British Columbia Real Estate Sales Stats - November 2021

Vancouver Island Real Estate Stats

In November 2021, 353 single-family homes were sold, a 15.95% decrease from the previous year, which saw 420 sales (November 2020). November also saw a slight decline of 45 sales from the prior month of October. For November, the Average Sale Price was $809,661, a notable 31.52% increase from the previous year. In their December 1st press release, the Vancouver Island Real Estate Board (VIREB) stated that demand continues to outweigh the supply of homes, and inventory has "hit consecutive historical lows for several months" 1 now. However, VIREB informed us that local governments have been given more leeway to simplify the development approval process, hopefully speeding up the supply of additional inventory on Vancouver Island.

                                Unit Sales            

Average Sale Price

Nov-21 Oct-21 Nov-20 % Change Nov-21 Oct-21 Nov-20 % Change
Campbell River 35 50 44 -20.45% $ 740,069 $ 755,543 $ 548,297 34.98%
Comox Valley 62 68 65 -4.62% $ 859,136 $ 872,184 $ 653,842 31.40%
Cowichan Valley 62 75 72 -13.89% $ 830,328 $ 787,942 $ 588,880 41.00%
Nanaimo 100 97 129 -22.48% $ 889,272 $ 899,108 $ 651,910 36.41%
Parksville/Qualicum 44 50 58 -24.14% $ 887,484 $ 895,362 $ 766,209 14.52%
Port Alberni/West Coast 28 30 30 -6.67% $ 601,221 $ 548,413 $ 411,367 46.15%
Vancouver Island 353 398 420 -15.95% $ 809,661 $ 805,881 $ 615,638 31.52%

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) observed 276 single-family home sales in November 2021, a 26.40% decrease from the 375 sold the prior year and 18.58% less than the 339 sold in October 2021. The average Sale Price increased 21.93% from the previous year, with $1,330,251 being November 2021 average. Traditionally, the real estate market experiences slower activity during the winter; however, due to the lack of inventory, VREB President Sandi-Jo Ayers believes multiple offer scenarios and higher prices will linger as we remain in this demand-directed market.

                               Unit Sales            

Average Sale Price

Nov-21 Oct-21 Nov-20 % Change Nov-21 Oct-21 Nov-20 %Change
Victoria/Vic West 35 37 44 -20.45% $ 1,345,125 $ 1,334,705 $ 1,003,765 34.01%
Oak Bay 18 22 30 -40.00% $ 2,684,095 $ 1,831,042 $ 1,746,072 53.72%
Esquimalt 6 9 10 -40.00% $ 993,666 $ 1,312,971 $ 839,450 18.37%
View Royal 6 5 8 -25.00% $ 998,908 $ 1,156,200 $ 842,726 18.53%
Saanich East 44 56 73 -39.73% $ 1,414,259 $ 1,482,824 $ 1,154,027 22.55%
Saanich West 24 27 19 -26.32% $ 1,274,354 $ 1,122,057 $ 1,206,326 5.64%
Central Saanich 13 16 13 -0.00% $ 1,586,923 $ 1,667,771 $ 1,456,492 8.96%
North Saanich 10 21 13 -23.08% $ 1,947,925 $ 1,663,857 $ 2,254,384 -13.59%
Sidney 9 9 12 -25.00% $ 1,120,522 $ 1,146,333 $ 831,595 34.74%
Highlands 0 1 4 -100.00% n/a $1,365,000 $ 1,114,000 n/a
Colwood 13 11 20 -35.00% $ 1,085871 $ 1,105,993 $ 882,970 22.98%
Langford 40 53 57 -29.82% $ 1,189,931 $ 1,135,554 $ 880,848 35.09%
Metchosin 4 4 1 300.00% $ 1,342,500 $ 1,213,000 $ 1,460,000 -8.05%
Sooke 21 30 32 -34.38% $ 853,476 $ 1,025,196 $ 772,665 10.46%
Gulf Islands 19 29 25 -24.00% $ 895,137 $ 1,240,034 $ 861,587 3.89%
Malahat & Area 14 9 14 -0.00% $ 1,055,764 $ 726,200 $ 858,170 23.03%
Victoria 276 339 375 -26.40% $ 1,330,251 $ 1,311,271 $ 1,091,019 21.93%

Fraser Valley Real Estate Stats

In the Fraser Valley, November saw sales of 713 single-family homes, a 27.1% decrease from the 978 homes sold the previous year, and an increase of 2% from the prior month of October (699 single-family sales). The Average Sale Price in the Fraser Valley has seen a 38.2% increase from $1,182,253 in November 2020 to $1,633,917 in November 2021. Like other boards across British Columbia, low inventory continues to be the primary issue. While winter commonly sees a slow down in activity, President of FVREB Larry Anderson does not think that will be the case this year. Anderson continues to recommend that buyers and sellers put their trust in their REALTOR® to help them navigate this market.

                                 Unit Sales            

Average Sale Price

Nov-21 Oct-21 Nov-20 % Change Nov-21 Oct-21 Nov-20 %Change
Abbotsford 114 116 151 -24.50% $ 1,330,368 $ 1,242,817 $ 920,618 44.51%
Mission 50 59 52 -3.85% $ 1,083,651 $ 1,078,141 $ 840,369 28.95%
White Rock/South Surrey 120 112 137 -12.41% $ 2,172,460 $ 1,919,645 $ 1,557,080 39.52%
Langley 113 94 143 -20.98% $ 1,673,988 $ 1,579,211 $ 1,242,314 34.75%
Delta North 50 41 70 -28.57% $ 1,536,074 $ 1,503,884 $ 1,125,914 36.43%
Surrey Central 140 156 234 -40.17% $ 1,661,767 $ 1,703,591 $ 1,209,160 37.43%
Surrey Cloverdale 41 44 84 -51.19% $ 1,561,570 $ 1,495,504 $ 1,122,614 39.10%
Surrey North 84 77 107 -21.50% $ 1,605,444 $ 1,506,593 $ 1,182,270 35.79%
Fraser Valley 713 699 978 -27.10% $ 1,633,917 $ 1,545,712 $ 1,182,253 38.20%

Greater Vancouver Real Estate Stats

Greater Vancouver single-family sales reached 987 in November, an 6.97% decrease from the year before (1,061) and a 9.4% decrease from the previous month of October. November's benchmark price for single-family homes is $1,870,000, a 21.5% increase from last year's benchmark of $1,538,900 and a 1% increase compared to October's benchmark price of $1,850,500. These price increases continue to directly result from high demand and lack of supply across the Greater Vancouver area. The Board's economist Keith Stewart mentioned that it is crucial "that this supply crunch remains the focus for addressing the housing affordability challenges" 2 across Greater Vancouver and the surrounding region in the upcoming year.

                                  Unit Sales

              Benchmark Price

Nov-21 Oct-21 Nov-20 % Change Nov-21 Oct-21 Nov-20 % Change
Burnaby 90 97 93 -3.23% $ 1,958,000 $ 1,772,000 $ 1,535,000 27.56%
Coquitlam 92 100 92 0.00% $ 1,717,500 $ 1,631,500 $ 1,370,000 25.36%
Delta - South 52 51 54 -3.70% $ 1,474,500 $ 1,452,000 $ 1,190,000 23.91%
Gulf Islands 3 12 11 -72.73% n/a n/a n/a n/a
Maple Ridge/Pitt Meadows 118 122 114 3.51% $ 1,325,500 $ 1,280,000 $ 958,000 38.36%
New Westminster 24 29 29 -17.24% $ 1,487,500 $1,400,000 $ 1,148,000 29.57%
North Vancouver 71 94 94 -24.47% $ 2,152,000 $ 2,187,500 $ 1,792,000 20.09%
Port Coquitlam 35 37 35 0.00% $ 1,470,000 $ 1,380,500 $ 1,100,000 33.64%
Port Moody/Belcarra 11 21 21 -47.62% n/a $ 1,700,000 $ 1,406,092 n/a
Richmond 133 116 88 51.14% $ 2,052,500 $ 1,810,000 $ 1,577,500 30.11%
Squamish 20 24 29 -31.03% $ 1,541,000 $ 1,539,950 $ 1,289,000 19.55%
Sunshine Coast 55 63 83 -33.73% $ 1,085,000 $ 877,000 $ 797,450 36.06%
Vancouver East 126 137 137 -8.03% $ 1,880,000 $ 1,850,500 $ 1,560,000 20.51%
Vancouver West 100 808 95 5.26% $ 3,665,000 $ 3,205,000 $ 2,985,000 22.78%
West Van/Howe Sound 44 60 62 -29.03% $ 2,714,000 $ 2,625,000 $ 2,860,000 -5.10%
Whistler/Pemberton 13 19 24 -45.83% n/a n/a $ 1,950,000 n/a
Greater Vancouver 987 1090 1061 -6.97% $ 1,870,000 $ 1,850,500 $ 1,538,900 21.52%

Chilliwack & District Real Estate Stats

Chilliwack reported 149 single-family sales for November 2021, a 23.6% decrease from the prior year (195 single-family sales) and a 36.1% decrease from the previous month of October. For Chilliwack, the Average Sale Price was $994,230, that's 38.7% higher than November last year. The Chilliwack region was severely impacted by the flooding, which further put immense strain on the housing supply. President of the Chilliwack Real Estate Board, Andrew Verschuur, said inventory hasn't dropped this low since 1989. Verschuur further stated that prices would likely continue to increase as "the number of available properties will be dependant" 3 on flood recovery.

                         Unit Sales            

Average Sale Price

Nov-21 Oct-21 Nov-30 % Change Nov-21 Oct-21 Nov-20 % Change
Chilliwack & District 149 233 208 -23.59% $ 994,230 $ 916,289 $ 716,660 38.73%

BC Interior Real Estate Stats

Residential sales in November reached 1.063, an 18% decrease from last year, and a 4.5% increase from October, which saw 1,067 residential sales. Like other real estate boards across BC, the Interior continues to experience demand levels that surpass the available inventory. As winter approaches, the real estate market typically experiences a cyclical slowdown. President Kim Heizmann supports this by stating that the lack of "homes available for purchase" 4 will contribute to the market's slowdown. 

                          Unit Sales  

            Average Sales Price

Nov-21 Oct-21 Nov-20 % Change Nov-21 Oct-21 Nov-20 % Change
Central Okanagan 252 250 291 -13.40% $ 1,063,419 $ 1,031,723 $ 856,963 24.09%
North Okanagan 109 91 97 -12.37% $ 708,338 $ 741,736 $ 605,707 16.94%
Shuswap/Revelstoke 56 52 43 -30.23% $ 719,933 $ 718,337 $ 583,952 23.29%
South Okanagan 86 100 104 -17.31% $ 719,835 $ 774,543 $ 607,105 18.57%
South Peace River 26 29 27 -3.70% $296,642 $ 268,734 $ 274,629 8.02%

Kamloops Real Estate Stats

Kamloops & District Real Estate Association (KADREA) reported 259 residential sales in November, a 3.35% less than the sales seen last year (268 sales). The average price for residential sales was $617,158, roughly 27% higher than November 2020, which saw an average of $486,339. In KADREA's Press release, they stated that although November 2021 saw fewer sales than the prior year-to-date, "sales are at a 10-year high" 5 for the Board. Furthermore, inventory is still low, which has resulted in continuous upward pressure on housing prices, and what is available is quickly snatched up. While there is talk about forecasted mortgage rates helping lower sale prices in the coming year, the most prominent solution is creating more inventory which takes time.

                           Unit Sales

                  Average Sale Price

Nov-21 Oct-21 Nov-20 % Change Nov-21 Oct-21 Nov-20 % Change
Kamloops 184 211 200 -8.00% $ 629,326 $ 659,843 $ 532,992 18..07%
Merrit & Area 22 32 34 -35.29% $ 524,663 $ 484,033 $ 315,647 66.22%
Barriere & Area 15 10 17 -11.76% $ 524,933 $ 400,750 $ 389,617 34.73%
Logan Lake 8 10 8 0.00% $447,862 $ 384,453 $ 233,237 92.02%
Chase & Area 14 16 4 250.00% $757,164 $ 619,470 $ 577,000 31.22%

Powell River & Sunshine Coast Real Estate Stats

Powell River Sunshine Coast recorded 23 sales this November, a huge 48.9% decrease from last November (15 sales) and an increase from October, which saw 20 sales. In November, the Average Price was $537,261, a 26.9% increase from November 2020. Surprisingly, Powell River Sunshine Coast is not struggling with obscure supply and demand levels like the rest of the province. Instead, their supply levels have continuously risen since April this year.

                         Unit Sales            

Average Sale Price

Nov-21 Oct-21 Nov-20 % Change Nov-21 Oct-21 Nov-20 % Change
Powell River & Sunshine Coast 23 20 15 48.96% $ 537,261 $ 538,990 $ 378,232 42.05%

Northern BC Real Estate Stats

British Columbia Northern Real Estate Board reported 428 sales in November 2021, an 18.9% increase from the prior year and a decline of 44 sales from October 2021. The Average Sale Price in Northern BC reached $404,159 in November 2021, increasing 24.3% from last year. Along with the rest of BC, the north has experienced record lows for inventory while demand puts pressure on prices. The BCNREB covers roughly 72% of British Columbia; therefore, the average price is not a reliable representation of actual property prices due to the varying property types across the region.

                         Unit Sales            

Average Sale Price

Nov-21 Oct-21 Nov-30 % Change Nov-21 Oct-21 Nov-20 % Change
Northern BC 428 472 360 18.89% $ 404,159 $ 403,101 $ 305,949 32.10%

*All Stats come from MLS data retreived from virebvrebfvrebrebgv, cadreb, interiorrealtors, bcnreb, creastats, kar, and kadrea
Retreived from VIREB November 2021 Stats Package 
Retreived from REBGV November 2021 News Release 

5 Retreived from KADREA November 2021 Market Stats

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