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

Hot feast on a cool Trail day

The Food Service Worker Program works out of the Trail Seniors Centre kitchen

Trail tackles landscape and security at YZZ

Trail council gave a pre-budget approval of $265,000 for springtime work at YZZ

UPDATED: Body discovered in burnt out car near Trail

Police report a body was found in the burnt out trunk of a 1999 Honda Civic

City of Trail cancels Friday markets

Three special Wednesday evening editions are planned for June, July and August

Power lunch

Trail Martial Arts instructors teach fitness kickboxing Monday through Friday

B.C. cougar kitten rescued after mother struck by vehicle

Conservation Officers find home for young kitten found dehydrated and frostbitten near Williams Lake

VISAC; Educating and empowering through art

Trail is the only local stop on the Breastfeeding Art Expo’s six-city tour of Interior B.C.

Carpet bowlers have been excluded from BC 55+ Games and Canada 55+ Games

Gold medal carpet bowling winners not able to defend their titles in 2018

Police to provide update on unsolved 13-year-old B.C. girl’s murder

IHIT say no one has been arrested or charged in connection with Marrisa Shen’s death

Rural B.C. students score visit with Canadiens netminder Carey Price

Two students from the Caiboo Chilcotin can hardly wait to meet hometown hero Carey Price in Montreal.

VIDEO: Elk parade on Vancouver Island is awesome sight

They’re out in force for a morning stroll. Check out some of Youbou’s famous elk.

North Delta’s Colton Hasebe named BC Children’s Hospital Foundation’s 2018 Champion Child

Colton takes the reins from 2107 Champion Child and Tsawwassen resident Taylin McGill

LIVE: B.C. announces anti-racism funding

Ravi Kahlon said money will go to B.C. Organizing Against Racism and Hate (OARH) program

Most Read