British Columbia Housing Market Report
Average Home Prices in British Columbia for February 2023
Historical Average Home Prices in British Columbia
British Columbia Housing Market as of February 2023
British Columbia’s housing market is seeing a rebound in prices as a potential thaw in demand brings back increased sales activity. For the month of February 2023, the average home price in BC was $941,575, a significant increase of 8% compared to last month. While that’s still a 15% decrease year-over-year, it could mark a reversal from the sweeping downtrend in prices seen since February 2022. As BC’s housing market peaked in February 2022, the year-over-year change will be reflecting last year’s unusual high-water mark.
A rise in home prices on a monthly basis is something that is also being seen in housing markets across Canada. Toronto’s housing market has seen prices rise 5.5% monthly, while the Greater Vancouver housing market has seen a more modest monthly increase of 1%.
There were 4,775 home sales in BC during the month of February 2023, a 46.5% decrease year-over-year. It’s a 57% increase in sales compared to last month, however, seasonality also plays a role here. This comes amid a pause in the Bank of Canada’s aggressive rate hike cycle, as inflation appears to cool.
Regional Breakdown
The Greater Vancouver housing market, the province's largest market, saw its average sold price decrease 9% year-over-year to $1,219,919 for February 2023. Other regions with similar price changes include BC Northern, with a -11% year-over-year change to $368,403, and Victoria with a -9% year-over-year change to $946,196.
Regions with more significant annual declines in prices include Vancouver Island, down 19% year-over-year to $654,631, the Fraser Valley, down 26.5% year-over-year to $942,780, and Chilliwack, down 18% year-over-year to $719,334. Powell River, Kootenay, and South Peace, markets with relatively low sales volume, have seen support in prices.
Sales are down across the province. Greater Vancouver home sales are down 48% year-over-year. The region with the smallest slowdown was Kootenay, where sales are down 30% year-over-year.
Looking within Greater Vancouver, the average sale price of a detached home was $2,054,975. Townhouses and attached homes had an average sale price of $1,176,822, while condo apartments had an average sale price of $775,467.
Housing Markets of Major Cities in British Columbia
City | Average Home Prices (February 2023) | Population (2021) |
---|---|---|
Greater Vancouver | 2,642,825 7.3% vs. 2016 | |
Burnaby | 249,125 7.0% vs. 2016 | |
Richmond | 209,937 5.9% vs. 2016 | |
Coquitlam | 148,625 6.7% vs. 2016 | |
Fraser Valley | 324,005 9.5% vs. 2016 | |
Surrey | 568,322 9.7% vs. 2016 | |
Abbotsford | 153,524 8.6% vs. 2016 | |
Victoria | 91,867 7.1% vs. 2016 | |
Chilliwack | 113,767 12.1% vs. 2016 | |
Powell River | 17,825 6.2% vs. 2016 |
*Benchmark price, **Average benchmark price
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Data sourced from the Real Estate Board of Greater Vancouver (REBGV), British Columbia Real Estate Association (BCREA) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.