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

Adams celebrated as 2017 Citizen of the Year

Gala dinner recognizes Mike Adams for his community volnteerism.

Dryer incident at Teck Elkview Operations

Locals report hearing loud bang

New slant on the next play

Cranbrook Community Theatre tries something new with next play

An interview with a magician

2018 Magic Variety Show hits Key City Theatre

Fundraiser set up after car accident

Bystander fishing at nearby lake describes springing into action after hearing the collision.

The polls, the polls are confusing

There’s good news and bad news for Prime Minister Justin Trudeau. The… Continue reading

World O’ Words: No stumpage fees for the speechmakers

As long as man has been using fire, he has been chopping… Continue reading

A look at potential Canadian nominees for this year’s Oscars

The nominations are to be revealed Tuesday morning for the 90th Academy Awards

B.C. expert weighs in on why kids are eating Tide pods for fun

Why are kids taking part in something completely pointless yet so risky?

Philadelphia Eagles headed to Super Bowl

After routing the Minnesota Vikings 38-7, they will face Tom Brady and the New England Patriots

Heavy snowfall closes Mount Washington on Vancouver Island

Road to ski resort deemed unsafe, vehicles buried under more than three feet of snow

VIDEO: Dramatic video shows return of rescued B.C. snowboarders

Two snowboarders were rescued near Rossland, B.C. on Sunday after being lost overnight.

Tom Brady leads Patriots back to Super Bowl, top Jaguars 24-20

New England to face winner of Sunday night’s game between Minnesota and Philadelphia on Feb. 4

Most Read