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

OUR VIEW: Memories of the ‘strip’ still fresh

Can’t blame Surrey residents for being wary after the human tragedy of 135A Street

HOCKEY: Olympic dreams for Surrey teen now with Canada’s U18 team

Cloverdale’s Jenn Gardiner a third-year star with Comets of B.C. Female Major Midget League

‘Quite a coup’ in rail-safety funding: South Surrey-White Rock MP

Relocation study not included in money for infrastructure improvements along waterfront train route

Fatal crash on Highway 17 in Delta

Footage from the scene shows a mangled white truck that appears to have slammed into a barrier

Risk of thunderstorm this afternoon for Vancouver Island and Lower Mainland

A special weather statement calls for heavy rain and wind over the next 48 hours

Fashion Fridays: Rock some animal print

Kim XO, lets you in on the latest fall fashion trends on Fashion Fridays on the Black Press Media Network

New evacuations ordered because of Florence flooding

Emergency managers on Friday ordered about 500 people to flee homes along the Lynches River

VIDEO: Neighbours fear impact of B.C. tent city residents

Greater Victoria residents opposed to campers voice concerns at provincial campground

B.C. doctor weighs in on the kid ‘screen time’ debate

A Maple Ridge mother opens up about her children’s use of tablets, smartphones and television

Volunteer-based safety team gets city funding to continue work in Vancouver

Good Night Out is a non-profit society that works to keep people safe at night on Granville Strip

B.C. councillor’s expenses being sent to the RCMP

Decision to have expenses audited and shared with RCMP taken at special meeting of council

More than 35 B.C. mayors elected without contest

No other candidates for mayor in the upcoming local election in 22 per cent of B.C. cities

5 to start your day

National forecaster issues rainfall warning, three crashes in Metro Vancouver overnight and more

Most Read