In August 2022, the average price of a house in British Columbia was $918,378. This was the sixth month in a row in which prices fell. As a consequence of the Bank of Canada’s rate hikes, increasing inflation in Canada, and rising mortgage rates, sales in British Columbia have fallen compared to the previous year. In August 2022, there were 5,645 home sales in British Columbia, a decline of 41% year-over-year. This is an increase from the 5,572 properties sold in July. The number of real estate transactions in British Columbia has gone down by 40% compared to the previous year. Despite a 0.5% decline from the previous month, the average British Columbia house price in August 2022 is 2% higher than it was in August 2021. The housing market in British Columbia is superior to that of Ontario, where house prices fell by 0.6%, and comparable to that of neighboring Alberta, where home prices likewise grew by 2%. The British Columbia real estate market is superior to that of Canada, whose average house price fell by 4% year-over-year in August 2022.
Despite occasional declines, Vancouver’s real estate market remains the priciest in Canada. Greater Vancouver’s average residential property price increased by 2% yearly to $1,195,428 in August 2022. This is more than the Greater Toronto Area’s average house price of $1,079,500, which climbed yearly by only 1%. Victoria, British Columbia, has overtaken Vancouver as the second most expensive housing market in the province this month. Victoria’s average house price was $980,262, a 12% year-over-year and 7% month-over-month rise. This makes up for some of the 11% drop in Victoria real estate prices from June to July 2022.
Surrey, Abbotsford, and Langley had the province’s third-most expensive housing market. In August 2022, the average house price in the Fraser Valley was $979,584, a decline of 0.5% year-over-year and 2% month-over-month. The average house price in the Fraser Valley has dipped below $1 million for the first time since August 2021, removing the area from the list of British Columbia’s most expensive real estate markets. In Powell River, the price of a home will rise from $515,212 in July 2021 to $707,707 in July 2022. This is an incredible yearly growth rate of 37%. Moreover, housing expenses in Powell River have risen by 7% during the last month. The average yearly increase in property values in Chilliwack was five percent, compared to three percent for the whole island of Vancouver. The average house price in Northern British Columbia was $429,491, up 7.5% year-over-year. Okanagan house prices rose 11% annually, Kamloops home prices rose 4% annually, Kootenay home prices rose 27% annually, and South Peace River home prices rose 15% annually.
Except for Powell River, yearly sales decreased in every area of British Columbia. Greater Vancouver sales declined by 41% compared to the previous year, while sales in the Fraser Valley plummeted by 51.5%. This month’s 147 sales in Chilliwack represent a 57% decline compared to the same month last year. Overall, British Columbia house sales are 41% lower than they were a year ago. The average price of a single-family detached home in Greater Vancouver was $1,991,629. The average price of a townhouse or attached home was $1,121,492, and the average price of a condo was $771,466.
More than $1 million is the average value of detached and attached homes in Burnaby, Coquitlam, Vancouver East, and Vancouver West. The average price of a detached house in Richmond is $1,960,000. This is much more than the average attached home costs of $989,000. In August 2022, the median price of a single-family detached home in Vancouver West reached $3 million.