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

Night patrol on Chilliwack waters leads DFO to seize 48 sockeye and harbour seal from poachers

Charges pending after two poachers arrested for fishing at night

Highway 7 down to one-lane alternating as crews fight Mt. Hicks wildfire

150-hectare blaze prompted closure of a provincial park

Drug-checking started as pilot project in Chilliwack to test for fentanyl

Substance is mixed with water on test strip, and result is revealed in minutes

Chilliwack goes cluck-cluck for chickens ahead of civic election

With an election in sight, urban chickens supporters ramp up their efforts for legal acceptance

Chilliwack basketballers grab gold at U-15 nationals

Julia Tuchscherer and Marijke Duralia led Team B.C. past Team Ontario in the title game.

Average Canadian family spends 43% of income on taxes: study

Fraser Institute’s consumer report shows taxes accounting for larger chunk of income each year

Column: Mother orca’s display of grief sends powerful message

The grief of this orca mother may not be visible anymore, but we must not forget.

Seven people with ties to Red Scorpions gang arrested in B.C. drug bus

Delta police have secured 94 charges against seven people, including drug and firearm offences

Second measles scare this summer at YVR

An infected traveller flew out of Vancouver’s airport three times

Judge OKs Weinstein suit, cites casting couch’s history

Actress Kadian Noble can sue disgraced Hollywood mogul for violating sex trafficking laws

Employers to raise salaries 2.6% on average next year: report

Firm points to factors such possibility of more trade protectionism, rising interest rates

PM Trudeau and federal ministers to meet on Vancouver Island

Cabinet retreat will be held in Nanaimo from Aug. 21-23

B.C. school’s pledge to ban sex outside of heterosexual marriage now optional

Community convenant of Langley’s Trinity Western University has been centre of rights debate

Most Read