British Columbia Housing Market Report

Best 5-Year Fixed Mortgage Rates in BC

CIBC

5.04%

BMO

5.11%

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TD

5.44%

RBC

5.54%

Scotiabank

6.34%

Mortgage Term:

1-Yr2-Yr3-Yr4-Yr5-Yr

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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.

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.