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

B.C.’s biggest pot plant planned for Oliver

Co-founder Tony Holler said the 700,000 sq. ft. facility would produce 100,000 kg of pot per year

Interior Health managers voice discontent

Negative comments about work culture aimed at CEO Chris Mazurkewich.

Princeton woman who forged husband’s will gets house arrest

Judge says Odelle Simmons did not benefit from her crime

Okanagan losing battle to preserve wetlands

Political will called for to create and enforce mitigation standards

Penticton hospital fourth busiest in the region for opioid overdose

The highest was Kelowna General with about 355, followed by Vernon Jubilee 310 and Royal Inland in Kamloops with 180

OK Falls pot shop vandalized a week after opening

Windows were smashed Wednesday evening and spray paint called the owner a “goof” and a “pedo”

Fernie, RCMP go to court over city log books in fatal ammonia leak probe

Log books center stage in clashing of investigations between the city and RCMP

High-end whisky seized in B.C. bar raids

Raids end in seizures at Victoria, Nanaimo and Vancouver whisky joints

Train derails in Northwest B.C.

CN reports no injuries or dangerous goods involved after coal train derailment.

Double-doubles and demonstrations: Employees rally outside Tim Hortons

Protests held in response to Ontario franchise owners cutting employee benefits and breaks

It’s all in the black for Roots & Blues

While they didn’t rake in the dough, the 2017 event made a modest profit

Las Vegas shooter acted alone, exact motive still undetermined: Sheriff

Stephen Paddock was behind the gunfire that killed 58 people including two Canadians

Botox, bomb shelters, and the blues: one year into Trump presidency

A look into life in Washington since Trump’s inauguration

Albas takes on mortgage changes in town hall

Conservative MP mostly echoed chamber of commerce concerns but sparred with one attendee on details

Most Read