The average price of a property in British Columbia decreased for the fifth consecutive month, reaching $923,449 in July 2022. Despite the Bank of Canada’s rate increases, increasing inflation, and higher mortgage rates, sales in British Columbia are drastically down year over year owing to a decline in home demand. In July 2022, there were 5,572 home sales in British Columbia, a fall of 42% year-over-year. Annually, the number of house sales in British Columbia has decreased by 40%.
While housing prices in British Columbia have declined by 3% since last month, they are still 4% higher than they were in July 2021. Compared to Ontario’s 3% year-over-year home price rise, British Columbia’s 4% year-over-year house price gain surpasses Canada’s overall 2% year-over-year price loss. Even as Vancouver house prices decline and Canadian interest rates continue to increase, Vancouver’s real estate market remains the most expensive in the nation. In July 2022, the average residential property price in Greater Vancouver was $1,202,394, a 4% year-over-year rise. This is more than the Greater Toronto Area’s average house price of $1,074,744, which climbed by just 1% from one year to the next.
The Fraser Valley, comprised of Surrey, Abbotsford, and Langley, was the second most expensive property market in the province. In July 2022, the average Fraser Valley house cost $1,003,165, a 3% rise from the previous year. Victoria placed second with a median price of $919,869, an annual rise of 4%. Compared to the previous month’s average price of $1,029,977, the average house price in Victoria has declined by more than 11%, or $110,000, in one month. The yearly price rise in Powell River was an amazing 35%, from $490,239 in July 2022 to $661,989 in July 2022. The median price of a house in Chilliwack was $759,050, while it was $754,234 on Vancouver Island. The average price of a property in Northern British Columbia was $410,742 in 2017.
Annual sales decreased in every area of British Columbia. Greater Vancouver sales decreased by 44% year-over-year, while Fraser Valley sales decreased by 51%. This month, 133 sales were registered in Chilliwack, a 57% decrease from the same period last year. Greater Vancouver has the highest median selling price in Vancouver West. The average price of detached houses in Vancouver West is $3,455,000, compared to $1,790,000 in Vancouver East, $1,850,000 in Richmond, $1,900,000 in Burnaby, and $1,670,000 in Coquitlam. The median apartment price in Vancouver West was $833,500, but it was $675,500 in Vancouver East, $635,500 in Richmond, $693,750 in Burnaby, and $631,000 in Coquitlam.