The average home price in British Columbia has increased 23.5% in the past year to top $1 million for the first time, according to the BC Real Estate Association (BCREA), despite total sales in January falling nearly 15% from a year earlier.
To put this in perspective, the average B.C. composite home price is more than $685,000 higher than the average in the other three western provinces and more than $500,000 more expensive than in Quebec, the third-most expensive market in the country.
Only Ontario, with an average home price of $998,000 comes close to B.C., according to the Canadian Real Estate Association’s national price map, which was released on February 15.
The BCREA reports that a total of 6,138 residential unit sales were recorded by the Multiple Listing Service in January 2022, a decrease of 14.7% from January 2021.
The average residential price in B.C. was $1,042,169, a 23.5% increase from $843,918 recorded in January 2021. Total sales dollar volume was $6.4 billion, a 5.3% increase from the same time last year.
“Sales activity is down compared to record levels at the start of last year,” said BCREA chief economist Brendon Ogmundson. “However, the level of sales activity remains strong compared to the long-term average, and inventory is still incredibly low. As a result, it will take quite some time to get back to healthy balance in the B.C. market.”
Total active listings remain near record lows, with just 13,000 total listings in the province. For context, a healthy level of resale listings for the province is closer to 40,000.
“As a result of this listings drought, markets all over the province are seeing significant upward pressure on price,” according to the BCREA.
B.C.’s lowest average home price is in South Peace River ($295,000) and northern B.C. ($378,242).
Highest average prices are in Greater Vancouver and the Fraser Valley, both in excess of $1.2 million, and Greater Victoria at an average composite home price of $995,055 in January.
In the B.C. Interior, where prices have increased 24.1% over the past 12 months, the average home sells for $785,134, slightly above Canada’s national average price of $748,349.