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British Columbia Real Estate Sales Stats - October 2021

Posted by Chris Fenton on Saturday, November 6, 2021 at 3:36 PM By Chris Fenton / November 6, 2021 Comment

Vancouver Island Real Estate Stats

In October 2021, 398 single-family homes were sold, a 23.46% decrease from the previous year, which saw 520 sales (October 2020). October also saw a slight decline in sales from the prior month of September. For October, the average sale price was $806,349, a notable 31.57% increase from one year ago. The Vancouver Island Real Estate Board (VIREB) stated in their November 1st press release that the housing market's prevalent theme is "different month, same issue."1 As demand continues to surpass supply, the uncertainty remains around if and when the inventory situation will improve.

                                Unit Sales            

Average Sale Price
Oct-21 Sep-21 Oct-20 % Change Oct-21 Sep-21 Oct-20 % Change
Campbell River 50 46 66 -24.24% $ 755,543 $ 716,856 $ 549,269 37.55%
Comox Valley 68 70 71 -4.23% $ 872,184 $ 830,901 $ 664,926 31.17%
Cowichan Valley 75 80 85 -11.76% $ 787,942 $ 785,954 $ 597,510 31.87%
Nanaimo 97 132 154 -37.01% $ 899,108 $ 829,411 $ 630,590 42.58%
Parksville/Qualicum 50 60 77 -35.06% $ 897,295 $ 900,560 $ 785,669 14.21%
Port Alberni/West Coast 30 46 45 -33.33% $ 548,413 $ 508,897 $ 447,233 22.62%
Vancouver Island 398 447 520 -23.46% $ 806,349 $ 776,758 $ 612,846 31.57%

Victoria Real Estate Stats

The Victoria Real Estate Board (VREB) saw single-family home sales of 339 in October 2021, a 30.39% decrease from the 487 sold the prior year and 2.42% more than the 331 sold in September. The average sale price increased 27.04% from last year, with $1,311,271 being October 2021 sales average. Along with many British Columbia Real Estate Boards, demand heavily exceeds the supply, and the only viable solution is to create more supply. However, as the VREB president, Langlois, states, "creating supply isn't something that happens overnight"2 and takes time and cooperation from the public. For Victoria, this can be done through densified housing such as small plexes, which will increase supply but help protect natural spaces.

                               Unit Sales            

Average Sale Price
Oct-21 Sep-21 Oct-20 % Change Oct-21 Sep-21 Oct-20 %Change
Victoria/Vic West 37 40 60 -38.33% $ 1,334,705 $ 1,299,739 $ 1,125,404 18.60%
Oak Bay 22 17 45 -51.11% $ 1,831,042 $ 1,937,294 $ 1,772,337 3.31%
Esquimalt 9 6 12 -25.00% $ 1,312,971 $ 1,186,500 $ 743,095 76.69%
View Royal 5 4 15 -66.67% $ 1,156,200 $ 1,098,250 $ 851,960 35.71%
Saanich East 56 55 75 -25.33% $ 1,482,824 $ 1,352,323 $ 1,050,727 41.12%
Saanich West 27 27 40 -32.50% $ 1,122,057 $ 1,193,181 $ 951,832 17.88%
Central Saanich 16 11 22 -27.27% $ 1,677,771 $ 1,398,034 $ 1,053,450 59.26%
North Saanich 21 16 27 -22.22% $ 1,663,857 $ 1,880,250 $ 1,215,982 36.83%
Sidney 9 11 13 -30.77% $ 1,146,333 $ 998,727 $ 888,769 28.98%
Highlands 1 0 1 0.00% $ 1,365,000 n/a $ 929,000 46.93%
Colwood 11 16 19 -42.11% $ 1,105,993 $ 1,004,906 $ 810,445 36.47%
Langford 53 42 69 -23.19% $ 1,135,554 $ 1,039,210 $ 874,284 29.88%
Metchosin 4 5 6 -33.33% $ 1,213,000 $ 2,200,000 $ 1,124,500 7.87%
Sooke 30 28 36 -16.67% $ 1,025,196 $ 849,263 $ 754,741 35.83%
Gulf Islands 29 35 34 -14.71% $ 1,240,034 $ 868,174 $ 815,774 52.01%
Malahat & Area 9 18 13 -30.77% $ 726,200 $ 1,076,438 $ 843,047 -13.86%
Victoria 339 331 487 -30.39% $ 1,311,271 $ 1,219,772 $ 1,032,201 27.04%

Fraser Valley Real Estate Stats

In the Fraser Valley, October saw sales of 699 single-family homes, a 28.6% decrease from the 979 homes sold the previous year, and a slight increase of 1.9% from the prior month of September. The average sale price in the Fraser Valley has seen a 35.17% increase from $1,142,548 last year to $1,545,712 in October 2021. Buyers across BC continue to struggle with multiple offer scenarios and have to lean on their REALTOR® to direct them and consider options that may not have been on their radar initially.

                                 Unit Sales            

Average Sale Price
Oct-21 Sep-21 Oct-20 % Change Oct-21 Sep-21 Oct-20 %Change
Abbotsford 116 99 179 -35.20% $ 1,242,817 $ 1,491,989 $ 900,824 37.96%
Mission 59 58 61 -3.28% $ 1,078,141 $ 1,117,209 $ 848,777 27.02%
White Rock/South Surrey 112 124 139 -19.42% $ 1,919,645 $ 1,882,448 $ 1,548,567 23.96%
Langley 94 93 154 -38.96% $ 1,579,211 $ 1,452,482 $ 1,133,884 39.27%
Delta North 41 32 60 -31.67% $ 1,503,884 $ 1,378,046 $ 1,087,311 38.31%
Surrey Central 156 157 216 -27.78% $ 1,703,591 $ 1,548,462 $ 1,196,716 42.36%
Surrey Cloverdale 44 39 72 -38.89% $ 1,495,504 $ 1,456,956 $ 1,145,953 30.50%
Surrey North 77 84 98 -21.43% $ 1,506,593 $ 1,505,910 $ 1,126,567 33.73%
Fraser Valley 699 686 979 -28.60% $ 1,545,712 $ 1,491,989 $ 1,143,548 35.17%

Greater Vancouver Real Estate Stats

Single-family sales reached 1,090 in October, an 18.35% decrease from the year before (1,335) and a 14.74% increase from September. October's benchmark price for single-family homes is $1,850,500, a 20.5% increase from last year's benchmark of $1,510,008 and a mere 1.2% more than September's benchmark price of $1,828,294. Contributing to these price increases are the continuous demand and lack of supply across the region. In October 2021, Metro Vancouver home sales were above the historical average, while the region's supply has dropped to lows that haven't been seen in 3 years.

                                                              Unit Sales

Benchmark Price
Oct-21 Sep-21 Oct-20 % Change Oct-21 Sep-21 Oct-20 % Change
Burnaby 97 75 98 -1.02% $ 1,772,000 $ 1,650,000 $ 1,600,000 10.75%
Coquitlam 100 74 129 -22.48% $ 1,631,500 $ 1,570,000 $ 1,358,800 20.07%
Delta - South 51 49 88 -42.05% $ 1,452,000 $ 1,390,000 $ 1,210,250 19.98%
Gulf Islands 12 6 8 50% n/a n/a n/a n/a
Maple Ridge/Pitt Meadows 122 109 170 -28.24% $ 1,280,000 $ 1,222,500 $ 961,000 33.19%
New Westminster 29 14 36 -19.44% $ 1,400,000 $ 1,216,000 15.13%
North Vancouver 94 80 128 -26.56% $ 2,187,500 $ 2,147,500 $ 1,757,500 24.47%
Port Coquitlam 37 38 36 2.78% $ 1,380,500 $ 1,240,000 $ 1,050,000 31.48%
Port Moody/Belcarra 21 24 25 -16.00% $ 1,700,000 $ 1,698,660 $ 1,315,000 29.28%
Richmond 116 106 107 8.41% $ 1,810,000 $ 1,760,000 $ 1,580,000 14.56%
Squamish 24 20 38 -36.84% $ 1,539,950 $ 1,352,500 $ 1,059,676 45.32%
Sunshine Coast 63 70 104 -39.42% $ 877,000 $ 922,500 $ 722,000 21.47%
Vancouver East 137 138 151 -9.27% $ 1,850,500 $ 1,742,500 $ 1,590,000 16.38%
Vancouver West 108 82 111 -2.70% $ 3,205,000 $ 3,140,000 $ 3,000,000 6.83%
West Van/Howe Sound 60 41 74 -18.92% $ 2,625,000 $ 2,953,000 $ 2,891,500 -9.22%
Whistler/Pemberton 19 24 32 -40.63% n/a $ 3,084,603 $ 2,200,000 n/a
Greater Vancouver 1090 950 1335 -18.35% $ 1,850,500 $ 1,828,294 $ 1,510,008 n/a

Chilliwack Real Estate Stats

Chilliwack saw 233 single-family sales this October, a 12.02% increase from the 208 sales last year and a 29.4% increase from the 180 single-family sales in the prior month of September. In October 2021, the average sale price was $916,286, a 31.82% increase from last year's average price of $695,116. Like the rest of BC, Chilliwack's housing market is experiencing increasing prices as demand outweighs the supply available.

                         Unit Sales            

Average Sale Price
Oct-21 Sep-21 Oct-20 % Change Oct-21 Sep-21 Oct-20 % Change
Chilliwack & District 233 180 208 12.02% $ 916,289 $ 907,979 $ 695,116 31.82%

BC Interior Real Estate Stats

Residential sales in October reached 1,115, an 18% decrease from last year, and a 4.5% increase from September, which saw 1,067 residential sales. Like other real estate boards across BC, the Interior experienced high demand levels with a severe lack of supply. Central Okanagan, North Okanagan, Shuswap/Revelstoke, South Okanagan, and South Peace River regions all saw an increase in average price from this October to last, ranging from 8.04% to 29.88% increase.

                                                     Unit Sales  

 Average Sales Price
Oct-21 Sep-21 Oct-20 % Change Oct-21 Sep-21 Oct-20 % Change
Central Okanagan 250 244 353 -29.18% $ 1,031,723 $ 476,547 $ 848,794 21.55%
North Okanagan 91 80 142 -35.92% $ 741,736 $ 727,094 $ 624,799 18.72%
Shuswap/Revelstoke 52 49 60 -13.33% $ 718,337 $ 673,914 $ 553,058 29.88%
South Okanagan 100 98 119 -15.97% $ 774,543 $ 632,838 $ 617,283 25.48%
South Peace River 29 21 27 7.41% $268,734 $ 250,107 $ 248,740 8.04%

Kamloops Real Estate Stats

Kamloops & District Real Estate Association (KADREA) reported 294 residential sales in October, a 17.4% decrease in the past years' sales of 356. Kamloops, Merrit, Barriere, Logan Lake, and the Chase regions all saw increases in average sale price from this October compared to last. These increases ranged from 24.93% to 47.07%. KADREA perfectly explains the current market conditions, "high consumer demand continues to drive sales, but it's the supply that's holding the entire market back."3 What does this mean? Continuous upward pressure results in increased prices, which may eventually cause buyers to search elsewhere.

                                                    Unit Sales

Average Sale Price
Oct-21 Sep-21 Oct-20 % Change Oct-21 Sep-21 Oct-20 % Change
Kamloops 211 225 271 -22.14% $ 659,843 $ 595,247 $ 491,866 34.15%
Merrit & Area 32 31 40 -20.00% $ 484,033 $ 411,087 $ 380,792 27.11%
Barriere & Area 10 14 14 -28.57% $ 400,750 $ 340,921 $ 320,785 24.93%
Logan Lake 10 6 12 -16.67% $384,453 $ 302,566 $ 261,408 47.07%
Chase & Area 16 15 14 14.29% $619,470 $ 556,193 $ 478,671 29.41%

*All Stats come from MLS data retreived from vireb, vreb, fvreb, rebgv, cadreb, interiorrealtors, and kadrea. 
3  Retreived from KADREA Monthly Stats Package

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