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

Double-decker pilot project wraps up in South Surrey/White Rock

TransLink officials cite ‘fantastic’ response

White Rock to share water-treatment technology

Research findings to be up for perusal at Jan. 25 open house

Crash at 108th Avenue and Whalley Boulevard in Surrey

Emergency crews are on scene after two-vehicle collision

Machete-wielding man arrested in North Delta

Police chased the man down Kittson Parkway before arresting him

Surrey man charged in Walmart fire and grocery store robbery

Police say Richard Read charged in two separate incidents that happened minutes apart on April 20th

VIDEO: Surrey reviewing Clayton crosswalk after pedestrian hit

The city says investigation in response to safety concerns from local resident

RCMP nail sex toy thief

Shop owner plays a role in arrest

Ice-cream-eating bear draws controversy

An Alberta Wildlife Park posted a video this week of one of their bears going through a Dairy Queen drive-through

Police arrest pair after ‘high-risk vehicle takedown’

Vancouver police say replica handgun found in alleged suspects’ vehicle

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

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

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

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

E-cig likely the cause of townhouse fire

Smoke and fire damage but no one was hurt in Chilliwack

Train derails in Northwest B.C.

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

Most Read