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.

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.

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.

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.

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.

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. 

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.

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.

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.

⁵ Retreived from KADREA November 2021 Market Stats