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

Alberta man dies in snowmobile collision near Revelstoke

The incident occurred on Boulder Mountain Friday morning

Open letter to Premier John Horgan

LETTER: Group called First Things First Okanagan promotes action on climate change

Revelstoke Nordic Ski Club hope to host major competitions

They are enlarging their parking lot, stadium area, and building short technical race trails

No conservation officer planned for Revelstoke in near future

MLA Clovechok said he has gotten the environment minister to agree to meet with local residents

Government has no solution for dangerous Three Valley Gap stretch

Columbia River-Revelstoke MLA Doug Clovechok met with the Ministry to talk about the dangers around Highway 1

VIDEO: Moose found licking salt off B.C. man’s pickup truck

Tab Baker was in his garage in Prince George when the small moose gave his truck a clean

Kamloops RCMP respond to report of dead body floating in Thompson River

Body has not been located, searches to continue as river conditions improve

B.C. student makes short-list for autism advocacy award

Brody Butts honoured for his role as a mentor and self-advocate

Austin Powers ‘Mini-Me’, Verne Troyer, dies at 49

Facebook page confirmed his death Saturday afternoon

B.C. parents grieving teen’s overdose death say it started with opioid prescription

Elliot Eurchuk, 16, died at his Oak Bay home Friday, after taking street drugs

VIDEO: 33 Oliver-area homes evacuated due to flooding

Flooding in the Sportsman Bowl area has swelled drastically over course of one week

16 of 20 fastest improving B.C. schools are public: Fraser Institute

Independent elementary schools remain at top of the chart in think tank’s annual report card

Top 5 places to take your dog in Kelowna

Here are our top five places to take your furry friend

NAFTA: Talks continue through weekend in scramble to get a deal

Foreign Affairs Minister Chrystia Freeland called negotiations ‘perpetual’

Most Read