British Columbia Housing Market Report

WOWA Trusted and Transparent
Market Report Summary for October 2022
Updated November 17th, 2022

    Average Home Prices in British Columbia for October 2022

    Historical Average Home Prices in British Columbia

    Best 5-Year Variable Mortgage Rates in ON
    more calculators button
    BMOBMO
    5.64%
    CIBCCIBC
    5.69%
    TDTD
    5.70%
    RBCRBC
    5.75%
    ScotiabankScotiabank
    6.15%
    more calculators button

    British Columbia Housing Market as of October 2022

    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.

    Housing Markets of Major Cities in British Columbia

    CityAverage Home Prices
    (October 2022)
    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

    Best 5-Year Variable Mortgage Rates in BC
    more calculators button
    BMOBMO
    5.64%
    CIBCCIBC
    5.69%
    TDTD
    5.70%
    RBCRBC
    5.75%
    ScotiabankScotiabank
    6.15%
    more calculators button
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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.