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British Columbia Housing Market Report

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Market Report Summary for December 2023
Updated January 18th, 2024

    Average Home Prices in British Columbia for December 2023

    Historical Average Home Prices in British Columbia

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    British Columbia Housing Market as of December 2023

    wahi map

    British Columbia’s housing market ended off a year with declining annual unit sales, sales volume, and prices as high mortgage rates rocked the market. In December 2023, the provincial average home price in BC was $965,447, which is a 6% year-over-year increase. As for active listings, there are 24,606 active listings in the province. This number is 15% higher than last December.

    The annual number of sales in 2023 was 73,109, down 9% compared to 2022. The annual average price was $971,144, down 3% from 2022's average annual price. Total sales volume for the year was also down 11.5% compared to 2022.

    The Greater Vancouver housing market had the highest average price at $1,242,527, an increase of 5% compared to the previous year. Fraser Valley and Victoria followed closely, with average prices standing at $964,157 (4% increase) and $954,258 (2.2% increase) respectively.

    Chilliwack witnessed a 20.5% year-on-year increase in prices, with the average residential price reaching $785,997. Other areas with noticeable price increases include Kamloops (12% increase to $605,506) and Vancouver Island (6% increase to $701,955).

    Most areas enjoyed a rise in active listings compared to December 2022, with the Interior Okanagan region leading the way with a significant 32% increase. Victoria also saw a substantial rise of 29% in its active listings. However, Powell River bucked the trend with a 17% decrease in active listings.

    In terms of the sales-to-active listings ratio, most regions saw a slight decrease compared to the same period in 2022, indicating a slightly slower market. The province-wide sales to active listings ratio in December 2023 was at 14.6%, a slight decrease from 16.4% in December 2022.

    British Columbia: Seller’s or Buyer’s Markets?

    December 2023
    CitySales-to-New-Listings Ratio (SNLR)Last Month’s SNLRChangeMarket Type
    Greater Vancouver101%50%Seller’s Market
    Chilliwack80%47%Seller’s Market
    BC Northern99%85%Seller's Market
    Powell River67%45%Seller's Market

    Housing Markets of Major Cities in British Columbia

    CityAverage Home Prices
    (December 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.