The B.C. Real Estate Association says home prices were up and sales remained above 100,000 for the third straight year in 2017. (Google Streetview image)

2017 home sales below 2016 record, but far above average: B.C. real estate association

About 5,700 sales were recorded in December, up 21.5 per cent over same period last year

The B.C. Real Estate Association says fewer homes were sold across the province in 2017 compared with the year earlier, but it says prices were up and sales remained above 100,000 for the third straight year.

The association’s snapshot of 2017 residential sales shows 103,763 properties changed hands, down 7.5 per cent from the 2016 record of 112,211.

The total dollar value of all sales also slipped 5.1 per cent to $73.63 billion but the association says the average price of a home nudged up 2.7 per cent to $709,579.

READ MORE: Greater Vancouver condo prices jumped 20 per cent in 2017

READ MORE: New mortgage rules to take effect in 2018

December was also a strong month for sales, as seasonally adjusted purchases jumped four per cent from November, although the association says year-end results may reflect buyers hurrying to avoid tougher mortgage qualification rules in January.

A total of 5,738 sales were recorded across B.C. in December, an increase of 21.5 per cent over the same period last year, with the average residential price province-wide set at $734,108, a leap of 12.1 per cent from December 2016.

Association chief economist Cameron Muir says B.C.’s strong economy, employment growth and rising wages supported the healthy demand for housing in 2017.

“Above trend migration, both international and interprovincial, also bolstered housing demand,” he says.

Condominium sales in urban centres and sales of all types of properties in retirement-oriented communities were also fuelled by B.C.’s changing and aging population, the association says.

The Canadian Press

Just Posted

Drug use a problem at Trail hockey games, warn RCMP

Police recommend changes to Trail Memorial Centre washrooms

Montrose moves to ban pot retail

Retail, production and distribution of non-medical cannabis sales prohibited under Montrose bylaw

Castlegar, Grand Forks areas to see cleaner winter roads under new contract

YRB set to take over 10-year maintenance contract on Monday

Setting sail to fight kidney disease

Trail’s annual Kidney Walk included an opportunity to raft down the Columbia River

MP Cannings spared brunt of Ottawa tornadoes

MP Richard Cannings was spared the impact of the tornadoes that hit the Ottawa region

VIDEO: Rare close encounter with whale pod spotted off B.C. waters

Pod of southern resident orca whales breach within arms length of whale watchers

Premier John Horgan ponders debate on voting system changes

B.C. Liberal leader Andrew Wilkinson wants one-on-one, no Green

Saganash drops F-bomb in Commons over federal approach to Trans Mountain

NDP’s reconciliation critic accused federal government of ‘wilfully’ violating constitutional duties

VIDEO: B.C. dairy farmer says Trump doesn’t understand the industry

‘They need supply management just as bad as we need to keep it’: sixth generation farmer Devan Toop

VIDEO: Death threat, racist comments spewed over empty seat on B.C. bus

Transit Police are investigating the incident, shared online by fellow passengers on Vancouver bus

Sister of plane crash victim that went missing in B.C. starting support network

Tammy Neron wants to help families who are searching for missing people

‘Hello, 911? There’s a horse in my living room’

Sproat Lake firefighters called to ‘rescue’ quarter-horse from Alberni Valley house

Assault charge withdrawn vs. ex-Jays pitcher Roberto Osuna

Former Toronto player agrees to peace bond

UPDATED: Bill Cosby gets 3-10 years in prison for sexual assault

Judge also declared the disgraced comedian a ‘sexually violent predator’

Most Read