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

Surrey business groups dig in heels on LRT

Mayor-elect Doug McCallum and his coalition aim to cancel LRT in favour of extending SkyTrain

New faces on Surrey council: Who they are and how they got here

The council includes seven of eight candidates who ran with Doug McCallum-led Safe Surrey Coalition

UPDATE: Missing Surrey girl, 15, located

Surrey RCMP sought help to locate Hailey McClelland

Surrey’s mayor-elect McCallum has big promises to keep

From estimated 337, 289 eligible voters in Surrey, 109,791 votes were cast for 32.5 per cent turnout

Dancing zombies expected in droves at Surrey’s ‘Thrill the World’ event

Michael Jackson’s iconic video inspires group-dance gatherings around the globe

B.C. sailor surprised by humpback whale playing under her boat

Jodi Klahm-Kozicki said the experience was ‘magical’ near Denman Island

Ovechkin has 4 points as Caps rough up Canucks 5-2

WATCH: Defending champs pick up impressive win in Vancouver

Vancouver mayoral hopefuly admits defeat, congratulates winner Kennedy Stewart

Ken Sim of the Non-Partisan Association apologized for the time it took to acknowledge Stewart won

Mental fitness questioned of man charged in Chilliwack River Valley shooting

Peter Kampos told his lawyer ‘his dreams are being stolen and turned into drugs’ at Surrey Pre-trial

Fraser Valley mom stuck in Africa over adoption delay

Kim and Clark Moran have been waiting four weeks to bring son home

B.C. government moves to tighten resource industry regulations

New superintendent will oversee engineers, biologists, foresters

Election watchdog seeks digitally savvy specialists to zero in on threats

Move follows troublesome evidence of online Russian interference in the 2016 U.S. election

Most Read