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

Pledge to reduce youth homelessness in Chilliwack through partnerships

Program to provide housing and support in Chilliwack for more than a dozen homeless kids

Union files human rights complaint over Chilliwack school trustee’s LGBTQ comments

Board and trustee Barry Neufeld facing $50,000 tribunal charge over alleged ‘unsafe work environment’

Pipeline routing through Chilliwack subject of NEB hearing Monday

City of Chilliwack, WaterWealth Project and local Sto:lo intervenors in the hearing

Chilliwack curler qualifies for 2018 B.C. Winter Games

Naomi Britz will travel to Kamloops next month to curl for Ashley Mallett’s rink.

Chilliwack truck driver killed in Alberta semi truck crash

Young driver was adjusting load on side of highway to Fort McMurray

Ice dancers Virtue and Moir to carry flag for Canada at 2018 Olympics

The pair earned a gold medal at the 2010 Vancouver Olympic Games

5 to start your day

‘Young, innocent’ teen dies in Vancouver shootout, 152 Street overpass repairs start and more

Diplomacy on agenda at North Korea summit in Vancouver

Foreign ministers from 20 countries are meeting Tuesday to discuss security and stability on the Korean Peninsula.

Congestion points or distance: How Metro Vancouver could pay for its roads

Mobility pricing commission identifies two options in report

Kids chained in Calif. house of horrors; parents arrested

Authorities say an emaciated teenager led deputies to home where her 12 brothers and sisters were locked up in filthy conditions

‘Reprehensible’: Trudeau abortion policy raises ire of U.S. right

“This man is reprehensible,” tweeted former White House staffer Sebastian Gorka

‘I shouldn’t have to have a husband:’ Winnipeg woman criticizes men-only club

Jodi Moskal discovered the Winnipeg Squash Racquet Club continues to ban women as members, as it has done since opening in 1909.

Most Read