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

Comox Valley medical cannabis business growing despite impending legalization

With nearly a month to go until new cannabis legalization laws come… Continue reading

Humpback whales visit Cape Lazo

Peter Hamilton with Lifeforce Ocean Friends snapped these photos of some humpback… Continue reading

Valley Father-daughter duo share a special bond over a kidney

Annual kidney walk is set for Sept. 23 at Simms Park

Stolen Victoria vehicle crashes in Black Creek

On Sept. 15, 2018 at approximately 10:45 p.m., the Comox Valley RCMP… Continue reading

VIDEO: Messages of hope, encouragement line bars of B.C. bridge

WARNING: This story contains references to suicide and may not be appropriate for all audiences.

The longest week: Carolinas worn out by Florence

Frustration and sheer exhaustion are building as thousands of people wait to go home seven days after the storm began battering the coast.

Vancouver councillors move ahead with policy for duplexes on detached home lots

Mayor Gregor Robertson says the decision is another step toward adding homes in the city for the so-called “missing middle.”

Canada’s goal is to play in a medal game at World Cup in Spain

The 2014 women’s world basketball championships were a coming out party for Canada.

World Anti-Doping Agency reinstates Russia

There was no mention of Russia publicly accepting a state-sponsored conspiracy to help its athletes win Olympic medals by doping.

Prolific offender arrested in Nanaimo after sleeping in stolen car

Jackson Filgate, 34, of Nanaimo, faces stolen property, drug charges after being arrested Sept. 18

Nanaimo’s Tilray pot stock continues rising, firm now worth more than $21 billion US

The B.C. company’s shares have risen more than 1,000 % since its initial public offering in July

Fresh-faced Flames fend off Canucks 4-1

Vancouver drops second straight NHL exhibition contest

Most Read