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

Repurposing plaza in Alberni business district follows market trend

Public hearing for Fairway Market conversion set for March 12

Fisheries Act fix doesn’t go far enough, says Nuu-chah-nulth Tribal Council

Not even close to what we need,’ MP Gord Johns says

Pension delays unacceptable, Courtenay-Alberni MP says

Some retiring vets, RCMP wait ‘months, years’

Armada boys drop first game of AAA North Island basketball championships

Alberni faces No. 1 seed Mark Isfeld in Saturday, Feb. 17 morning game

Alberni Armada senior girls play for Island bronze

Girls drop game to SMU, still have a shot at provincial basketball berth

North Island College opens its doors to Alberni, west coast students

More than 200 Grade 11 students check out programs offered at Alberni campus

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Porch lights turn on for Canadian teen behind #BeccaToldMeTo movement

New Brunswick’s Rebecca Schofield had asked her Facebook followers to perform random acts of kindness

B.C. files challenge to Alberta wine trade ban

First formal dispute under Canadian Free Trade Agreement

Vancouver Island job market ever-evolving

Various sectors driving employment in region will be represented at Black Press career fair in Comox Feb. 8

NDP’s first budget to set spending record for housing, child care

Premier John Horgan promises biggest investments in B.C. history

Regional conference tackles topic of chronic diseases

Family physicians invited to register to attend Chronic Disease Day event in Pitt Meadows.

B.C. man goes to jail for beating puppy to death

Robert Carolan has also been banned from owning animals for the next ten years

BCHL Today: Langley enjoys home ice while roller coast ride continues for Chilliwack Chiefs

BCHL Today is a (near) daily look at what’s going on around the league and the junior A world.

Most Read