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

City approves 24 unit affordable housing project

The Revelstoke Communitiy Housing Society’s Oscar St. project is moving forward

Snowfalls cost $3,500 per cm to plow in Revelstoke

This year’s snow removal budget is $1.3 million

Revelstoke Community Choir brings the holiday spirit

The Revelstoke Community Choir performed their annual holiday season concert on Dec.… Continue reading

Juno award winning artist playing Traverse Saturday night

Friday night will feature Illvis Freshly and Mt. Doyle

B.C. woman charged in connection to stolen vehicle smash-up in Kamloops

Kersten Ina Peters was arrested in the Fraser Valley on Friday, Dec. 6

BREAKING: Emergency crews responding to plane crash on Gabriola Island

The Island is located about five kilometres east of Vancouver Island

VIDEO: Harbour Air makes history with first electric aircraft test flight

Successful flight marks first of its kind in the world

The Grinch who Stole a Hedge: Security camera captures Chilliwack tree theft

RCMP arrives as person calmly walks away with tree in downtown area

Salmonella outbreak in Canada linked to rodents and snakes

92 cases of salmonella across six provinces, including B.C.

Meng Wanzhou wins right to more documents involving arrest at Vancouver airport

Defence lawyers allege the Huawei executive was unlawfully detained, searched and interrogated

RCMP traffic services moves to Falkland to slow speeders

Falkland detachment to serve as new HQ for RCMP’s North Okanagan Traffic Services

Truck with body inside found at bottom of lake near Kootenay ferry

Investigators believe no foul play is expected but are unsure how the vehicle ended up in the Arrow Lakes

Most Read