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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Comox Valley Ringette Association requests equal ice time

The Comox Valley Ringette Association has appealed to the regional district for… Continue reading

Vancouver Island under a thunderstorm watch tonight

Environment Canada forecasts downpour and possible thunder and lightning

Vancouver Island NDP MP responds to Liberal’s throne speech

’Feds say nice things but when it comes to taking action it’s a different story’ says North Island- Powell River MP, Rachel Blaney

Suspicious van report leads police to issue important reminders

Police received a report about a suspicious white van driving slowly around Comox.

Sheila McDonnell elected chair of Comox Valley Schools board

Sheila McDonnell was elected chair of the Comox Valley Schools board of… Continue reading

B.C. reports 91 new cases as officials remain worried over ‘clusters of COVID-19

There have now been a total of 8,395 cases in B.C. since the pandemic began

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Canada’s active COVID-19 cases top 10,000 as daily new cases triple over the past month

Dr. Tam repeated her warning to young people, who have made up the majority of recent cases

First 8 months of fatal overdoses in B.C. have now exceeded 2019 death toll

Nine people died every two days in August, BC Coroners Service data shows

Liberal effort to reset policy agenda panned by rivals as too much talk, not action

Trudeau said it’s ‘all too likely’ families won’t be able to gather for Thanksgiving next month

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

‘Show us the money’ for cannabis, local governments tell B.C.

Municipal tax, transit revenues falling as costs rise

Courtenay doctor completes virtual Boston Marathon

Janet Green has run another Boston Marathon — a virtual one —… Continue reading

Cops for Cancer: COVID-19 can’t stop Tour de Rock

‘having the chance to come back and ride this year means everything to me’

Most Read