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

Letters: Grizzly bears are not a food source

Whether or not the grizzly hunt is sustainable is not the issue.

Maple Ridge churches asked to help the homeless

Plan underway to offer overnight shelter to street people

Chilliwack boy drops puck at Canucks fight cancer game

Carter Johnston, 11, fighting osteosarcoma and has a growing, prosthetic leg

Former Maple Ridge-Pitt Meadows MLA’s family finally recognized

Chinese served though denied the rights of Canadian citizens

Maple Ridge remembers

Remembrance Day ceremony and parade in downtown Maple Ridge.

Federal funding to combat guns, gangs and opioid crisis

Public Safety Minister Ralph Goodale said illicit drugs are often main cause of guns, gangs violence

Riverview youth mental health centre proceeds

Replacement for Maples Treatment Centre first announced in March

Dead boy’s father posts Facebook response after Appeal Court upholds conviction

David, Collet Stephan were found guilty in their son Ezekiel’s 2012 death from bacterial meningitis

Giants trio on ‘watch list’ for NHL draft

Three members of the Vancouver Giants earning some looks from NHL scouts

Trudeau mania, Scheer enthusiasm in B.C. this week

Prime minister, Conservative leader drop in on Surrey, White Rock

Forecasters promote avalanche safety awareness to kick off season

Avalanche Canada advising backcountry enthusiasts to get proper training and equipment.

5 to start your day

Delta police probe anti-Christian graffiti, Langley’s Dallas Smith calls out concertgoers and more

PayPal ordered to disclose business accounts to Canada Revenue Agency

Online payments company has 45 days to hand over information identifying its account holders

Most Read