[Barometer] Real Estate In British Columbia: A 23.3% Increase In Prices Over 2021

In British Columbia and Canada, the rise in real estate prices doesn't stop increasing. Between January 2021 and January 2022, prices rose by 23.3% overall in BC. This is 2.3% more than at the national level, where prices increased by 21.0% on average during the same period of time.

A 23.3% increase in real estate in British Columbia in one year

+23.3%

...is the increase in real estate prices in BC from January 2021 to January 2022

$920,400

...is the average price for a real estate transaction in January 2022 in Victoria (+24.9% in comparison with January)

+21%

...is the rise of price for real estate in 2022 in Canada
(with a median transaction at $748,439)

Despite an unprecedented economic crisis due to Covid-19 pandemic, British Columbia's and Canada's housing market is not slowing down, the reverse is the case. BC's real estate prices increased faster since the beginning of this crisis than in the whole country - 23.3% vs 21.0% in January 2022. Which proves BC's housing market dynamism despite the gloomy circumstances of the Covid-19.

• With an average sale price at the beginning of 2022 of $1,237,000, Fraser Valley is the city where the real estate market has increased the most in one year (against $900,300 in January 2021)
• With an increase of almost x2 (49.5%) in its property prices, South Peace River shows a nice dynamism - probably linked to a renewed attractiveness following the pandemic
• All cities in BC are experiencing rising prices at the beginning of 2022.

What are the most expensive cities in British Columbia for real estate?

Here below are ten cities where real estate prices are the highest in BC. The figures show that real estate prices are growing higher the most in cities located at a fair distance from Vancouver:

At the beginning of the year, 2 towns in the province exceeded one million for the purchase of real estate, against only one last year - the national average price in the province is aims also one million. The BC real estate is experiencing an average increase of 23.3% - a very significant price explosion for the market, which does not seem to be impacted by the Covid-19 crisis. The first three cities are experiencing an overall growth of 26.93%, almost a quarter of their price compared to January 2021.

With an increase of almost 'only' 18.5%, Greater Vancouver is therefore the most expensive city in BC, costing more than $1 million to buy, which well representing the average price of the province ($1,040,888). The purchase of real estate in British Columbia now represents a very significant cost and has rarely been reached in recent years.

Half of BC main cities has seen their real estate prices rise by more than a third in 2021

This has never been seen before, the crisis seems not to have stopped that dynamism. On the contrary. The real estate market is in better shape than ever, with ever-increasing prices all around BC.

South Peace River is experiencing the biggest increase (49.5%) but has the lowest average real estate price in the province ($298,759). This suggests that the BC is revitalizing on all sides. The smallest increase is set at 12.5% at the start of the year (BC Northern), showing anyway a market upside.

BC the most expensive province for estate price in Canada

At the start of 2022, British Columbia ranks first in terms of average selling price on the market, and ahead of the national average with $1,040,888. With an increase in its average price in one year of 23.3%, the province is experiencing a huge rise in the ranking, and is the only city in the country to exceed one million dollars in purchase.

Indeed, the average price of a property in Canada costs $748,439. Buying real estate in BC costs on average 39% more than in the rest of the country.

As said, this year the million dollar mark was crossed by British Columbia with $1,040,888 a new milestone in this growing market since the start of the pandemic. On the contrary, New Brunswick corresponds to the place where buying real estate costs the least with $275,000 - a difference between these two extremes of 73.5% which highlights the inequality of the provinces of the country.

Alexandre Desoutter, editor-in-chief at HelloSafe Canada

«The 2021 real estate numbers are very impressive as concerns BC. Despite difficult circumstances related to the Covid pandemic, the housing markets prices remain crazy, with now many areas where you have to invest more than $1 million to have a house. The question now is: when and how that exponential trend will stop? Let's just hope that the housing market bubble do not explode all of a sudden in the future».

Our methodology

Please note that the above-mentioned information is accurate at the date it is published. All our studies are based on reliable information sourced from public and privates organization. For further information on our editorial guidelines please click here.

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