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

Summer of our Discontent: homeless camp a contentious issue

City of Nanaimo, tent city going to court this week to settle differences

Application hearing held for Discontent City case

Two-day petition hearing begins July 17

LETTER TO THE EDITOR: Enough is enough at Discontent City

I cannot believe that the people of Discontent City even get to have a say, says letter writer

Large suspected ammo found at Cassidy recycling facility

Area businesses voluntarily evacuated

Fires claim boat and travel trailer in Nanaimo

Nanaimo area firefighters come off busy weekend for fires with two fires Monday morning

Firefighters rescue dog as two house fires happen at the same time in Nanaimo

House extensively damaged on Uplands Drive, coach house burns down on Haliburton Street

Silly boats make a splash on Nanaimo seas

Superette wins Nanaimo’s Silly Boat Regatta community fundraising event

Florist announces bid for Nanaimo city council

Jim Turley, former owner of Turley’s Florist, intends to run in fall election

VIDEO: Firefighters putting out brush fire in East Wellington

Fire is in the area of a new development under construction near Shady Mile Way

Hawaii volcano boat tours continue after ‘lava bomb’ injuries

“An explosion occurred near the shoreline hurling hot lava rocks towards the boat and injuring several passengers.”

Trump returns from summit with Putin to forceful criticism

“Shameful,” ”disgraceful,” ”weak,” were a few of the comments. Makes the U.S. “look like a pushover,” said GOP Sen. Bob Corker of Tennessee.

Obama to deliver Mandela address in likely rebuke to Trump

Former U.S. President Barack Obama Monday praised Kenya’s president and opposition leader for working together but said this East African country must do more to end corruption.

Trudeau asks transport minister to tackle Greyhound’s western pullout

Prime Minister Justin Trudeau says he’s asked Transport Minister Marc Garneau to find solutions in Greyhound Canada’s absence.

Missing B.C. Serval cat creates buzz online, pleas for help

Aquila, an African Serval, disappeared from a Fernie, B.C. backyard sometime on Friday, July 13.

Most Read