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

Kirk McLean, Dave Babych in Surrey for Rogers Hometown Hockey stop

Roadshow event in December will include meet-and-greet with the NHL alumni

Education minister blasts Chilliwack school trustee on gender issues

Fleming calls Neufeld’s behaviour ‘shameful’ and ‘unacceptable’

Two Cloverdale volunteers want to make the holiday season a little warmer for seniors

Volunteers raising funds for a blanket heater, which is on Zion Park Manor’s wish list this Christmas

Feds announce housing help in Surrey

MP Ken Hardie announce affordable housing funding along with funding for co-op housing in Surrey

VIDEO: Langley high school locked down after reports of a gun

No one was injured after reports someone with a gun was seen on school grounds.

UPDATE: Surrey RCMP take ‘disturbed’ man into custody after dramatic incident on Scott Road

Police suspected he had a gun but no weapon was seized and nobody was injured

Canadian initiative fuelled by Terry Fox’s dream may be only hope for young cancer patients

Young cancer patients in rural or remote areas did not always get the testing available

Olympic gymnastics ex-doctor pleads guilty to sex charges

Aly Raisman, McKayla Maroney and Gabby Douglas are among the women who have publicly said they were among Nassar’s victims

North Delta happenings: week of Nov. 23

Events, courses and clubs listing for North Delta

Hurricanes breeze past Giants in WHL action

Vancouver’s four-game home-ice winning streak at Langley Events Centre comes to an end in disappointing 5-2 loss

VIDEO: ‘She is a tough cookie,’ says husband of found Coquitlam dog walker

Annette Poitras found alive in the woods on Wednesday morning

BC Transit buses to get safety door for drivers

These new full-length doors will be tested in Victoria, Kelowna and Abbotsford

Lower Mainland teen seeks funding for $750,000 drug Soliris

Paul Chung is hopeful that, like Shantee Anaquod, he will be approved for costly aHUS treatment

‘Fresh eyes’ looking into three missing Cowichan Tribes men

First Nations want answers to their disappearances

Most Read