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

Electrical box sparks fire in industrial zone

Penticton Fire Department responded to the electrical fire at around 7:30 a.m. Wednesday

Osoyoos woman named to Top 100 Most Powerful Women in Canada

Watermark Beach Resort general manager and vice-president of business development honoured

South Okanagan Immigrant and Community Service grand opening

Opening of new facility in Penticton takes place on Thursday, Nov. 23

Penticton Indian Band returns to the polls

The PIB is going to a byelection to fill empty seats on band council

Barker brings a mix of comedy and magic to Dream Café

Wes Barker is performing in Penticton on Nov. 24

Tattooing couple opens new shop in Lake Country

Cody and Fabiana Philpott opened NSI Tattoo in August

B.C. cat torture recorded on Snapchat, sent to owner

“I can’t stop shaking,” Haglund said. “Last night was so bad my teeth were clattering.”

B.C. teacher punished after sharing inappropriate personal details with students

Nicole Monique Vieira has agreed to take a course on respecting professional boundaries

Countdown to BC Winter Games begins

Olympic athletes will be on hand to watch the torchlighting ceremony Wednesday evening in Kamloops

Opioid prescriptions up across Canada: report

The report shows the number of opioid prescriptions rose by almost seven per cent, while daily doses on average dropped

Russian meddling has implications for Canada

Kosovo president Hashim Thaci warns that Russian meddling has implications for Canada

Health Canada hints at government’s plans for legal pot

Health warnings, plain covers for pot packs under proposed regulations

Washington governor tells BC don’t be ‘daunted’ by Trump

“I want to assure this assembly that no matter who is in the White House, it won’t affect Washington state’s relationship with Canada or British Columbia.”

Liberals look to ease concerns with housing strategy

Liberals say they look to ease affordability concerns with release of their housing strategy

Most Read