A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan.3, 2017. File photo. THE CANADIAN PRESS/Jonathan Hayward

Home sales in B.C. rise in October

Home sales in B.C. rise in October despite higher prices, less choice

British Columbia’s housing market continues to power forward even though real estate experts say fewer properties are available for sale.

The British Columbia Real Estate Association says there were 8,677 residential sales across the province in October, a leap of 19.3 per cent over the same period last year.

The association says $6.25 billion changed hands during last month’s transactions, a 41.6 per cent increase over total sales value recorded in October 2016.

The average residential price also climbed to $720,129, up 18.7 per cent over the same period last year.

Related: August home sales strong in B.C., but change is coming

But association chief economist Cameron Muir says total active listings dipped 5.1 per cent in October and have declined 49 per cent over the last five years.

He says the housing market is considered in relative balance when the number of sales is no more than 20 per cent higher than the number of active listings, but that ratio hit 31 per cent in October, and the lack of listings means sellers have the power to set their price.

“A lack of supply in the resale market continues to put upward pressure on home prices in most BC regions,” Muir says.

Since the start of 2017, the association says B.C. residential sales dollar volume is down 9.4 per cent to $63.8 billion, when compared with January to October last year.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Elk strikes passing car and is killed

Princeton RCMP warn motorists of passing herds

Princeton next in line for new police detachment

Project should be completed in three to five years

Summerland business provides cannabidiol products

Products contain medical benefits of cannabis, but with no psychoactive properties

One person sent to hospital after fire near Keremeos

Fire ripped through a shed and Winnebego at Sunkatchers RV Park Co-operative

BIG BIG NEWS from Copper Mountain Mine

Company extends mine’s lifespan

One person sent to hospital after fire near Keremeos

Fire ripped through a shed and Winnebego at Sunkatchers RV Park Co-operative

Education minister blasts Chilliwack school trustee on gender issues

Fleming calls Neufeld’s behaviour ‘shameful’ and ‘unacceptable’

Two types of civic engagement in PIB

Some voted in the byelection, others protested the polls, as Penticton Indian Band fissures continue

BC Transit buses to get safety door for drivers

These new full-length doors will be tested in Victoria, Kelowna and Abbotsford

‘Fresh eyes’ looking into three missing Cowichan Tribes men

First Nations want answers to their disappearances

Pedestrian hit moments after receiving safety reflector from police

The Vancouver Island man was treated for minor injuries by police at the scene

FortisBC LNG site exports first shipment of gas to China

The shipment is part of a pilot project that could see more exports in the future.

BC RCMP hunt for white SUV that rammed cruiser

Kamloops RCMP are looking for a white SUV headed north on the Yellowhead Highway

B.C. to reimburse methadone patients for taking clinic fees off welfare cheques

Provincial government agrees to pay back more than $5.5 million in deducted fees

Most Read