British Columbia Housing Market Report

Home prices in British Columbia’s housing market stayed mostly steady with a 1% monthly decrease to an average home price of $958,424 for the month of August 2023. That’s up 5% year-over-year, despite two recent Bank of Canada rate hikes in June and July 2023 that have been rocking the markets.

A fall 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 fall by 3% monthly, compared to the Greater Vancouver housing market’s relatively minor monthly increase of 1% to $1,283,729. Other provinces in Western Canada, such as Alberta’s housing market and Saskatchewan, are also seeing falling home prices compared to last month. There were 6,608 home sales in BC during the month of August 2023, a 16% increase year-over-year.

Most areas of the province are seeing a slight increase in prices compared to last year, with some outliers. Powell River home prices have decreased 20% year-over-year to $569,691, while South Peace has seen prices skyrocket 20% year-over-year to $335,689.

Chilliwack's 6% year-over-year decrease to $700,155, the Okanagan's 6% year-over-year decrease to $729,377, and Kootenays’ 2% year-over-year decrease to $524,387 round out the other regions of BC to see a decrease in home prices.

Areas with higher home prices this August compared to last include Victoria, rising 4% year-over-year to $1,022,652, the Fraser Valley, up 2% year-over-year to $1,000,864, and BC Northern, up 2% year-over-year to $436,786.

Looking within Greater Vancouver, the average sale price of a detached home was $2,351,415, up an astounding 18% year-over-year. Townhouses and attached homes had an average sale price of $1,227,579, while condo apartments had an average sale price of $805,534.