Home Real Estate Insights Home prices up 23.5% over last year; Chilliwack sees biggest increase

Home prices up 23.5% over last year; Chilliwack sees biggest increase

Metro Vancouver real estate prices 2022
Real estate prices in B.C. were up 23.5 per cent in January 2022, with large increases in Metro Vancouver. Credit: Robert Linder/Unsplash

The B.C. Real Estate Association (BCREA) reports the number of listings continues to remain near record lows, with prices up 23.5 per cent year-over-year.

Extremely tight market conditions persist across B.C., with 6,138 residential unit sales recorded in January 2022, a decrease of 14.7 per cent from January 2021.

The average residential price in B.C. crossed the million-dollar threshold in January 2022, reaching $1,042,169, a 23.5 per cent increase from $843,918 recorded in January 2021. 

There are approximately 13,000 total active listings in B.C. The B.C. Real Estate Association says a healthy level of resale listings in B.C. is around 40,000 — with the current low inventory levels causing significant upward pressure on prices and exacerbating affordability challenges.

“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 a healthy balance in the B.C. market.”

In the Lower Mainland, Chilliwack saw the greatest increase in prices year-over-year (YoY), with the average price up 43.5 per cent to $907.385. Prices in the Fraser Valley (Langley, Abbotsford, etc.) increased 30.2 per cent YoY, and were up 17 per cent YoY in Greater Vancouver.

BC Real Estate prices up 23.5 per cent in January 2021.
BC Real Estate prices were up 23.5 per cent in January 2021. Credit: BCREA