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

Crews respond to fire in detached garage on Maple Avenue in Chilliwack

Firefighters had to access the small fire via neighbouring property on Woodbine Street

Chilliwack Chiefs chosen to play in CJHL Prospects Game

Harrison Blaisdell and Kevin Wall are among 11 BCHL stars selected to play in the showcase game.

Chilliwack soccer star Jordyn Huitema coming home for the holidays

After a crazy-good year with the Canadian national soccer program, the teenager deserves a break.

Chilliwack jury acquits man of choking, violent sexual assaults of girlfriends

Michael Sean Myers found guilty of criminal harassment and uttering threats in BC Supreme Court

Chilliwack school kids draw ‘don’t drink and drive’ messages on liquor store bags

Children from six elementary schools decorate bags as part of promotion created by local Mountie

Story of the Year: Deadly Humboldt Broncos bus crash

The Canadian Press annual survey of newsrooms across the country saw 53 out of 129 editors cast their votes for the Humboldt Broncos bus crash.

Privacy watchdog says legal cannabis buyers should use cash, not credit

Some countries could bar entry to individuals if they know they have purchased cannabis

Emergency task force calls for safe supply of drugs in Vancouver to prevent ODs

Dr. Patricia Daly says more people are dying alone in the city than elsewhere in the province

‘A start:’ Alberta critical of Ottawa’s $1.6B package for ailing energy sector

A further $150 million is to be used for clean growth and infrastructure projects

New B.C. Lions coach DeVone Claybrooks adds eight to coaching staff

DeVone Claybrooks has filled out his staff for the 2019 season

Two-year-old attacked by cougar near Mission, B.C.

Boy not seriously injured in incident on Monday afternoon

Road to the World Juniors leads through B.C.

Finland plays Denmark on Wednesday, United States takes on Czech Republic on Saturday

Trump signs order to create US Space Command

President Donald Trump signs an executive order to create a U.S. Space Command.

Groups preparing new pipeline legal challenge, argue government’s mind made up

A Vancouver-based environment charity is readying itself to go back to court if the federal government reapproves the Trans Mountain pipeline expansion.

Most Read