B.C. real estate is picking up again, but it’s generally lagging the general market – especially in Vancouver. Canadian Real Estate Association (CREA) data shows all significant markets saw a bump in November. Despite strong monthly gains, the province is generally underperforming the rest of Canada.
Greater Vancouver Real Estate Is Still Negative From 3-Years Ago
Greater Vancouver real estate is picking up, but price performance is really lagging the rest of B.C. The benchmark price reached $1,053,500 in November, up 0.52% from the month before. This represents an increase of 5.78% when compared to the same month last year. The monthly increase, while very large, is the second slowest in the province. The 12-month change is the third slowest, and it’s the only major market in BC that’s negative from 3 years ago. For context, the national home price index moved just over 10%, so Vancouver is lagging the market these days.
B.C. Real Estate PricesThe price of a typical home in B.C.’s significant real estate markets, in Canadian dollars. Source: CREA, Better Dwelling.
Victoria Real Estate Sees Biggest Monthly Price Growth
Victoria real estate saw the biggest monthly price increase in the province last month. The benchmark price reached $736,700 in November, up 1.74% from the month before. This represents an increase of just 4.38% from last year though. It also saw the second biggest 3-year price increase in B.C. at just 14.02%. Monthly gains are huge, and performance is near the top in B.C., but it’s still lagging the rest of Canada.
B.C. Real Estate Prices (Monthly Change)The monthly percent change in the price of a typical home in B.C.’s significant real estate markets, in Canadian dollars. Source: CREA, Better Dwelling.
Chilliwack Real Estate Is The Best Performing In The Past Year
The Chilliwack region is leading B.C. real estate for annual price gains. The benchmark price reached $567,900 in November, up a whopping 1.40% from a month before. This represents an increase of 9.89% from the same month last year. Compared to the 3-years ago, prices are now 14.63% higher. The 12-month increase is the biggest in the province, representing almost two-thirds of the 3-year price gains.
B.C. Real Estate Prices (12-Month Change)The 12-month percent change in the price of a typical home in B.C.’s significant real estate markets, in Canadian dollars. Source: CREA, Better Dwelling.
Generally B.C. real estate is rising fairly fast, but the urban premiums aren’t quite what they used to be. During the pandemic, major cities like Toronto and Vancouver have begun to lag smaller surrounding cities. This is likely to do with work from home decoupling office proximity. Although when every market in the country is rising, especially at a breakneck speed, it has less to do with fundamentals, and more to do with the massive injection of credit being supplied.
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