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

Métis Flag flies in Trail on Louis Riel Day

Area students, officials and public attend flag raising at Trail City Hall

Early Trail borrowed a couple of names from the U.S.

Place Names: Connection between Trail and Butte, Montana

First Past the Post is the only option

Letter to the Editor by Dieter Bogs of Trail

Acid tainted vehicles from Trail spills, held for evidence

Contaminated vehicles are evidence in ICBC’s lawsuit against “negligent parties”

Kootenay Boundary swears in 7 new directors

Regional District of Kootenay Boundary swears in 7 new directors and 6 returning directors

Winter weather hits parts of Canada

As some parts of the country brace for cold, parts of B.C. remain warmer than 10 C

B.C. teacher’s Amazing Race takes students on Canada-wide adventure

Agassiz high school students say they had the experience of a life time

Don’t sign USMCA until LGBTQ language excised, U.S. lawmakers urge Trump

The trade agreement, forged after 13 months of tense negotiations between Canada and the U.S. is scheduled for Nov. 30

US official: US intel says prince ordered Khashoggi killing

Vice-President Mike Pence told reporters that ‘the murder of Jamal Khashoggi was an atrocity.’

Canada’s health system commendable overall but barriers to care remain: UN

The United Nations says Canada’s health care system is “commendable” overall but vulnerable groups still face barriers to quality care.

Unique technology gives children with special needs more independent play

UVic’s CanAssist refined seven prototypes aided by $1.5M government contribution

Kelly Ellard’s boyfriend has statutory release revoked

Darwin Duane Dorozan had several parole infractions that found him ‘unmanageable’

Doctor’s note shouldn’t be required to prove you’re sick: poll

70% of Canadians oppose allowing employers to make you get a sick note

Most Read