Vancouver Housing Market Report
- The benchmark price of homes in Metro Vancouver was $1,374,500 in April 2022, which is a 19% annual increase, a 1% monthly increase, and another all-time high.
- Vancouver’s housing market has now seen 13 consecutive months of record-breaking benchmark home prices.
- Detached home prices increased by 22% year-over-year to $2.14M.
- Townhouse prices increased by 28% year-over-year to $1.15M.
- Condo apartment prices increased by 16% year-over-year to $845k.
Vancouver Housing Market Overview
Home prices in Vancouver broke another all-time high in April 2022 as the Vancouver housing market sees its 13th consecutive month that price records were broken. After losing its crown as the most expensive housing market in Canada, Vancouver regained this title in March and cemented it in April 2022. The benchmark price of homes in Metro Vancouver was $1,374,500 in April 2022, which is a 19% increase year-over-year. It also represents a 1% monthly increase from March 2022's benchmark price of $1,360,500.
In addition, April 2022 also marks the 17th consecutive month that Vancouver’s benchmark home price has risen on a month-to-month basis. The last time that Vancouver’s benchmark home price fell was in November 2020, when it dipped slightly to $1,044,400 from October 2020’s benchmark price of $1,045,900.
Metro Vancouver is the most expensive housing market in Canada, a title that the city has held for over 30 years. Greater Vancouver’s benchmark price of $1,374,500 for April 2022 is higher than Toronto’s average home price of $1,254,436, which dipped slightly compared to the previous month. Toronto briefly held the title of Canada’s most expensive housing market in February 2022.
All property types continued to see a slight increase in prices compared to last month. Benchmark prices of detached homes in Vancouver have increased 21% over the past year and have reached $2,139,200 for April 2022. That’s 1% higher than last month’s benchmark price of $2,118,600 in March 2022. Over the past 12 months, the benchmark price of Vancouver detached homes have gone up by $383,700. That annual gain is comparable with the average price of a home in Edmonton, which stood at $414,790 in March 2022.
Vancouver townhouse prices have also surged 25% year-over-year and 1.1% month-over-month to $1,150,500 in April 2022, remaining above the $1 million mark after passing that level for the first time in December 2021. Apartment benchmark prices lagged with a 16% increase year-over-year and a 1.1% increase month-over-month to $844,700.
Looking at Metro Vancouver's housing market, there were 8,796 active listings at the end of April 2022, down 14% compared to this time last year. The 6,107 new listings this month is a 23% decrease year-over-year. The 3,232 home sales this month are 34% lower year-over-year. This puts Vancouver’s sales-to-active-listings ratio at 37%. That’s lower than the 57% sales-to-active-listings ratio seen last month in March 2022, which suggests some reduction in upward pressure on prices.
Limitations imposed by Canadian municipalities on property rights have acted as a strong tailwind for house prices in Canadian cities. Limitations on property rights in the form of limitations imposed on the extent and manner of the use of land reduce the supply of homes. The effect of such limitations is much greater in Vancouver as it has the mildest weather conditions among Canadian cities. Thus many people have a preference for living in Vancouver. This desirability of living in Vancouver greatly increases the demand for houses and acts as another tailwind for the Vancouver real estate market. Thus housing in Vancouver has been expensive for the past three decades. Another tailwind for Canadian real estate, including real estate prices in southern BC, is disruptions in the supply chain for house building materials. These disruptions have materially slowed down the completion of houses under construction.
The headwind for real estate is the continuation of a series of Bank of Canada rate hikes. These hikes would mean that Vancouver mortgage rates would continue to increase and reduce home affordability in Vancouver even further. Mortgage rates have been increasing, and higher rates have reduced activity in Vancouver’s housing market. Still, severe limitations in the supply of houses in Vancouver have pushed prices higher despite increases in borrowing costs. It would be interesting to see if the increase in borrowing costs can reverse the direction of Vancouver real estate prices over the next couple of months.
Home Prices in Vancouver
Single-Family Detached Home Prices in Vancouver
| Statistics for April 2022 | ||
| Benchmark Price: | $2,139,200 | 21.9% from Apr. 2021 |
| Units Sold: | 962 | -41.9% from Apr. 2021 |
Townhouse Prices in Vancouver
| Statistics for April 2022 | ||
| Benchmark Price: | $1,150,500 | 27.7% from Apr. 2021 |
| Units Sold: | 578 | -40.0% from Apr. 2021 |
Condo Prices in Vancouver
| Statistics for April 2022 | ||
| Benchmark Price: | $844,700 | 15.8% from Apr. 2021 |
| Units Sold: | 1,692 | -26.1% from Apr. 2021 |
Vancouver Housing Market Statistics for All Property Types in Metro Vancouver
MLS HPI Benchmark Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes in Metro Vancouver
Benchmark Price
Transactions
Market Overview for Townhouses in Metro Vancouver
Benchmark Price
Transactions
Market Overview for Condo Apartments in Metro Vancouver
Benchmark Price
Transactions
Regulation of Strata Insurance
Condo owners in Vancouver and B.C. have recently faced significant increases in their their strata insurance rates. According to a 2019 report commissioned by the B.C. Financial Services Authority, strata insurance premiums in B.C. increased by on average 40% in 2019 alone. Owners in Metro Vancouver faced even greater increases with an average increase of 50%. These costs have placed a headwind to condo prices in Vancouver as condo fees adjust to the new costs.
In response to the financial hardships caused by strata insurance premiums and COVID-19, the B.C. Ministry of Finance recently announced an amendment that, along with a proposed bill, will:
- End referral fees between insurers or insurance brokers and strata property managers or other third parties
- Require strata corporations to inform owners about insurance coverage, policy changes, and allow use of the contingency reserve fund
- Protect strata unit owners against large lawsuits where the owner was not at fault
- Change the minimum required contributions made by strata unit owners and developers to a strata corporation's contingency reserve fund
These changes will help condo owners deal with the financial burden of strata insurance and open the industry to more transparency.
What is Strata Insurance?Greater Vancouver Area Breakdown by Region for April 2022
City | Benchmark Price | |
|---|---|---|
| #1 | Lower Mainland | $1,403,700 |
| #2 | Greater Vancouver | $1,374,500 |
| #3 | Bowen Island | $1,675,200 |
| #4 | Burnaby East | $1,276,000 |
| #5 | Burnaby North | $1,285,500 |
| #6 | Burnaby South | $1,207,900 |
| #7 | Coquitlam | $1,339,700 |
| #8 | Ladner | $1,260,500 |
| #9 | Maple Ridge | $1,280,300 |
| #10 | New Westminster | $850,500 |
| #11 | North Vancouver | $1,438,000 |
| #12 | Pitt Meadows | $1,140,400 |
| #13 | Port Coquitlam | $1,162,100 |
| #14 | Port Moody | $1,287,300 |
| #15 | Richmond | $1,256,500 |
| #16 | Squamish | $1,215,100 |
| #17 | Sunshine Coast | $975,200 |
| #18 | Tsawwassen | $1,378,600 |
| #19 | Vancouver East | $1,359,900 |
| #20 | Vancouver West | $1,483,100 |
| #21 | West Vancouver | $2,748,300 |
| #22 | Whistler | $1,565,300 |
| #23 | Fraser Valley Board | $1,384,000 |
| #24 | North Delta | $1,500,900 |
| #25 | North Surrey | $1,222,100 |
| #26 | Surrey | $1,420,300 |
| #27 | Cloverdale | $1,449,200 |
| #28 | South Surrey & White Rock | $1,475,800 |
| #29 | Langley | $1,347,000 |
| #30 | Abbotsford | $1,085,900 |
| #31 | Mission | $1,206,400 |
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Housing Markets Across Canada
Data sourced from the Real Estate Board of Greater Vancouver (REBGV) 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.