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

Songhees and Esquimalt First Nations open new RV Park

Both nations excited about new economic venture

Parents grieving teen’s overdose death say it started with opioid prescription

Elliot Eurchuk, 16, died at his Oak Bay home Friday, after taking street drugs

UPDATE: Victoria hosts first National Cannabis Conference

Vendors, shoppers and cannabis-curious folk head to the Victoria Conference Centre

Victoria High School students find themselves in a ‘Hairy’ situation

Vic High drama students performing modern version of Broadway musical ‘Hair’

Ready for day two at the Home Expo

One exhibitor, Atlas Junk Removal, uses their trucks for a good cause

VIDEO: Moose found licking salt off B.C. man’s pickup truck

Tab Baker was in his garage in Prince George when the small moose gave his truck a clean

Spring Home Show this weekend in Colwood

West Shore Parks and Recreation will be transformed to showcase everything home related

B.C. student makes short-list for autism advocacy award

Brody Butts honoured for his role as a mentor and self-advocate

Austin Powers ‘Mini-Me’, Verne Troyer, dies at 49

Facebook page confirmed his death Saturday afternoon

Alberta man dead after snowmobile collision on B.C. mountain

The incident occurred on Boulder Mountain Friday morning

16 of 20 fastest improving B.C. schools are public: Fraser Institute

Independent elementary schools remain at top of the chart in think tank’s annual report card

Dinosaurs taking centre stage at National Geographic event

NatGeo Live series finale May 2 at the Royal features renowned paleontologist

UPDATED: 1 person dead after highway crash in Nanoose Bay

Accident happened just before 4 p.m. near Hillview Road

NAFTA: Talks continue through weekend in scramble to get a deal

Foreign Affairs Minister Chrystia Freeland called negotiations ‘perpetual’

Most Read