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

Researcher’s quest for information on Trail airman garners response

Aircraftman 1st Class John Dunlop McVie was killed in action over Germany in 1944

Vees rout Smoke Eaters 7-2

Penticton is up 2-0 in best-of-seven playoff series

Penticton Vees erase two-goal deficit to defeat Trail

The Vees take Game 1 of the second round of the BCHL playoffs

Greater Trail police officer involved in Highway 3B crash

The accident happened Wednesday night at the Waneta Plaza lights

No dedicated parking for the Riverfront Centre

Trail council opted to retain long term parking in the lot across the street from the new complex

Ottawa proposes restricted pot labels, packages

Packaging will include red stop sign with marijuana leaf and ‘THC’

Pro-Trump protest sign with F-word is OK, court rules

Judges say Ontario man can protest publicly, even using vulgar language

VIDEO: Police officer looking for distracted drivers gets hit by truck

Road safety investigator clipped by trailer while patrolling busy intersection

YVR wants you to help name three new puppies

Say hello to the Vancouver Airport’s new assistance pups

Suspect who attacked autistic man in Ontario could be from B.C.’s south coast: police

29-year-old man was sent to hospital with serious injuries

Privacy watchdog to explore Facebook leak

Canadian expert says his analytics company helped Trump campaign capitalize on private Facebook info

Woman struck and killed by self-driving Uber vehicle

Ride-hailing company suspends all road-testing of such vehicles in U.S. and Canada

Music, food and drinks at Savoy’s grand opening party

New look for historic hotel after five years of renos

Spring snow melt uncovers dirty needles in B.C. city

Vernon residents are upset with number of needles being found around town with spring melt

Most Read