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

Centenarian and then some: Dorscie Paterson set to turn 105

Longtime Langley resident continues to advocate passionately for hospice care in community

Langley community comes through to help stroke survivors

Hope for Stroke program was facing unexpected funding shortfall until several stepped up

VIDEO: Remember the skeletal Surrey dog? Look at him now

Eclipse came into the Surrey Resource Animal Shelter last summer in skeletal, calloused condition

VIDEO: Double-decker bus pilot in Langley gets rave reviews

The ceiling is a little low, but other than that, everyone seems to be a fan

Jail sentence handed to criminal with long list of charges in Langley

Jake Knute Soros will spend at least 16 months behind bars for crimes committed here

UPDATED: SUV fire at Langley mall (with video)

Firefighters respond to Fraser Highway incident

Input sought for major road works for Maple Ridge

Consultation on Haney Bypass upgrades

Pitt councillors don’t support CP Rail underpass

Gateway projects will need city support says MP Ruimy

Toronto man charged in double homicide

A 66-year-old man is charged with first-degree murder in disappearance of two Toronto men

Carpet bowlers have been excluded from BC 55+ Games and Canada 55+ Games

Gold medal carpet bowling winners not able to defend their titles in 2018

No crackdown, just education as BC Ferries’ enacts smoking ban

Fines and extra patrols not happening at this time as ban begins Monday

UPDATE: Police launch website for unsolved murder of 13-year old B.C. girl

IHIT say no one has been arrested or charged in connection with Marrisa Shen’s death

Rural B.C. students score visit with Canadiens netminder Carey Price

Two students from the Caiboo Chilcotin can hardly wait to meet hometown hero Carey Price in Montreal.

VIDEO: Elk parade on Vancouver Island is awesome sight

They’re out in force for a morning stroll. Check out some of Youbou’s famous elk.

Most Read