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

Fries, gravy, cheese and goodwill: Victoria hosts Poutine Week

Buy one of the varying versions of this traditional dish and help feed hungry kids

Saanich homeless camp to voluntarily leave provincial land by Tuesday

‘If the province really wants to pick a fight with us, we may end up in John Horgan’s backyard,’ says camp leader Chrissy Brett

Victoria lawyer urges B.C. law society to make pro bono work mandatory

Resolution says justice system is “at a crisis level” in B.C.

Surge in requests for help, reports of sexual assault since #MeToo

Growing demand for Victoria Sexual Assault Clinic’s services in first year of #MeToo

Saanich Neighbourhood Place serves up some politics with their pancakes

Local family resource and support centre aims to educate voters and politicians

Victoria teen suffers whiplash in school ‘bubble’ soccer game

Middle school students injured in teacher-student competition

Black Press to host extreme career fair in Victoria

The fair will run on Oct. 25 at the Bay Street Armoury

Enbridge to begin building road to access pipeline explosion site in B.C.

An explosion Tuesday knocked out a 91-centimetre line

Andrew Scheer on revamped NAFTA deal: ‘I would have signed a better one’

Conservative leader says he wouldn’t have signed USMCA

Matheson will have NHL hearing after Canucks rookie Pettersson hit

The 19-year-old Swedish centre appeared woozy after the hit

GUEST COLUMN: A better way to manage B.C.’s public construction

Claire Trevena responds to Andrew Wilkinson on NDP union policy

B.C. brewery creates bread beer from food waste

The brew aims to raise food waste awareness and provide funds for the food bank

Dad files Charter challenge after B.C. bans kids from taking transit unsupervised

Adrian Crook is taking his fight to B.C. Supreme Court

B.C. VIEWS: Cast your municipal vote for sanity on homelessness

Thousands on waiting list while anti-capitalist bullies get priority

Most Read