British Columbia Real Estate Sales Stats - January 2022

Posted by Chris Fenton on Thursday, February 10, 2022 at 12:00 PM By Chris Fenton / February 10, 2022 Comment

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 %