $ 1,674,255  $ 1,280,065   42.10 %

Greater Vancouver Real Estate Stats

Greater Vancouver single-family sales reached 622 in January, an 16% decrease from the year before (740) and a 21.6% decrease from the previous month of December. January's benchmark price for single-family homes is $1,953,000, a 22.7% increase from last year's benchmark of $1,591,687.

Inventory began lower than half of what is ideal for the new year, which has continued to cause multiple offer scenarios and upward pressure on real estate prices. It will be interesting to see if more homeowners decide to list their properties in what is generally "the busiest season of the year," 4 says Keith Stewart, REBGV economist.

                                  Unit Sales

              Benchmark Price

Jan-22 Dec-21 Jan-21 % Change Jan-22 Dec-21 Jan-21 % Change
Burnaby 45 82 56 - 19.64 % $ 2,062,500 $ 1,998,444 $ 1,574,000 31.04 %
Coquitlam 49 67 76 - 35.53 % $ 1,926,000 $ 1,700,000 $ 1,500,000 29.07 %
Delta - South 36 37 45 - 20.00 % $ 1,664,354 $ 1,599,000 $ 1,268,000 31.26 %
Gulf Islands 3 8 6 - 50.00 % n/a n/a n/a n/a
Maple Ridge/Pitt Meadows 61 104 95 - 35.79 % $ 1,530,000 $ 1,380,000 $ 1,051,250 45.54 %
New Westminster 18 22 21 - 14.29 % n/a $ 1,557,500 $ 1,275,000  n/a
North Vancouver 37 56 45 - 17.78 % $ 2,250,000 $ 2,199,000 $ 1,840,000 22.28 %
Port Coquitlam 29 27 33 - 12.21 % $ 1,591,500 $ 1,480,000 $ 1,190,000 33.74 %
Port Moody/Belcarra 15 7 9 66.67 % n/a n/a n/a n/a
Richmond 108 92 71 52.11 % $ 2,200,00 $ 2,131,000 $ 1,588,800 38.47 %
Squamish 13 23 19 - 31.58 % n/a $ 1,631,500 n/a n/a
Sunshine Coast 36 46 42 - 14.29 % $ 861,905 $ 1,024,000 $ 747,500 15.31 %
Vancouver East 65 94 109 - 40.37 % $ 2,100,000 $ 1,850,000 $ 1,731,500 21.28 %
Vancouver West 65 79 69 - 5.80 % $ 3,196,500 $ 3,550,000 $ 3,300,000 - 3.14 %
West Van/Howe Sound 32 41 29 10.34 % $ 3,080,000 $ 3,140,000 $ 3,100,000 - 0.65 %
Whistler/Pemberton 10 9 15 - 33.34 % n/a n/a n/a n/a
Greater Vancouver 622 794 740 - 15.95 % n/a n/a n/a n/a

Chilliwack & District Real Estate Stats

Chilliwack reported 149 single-family sales for January 2022, a 12.4% decrease from the prior year (162 single-family sales) and a 10.1% increase from the previous month of December. For Chilliwack, the Average Sale Price was $1,098,710, that's 44.2% higher than last January.

For the first time in a while, Chilliwack saw more new listings than sales, which began to reverse "the steady decline in available inventory" 5 present throughout last year. This recent influx of listings is great for buyers but has continued to drive the average sale prices up.

                         Unit Sales            

Average Sale Price

Jan-22 Dec-21 Jan-21 % Change Jan-22 Dec-21 Jan-21 % Change
Chilliwack & District  142 129  162  - 12.35 % $ 1,098,710 $ 1,047,591 $ 762,066 44.18 %

BC Interior Real Estate Stats

Residential sales in January were 701, a 10% decrease from last January's sales of 782. The new year brings old patterns of last year's low supply and high demand, continuing to cause challenges for both buyers and sellers. Especially for first-time homebuyers who are frustrated at the lack of available houses. The Interior REALTORS® President Kim Heizmann says working with a licensed REALTOR® will help individuals navigate this market.

                          Unit Sales  

            Average Sales Price

Jan-22 Dec-21 Jan-21 % Change Jan-22 Dec-21 Jan-21 % Change
Central Okanagan 157 153 190 - 17.37 % $ 1,096,289 $ 1,009,016 $ 887,868 23.47 %
North Okanagan 57 63 57 0.00 % $ 764,319 $ 713,236 $ 635,153 20.34 %
Shuswap/Revelstoke 27 28 25 8.00 % $ 738,274 $ 771,021 $ 548,460 34.61 %
South Okanagan 57 43 81 - 29.63 % $ 783,061 $ 717,698 $ 726,141 7.84 %
South Peace River 20 13 20 0.00 % $ 293,425 $ 296,128 $ 239,841 22.34 %

Kamloops Real Estate Stats

Kamloops & District Real Estate Association (KADREA) reported 185 residential sales in January, a 25.7% decrease from the sales seen last year (249 sales). The average price for residential sales was $664,969, 34.8% higher than January 2021, which saw an average of $493,139.

In KADREA's February 2nd Press release, president Chelsea Mann noted that January saw more units sold than the prior month of December, "but the average price increase has not been astronomical." 6 Mann continues to say the 185 sales in January is a promising glimpse of a shift to normalcy in the real estate market. However, it is important to acknowledge the imbalance between supply and demand is still prevalent.

                           Unit Sales

                  Average Sale Price

Jan-22 Dec-21 Jan-21 % Change Jan-22 Dec-21 Jan-21 % Change
Kamloops 146 110 179 - 18.44 % $ 676,414 $ 650,452 $ 502,621 34.58 %
Merrit & Area 15 16 26 - 42.31 % $ 583,416 $ 782,118 $ 370,628 57.41 %
Barriere & Area 6 5 11 - 45.45 % $ 525,833 $ 412,980 $ 314,318  67.29 %
Logan Lake 3 2 8 - 62.50 % $ 388,333 $ 412,500 $ 301,197 28.93 %
Chase & Area 4 7 13 -69.23 % $ 485,750 $ 570,571 $ 682,000 - 28.78 %

Powell River & Sunshine Coast Real Estate Stats

Powell River Sunshine Coast recorded 23 sales in January 2022, a minor 9.5% increase from January 2021 (21 sales) and a decrease from December, which saw 31 sales. The average sale price was $602,135, a 30.2% increase from January 2021, which is a record for the region.

Powell River Sunshine Coast Real Estate Board president Neil Frost said at this time, the "local market is consistently steady and barring any unforeseen circumstances," 7 the market should proceed as such into the remainder of this quarter.

                         Unit Sales            

Average Sale Price

Jan-22 Dec-21 Jan-21 % Change Jan-22 Dec-21 Jan-21 % Change
Powell River & Sunshine Coast  23  31  21 9.52% $ 602,135 $ 572,023 $ 462,469 30.20 %

Northern BC Real Estate Stats

British Columbia Northern Real Estate Board reported 255 sales in January 2022, a 4.5% decrease from January 2021, which saw 267 sales. The Average Sale Price in Northern BC for January 2022 was $378,242, increasing 12.5% from last January.

Northern BC continues to struggle with low inventory, and president Sandra Hinchliffe says available inventory is "at the lowest levels in a generation." 8 While property prices continue to rise, they have slowed to a slower rate.

                         Unit Sales            

Average Sale Price

Jan-22 Dec-21 Jan-21 % Change Jan-22 Dec-21 Jan-21 % Change
Northern BC  255 253 267  - 4.49% $ 378,242 $ 385,425 $ 336,215 12.5 %

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

** Not yet included is Kootenay Association of Realtors® Jan 2022 stats.

Retreived from VIREB January 2022 Stats Package 
4  Retreived from REBGV Stats Package January 2022

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