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

City of Fernie gets curlers back on the ice

City, Fernie Curling Club to share cost of $95,000 refrigeration mats to address leaks

Fernie outdoor rink to open December 17

City approves user fees for private rental of Outdoor Community Rink

Huge snowstorm headed for Elk Valley

Mainroad issues weather event advisory with up to 25cm expected over the next 24 hours

Fernie fatbiking season in full swing

Riders hit the trails on Global Fatbike Day

Fernie man receives federal fire service medal

Kim Sedrovic is retiring from Fernie Fire Rescue after 25 years with the service

Man caught on camera allegedly trying to defraud ICBC

Auto-insurer warns B.C. drivers to record info after crashes

Teenager Alphonso Davies wins Canadian Men’s Soccer Player for the Year Award

Derek Cornelius and Chilliwack native, Jordyn Huitema were named Canadian Youth International Players of the Year

B.C. teen MMA fighter shows heart

Young Unity MMA competitors bring home Ws

2,000 Canadians died of an overdose in first 6 months of the year

New data from the Public Health Agency of Canada shows the crisis is not subsiding

Another B.C. city votes to ban single-use plastic bags

First six months of proposed ban would focus on education, not enforcement

UK Prime Minister Theresa May wins party no-confidence vote, but troubles remain

May won the vote of 317 Conservative legislators with a 200-117 tally

B.C. trustee’s anti-LGBTQ comments got him barred from schools

Barry Neufeld calls vote to leave him off liaison list ‘workplace discrimination’

Firm says trees obstructing vision at Humboldt Broncos crash intersection

Sixteen people died and 13 others were injured in the collision at an intersection north of Tisdale

Man charged after B.C house fire triggers high-grade explosives

Thomas Daniel Kendall charged with causing bodily harm by failing to properly store explosives

Most Read