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

Election 2018: Tod, Perrault declare candidacies for Langley school board

Incumbent and DPAC president issue separate announcements

VIDEO: Fire at Driediger Farms in Langley

Building used for fresh blueberry storage burns

Serial killer Robert Pickton transferred to Quebec: victim’s family

Pickton was convicted in December 2007 of six counts of second degree murder

VIDEO: Fraser Valley Fusion wins it the hard way

Langley-based team earns gold at the Triple Crown Sports Valley Invite in Oregon

Man shot dead in Cloverdale ID’d as hockey coach and father of two

Murder of Paul Bennett – a respected Peace Arch Hospital worker and ‘champion of sport’ – ‘not random’

VIDEO: Canadian toddler caught practising hockey skills in crib

Eli Graveline is getting praise from far and wide as the internet freaks out of cute throwback video

Man facing charges after baby food stolen from Richmond doorstep

A 40-year-old man is facing several charges

10 of TransLink’s most used SkyTrain routes

TransLink released its 2017 Transit Network Performance Review, offering snapshot of ridership

Serial speeder clocked going 138 km/hr in 90 zone

Driver had their vehicle impounded

Canadian Syrian children’s choir not to attend festival over fears about U.S. travel

Many kids are recent immigrants from countries covered by Trump travel ban

B.C. teacher ends Jeopardy! winning streak, taking home US$69,000

Ali Hasan, from New Westminster, has been gaining fans as a “one-man invasion,” says Alex Trebek

1 man in critical condition after ‘serious’ stabbing in Downtown Eastside: police

Vancouver police say there was an altercation and stabbing appears targeted

Most Read