[Barometer] Historic 11.9% drop in British Columbia real estate prices in 2022

Is the year 2022 already a turning point for the real estate market in British Columbia? With a drop of 11.9% of the average real estate transaction prices between December 2021 and December 2022 in the province, we can already answer 'yes' to this question. This barometer analyses the dynamics of Canada's real estate market province by province, city by city.


For the first time in years, real estate prices declined in Vancouver in 2022 : -3.3%

With an overall -11.9% decline in real estate prices, British Columbia's real estate market seems to have entered a downtrend. However, as we observe on the graph below, the situation depends on the areas of the province:

Real estate prices drop by 12% in Ontario and British Columbia, Atlantic provinces still on the rise

While real estate prices peaked in 2021 in Canada, 2022 seems to be the beginning of a trend reversal. Even though prices continued to increase in 7 of the 10 Canadian provinces between December 2021 and December 2022, they are beginning to drop sharply in the 3 most populated provinces. On the graph below, we can distinguish several dynamics:

As of the end of 2022, Vancouver overtakes Toronto as the most expensive city to buy real estate in Canada

The dynamics of the real estate market in large cities sometimes differ from those of the provinces taken as a whole. Thus, we observe on the graph below that:

South Central Alberta is the Canadian district where real estate prices increased the most in 2022: +27.1%

Despite real estate prices falling by 12% across the national territory between December 2021 and December 2022, some cities and districts are still doing well. We find in the table below the 15 cities or districts in which the real estate transactions increased the most:

RankCity / DistrictProvinceAverage transaction
(Dec. 2021)
Average transaction
(Dec. 2022)
1South Central AlbertaAlberta$189,423$240,719+27.1%
2Timmins & CochraneOntario$216,652$273,782+26.4%
3Portage la PrairieManitoba$262,552$321,627+22.5%
4Medicine HatAlberta$273,998$322,990+17.9%
6YarmouthNova Scotia$180,600$207,400+14.8%
7Northern Nova ScotiaNova Scotia$183,700$207,900+13.2%
8South ShoreNova Scotia$242,000$273,200+12.9%
11HighlandNova Scotia$190,300$208,800+9.7%
13Annapolis ValleyNova Scotia$266,500$288,200+8.1%
15Great MonctonNew-Brunswick$282,400$303,600+7.5%
Top 15 cities where the average transaction increased the most in Canada between December 2021 and December 2022

Our methodology

In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.

This study is based on data from the Canadian Real Estate Association (CREA), supplemented by data provided by some of our business partners. The comparisons made were made month to month, between December 2021 and December 2022.

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nolwenn abolivier

Nolwenn Abolivier

Press relations and communication officer