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

Lightning strikes spark 38 fires in B.C., 13 in the region

13 new fires in the Okanagan have been reported from the BC Wildfire Service Tuesday night.

UPDATE: Several fires burning in Lower Similkameen

At least one fire near Keremeos was caused by lightening

911 jams causes panic among residents

RDOS chair received several calls and texts from panicked residents unable to get through to 911

Update: Lightning sparks blaze above Summerland

Firefighters are battling the small fire from the area that occurred Tuesday shortly after 7 p.m.

Lightning strikes across B.C. Interior

Residents are being asked to go inside until last rumble of thunder

VIDEO: Vernon residents quick to jump on lightning fire

Thanks to the residents’ efforts, crews were able to quickly suppress the fire.

Banff’s bathroom bears returned to the park after 15 months of rehab in Ontario

Black bears, now yearlings, were sent to the Aspen Valley Wildlife Sanctuary in Ontario last April

Grass fire ignites in West Kelowna

Fire crews are on the scene of a grass fire in Glenrosa

‘Recovery high schools,’ per diems urged to better manage addiction in B.C.

BC Centre for Substance Use says focus needs to shift to from overdose prevention to long-term care

UPDATED: Four small wildfires reported near Revelstoke following Tuesday night storm

Four new wildfires are currently burning near Revelstoke following Tuesday night’s lightning… Continue reading

Several attacked with bear spray at Kalamalka Beach

Police have apprehended a 16-year-old Vernon male.

Hells Angels celebrating 35th anniversary party on Vancouver Island

Additional police resources will be in Nanaimo this weekend as roughly 300 members and hang arounds are expected

New campaign aims to tide food waste at home

About 2.2 million tonnes of edible food is discarded in Canada every year

‘Savour the Okanagan’ fundraiser in Vernon Saturday

All contributions and proceeds will go towards JoeAnna’s House

Most Read