British Columbia Housing Market Report

Best 5-Year Variable Mortgage Rates in ON

BMO

5.64%

Promotional Rate

CIBC

5.69%

TD

5.70%

RBC

5.75%

Scotiabank

6.15%

Fixed Rate

Variable Rate

Check Canada Mortgage Rates From 40+ Lenders

BC home prices regained their footing in October 2022 as average prices increased slightly on a monthly basis. For October 2022, the average home price in British Columbia was $932,979. That’s a decrease of 3% year-over-year but up 1% compared to last month. Meanwhile, there were 5,242 residential sales in B.C. for the month of October 2022, a 5% month-over-month decrease and a 45.5% year-over-year decrease.

October 2022’s average home price is now 3% lower compared to last year. That’s the first time that the province has seen a year-over-year decline in its average home price since before the pandemic. It’s still a relatively mild decline compared to Ontario’s housing market, which saw an 8.5% year-over-year decline in home prices, but fell behind the neighbouring Alberta housing market, which saw its provincial average home price increase by 2% year-over-year. Looking nationally, BC is outperforming Canada’s housing market, where Canada’s average home price has declined by 10% year-over-year for October 2022.

Vancouver’s housing market remains the most expensive market to buy a home in Canada. For October 2022, the average residential home price in Greater Vancouver was $1,231,805, a 1% increase year-over-year and relatively unchanged compared to last month. That's higher than the Greater Toronto Area's average home price of $1,089,428, which decreased by 6% year-over-year.

The Fraser Valley, which includes Surrey, Abbotsford, and Langley, is the province’s second most expensive housing market this month. The average home price in the Fraser Valley was $952,950, a decrease of 8% year-over-year. The province's third most expensive housing market was Victoria. The average home price in Victoria was $943,834 in October 2022, a decrease of 4% year-over-year.

Home prices in Powell River remain volatile. The average home price in Powell River is up 14% year-over-year to $577,107, which is up 4% compared to last month, but far below the $707,707 average price seen in August 2022.

Chilliwack had an average home price of $710,690, down 11% year-over-year, which makes it the worst performing housing market in British Columbia based on annual price gains. Vancouver Island had an average home price of $732,864, up 1% year-over-year. Northern BC had an average home price of $404,504, up 0.5% year-over-year.

Looking at the Interior, Okanagan home prices are down 4% year-over-year to $727,257, Kamloops home prices are down 4% year-over-year to $592,617, Kootenay home prices are down 0.5% year-over-year to $478,281, and South Peace home prices are up 0.4% year-over-year to $255,473.

All regions in British Columbia experienced a decrease in sales year-over-year, with the exception of Powell River, which saw a 58% increase in sales year-over-year. Greater Vancouver saw a 46% slowdown in sales compared to last year, while sales in the Fraser Valley are down by 54% year-over-year. Chilliwack saw the most significant slowdown in sales, with 147 sales this month being a 61% year-over-year decrease. For the province as a whole, B.C. home sales are down 45.5% year-over-year.

Looking within Greater Vancouver, the average sale price of a detached home was $2,032,651. Townhouses and attached homes had an average sale price of $1,216,435, while condo apartments had an average sale price of $769,290.