New stats from the British Columbia Real Estate Association show the average home price rose but the number of sales declined in Victoria and across the province for 2022.
In 2022 there were 80,784 residential unit sales recorded across the province — a 35.2 per cent decrease from 2021. The total sales dollar volume also decreased by 30.3 per cent to $80.6 billion.
The average home price in B.C. in 2022 was $996,878 which is a 7.5 per cent increase from the year before.
“2022 could not match last year’s record pace,” Brendon Ogmundson, chief economist with BCREA said in a news release. “While strong momentum from the end of 2021 carried through to the first quarter of the year, the pace and degree of Bank of Canada interest rate tightening ultimately precipitated a dramatic shift in the provincial housing market.”
Victoria and Vancouver Island showed similar trends.
In 2022, there were 6,499 units sold in Victoria, down 31.7 per cent. The average price increased 11.7 per cent to $1,012,428.
Across Vancouver Island, unit sales decreased 29 per cent to 7,618 sales and prices increased 15.6 per cent to $767,889.
Every region in B.C. saw fewer unit sales and total dollar volume.
Only the South Peace region saw a decrease in price, otherwise every region saw prices continue to rise.