British Columbia Housing Market Report

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Average home prices in British Columbia fell for the fourth month in a row, with the average price of a home in B.C. being $951,105 in June 2022. That’s the first time that B.C.’s average home price has been below $1 million since November 2021.

While BC home prices have decreased by 5% compared to last month, June 2022’s average home price is still 5% higher compared to last year. Even so, B.C.'s year-over-year home price growth of 5% trails Ontario's year-over-year home price growth of 9%, and it’s well behind the annual growth in home prices seen in other provinces in Canada’s housing market.

Vancouver’s housing market remains the most expensive housing market in Canada. For the month of June 2022, the average residential home price in Greater Vancouver was $1,215,975, for a 1% increase year-over-year. That's higher than the Greater Toronto Area's average home price of $1,146,254, which saw a 5% increase year-over-year. Greater Vancouver’s home prices peaked in February 2022 to a record-high of $1,343,927. Vancouver home prices have since fallen by close to 10% as interest rates in Canada rise.

The second most expensive housing market in the province was the Fraser Valley, which includes Surrey, Abbotsford, and Langley. The average home price in the Fraser Valley was $1,034,799 in June 2022, an increase of 6% year-over-year. Next up was Victoria with an average price of $1,029,970, an increase of 14.8% year-over-year. Powell River saw a stunning 27% annual price change, increasing to $705,962 in June 2022 from $555,570 a year earlier.

Chiiliwack had an average home price of $763,928, while Vancouver Island had an average home price of $772,685. The Interior, which includes the Okanagan, Kamloops, Kootenay, and South Peace, had an average home price of $784,569. Northern BC had an average home price of $412,263.

Sales are down significantly year-over-year in British Columbia as demand for homes dwindles amid Bank of Canada rate hikes, rising inflation, and higher mortgage rates. There were 7,136 residential sales in B.C. for the month of June 2022, a 36% year-over-year decrease. Chilliwack saw the greatest slowdown in sales, with 184 sales this month being a 54% year-over-year decrease. South Peace in the Interior was the only region of the province to see a positive gain in sales, with 59 sales this month compared to 54 sales in June 2021.

Looking within Greater Vancouver, median selling prices were the highest in Vancouver West. The median selling price of a detached home in Vancouver West was $3,350,00, compared to $1,855,000 in Vancouver East, $2,098,000 in Richmond, $1,897,500 in Burnaby, and $1,702,000 in Coquitlam.

Median selling prices for apartments was $828,000 in Vancouver West, $680,000 in Vancouver East, $688,000 in Burnaby, $6670,000 in Coquitlam, and $655,750 in Richmond.