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

A future vision of a Kelowna neighbourhood

Kelowna city hall presents its latest version of a plan for the Capri-Landmark Centre area

Bracing for Kelowna enrolment spike

Catchment zones recommended for four south central schools

Study: Many cars don’t have winter tires

With a break in the winter in the snow in Kelowna, now is the time to get good tires

Highway conditions less than ideal this morning

Limited visibility, standing water, slippery sections: DriveBC report

Lake Country resident competes in Irish dance championship

Kelowna - Minirva McCarthy-Harley is dancing in the North American Irish Dance Championship

Hall of Fame enriched with class of 2017

Central Okanagan Sports Hall of Fame opens doors to six new inductees during ceremony Thursday

Trudeau mania, Scheer enthusiasm in B.C. this week

Prime minister, Conservative leader drop in on Surrey. White Rock

Forecasters promote avalanche safety awareness to kick off season

Avalanche Canada advising backcountry enthusiasts to get proper training and equipment.

Michaels: Existential crises and parenting

“Do you think, after all these years, we’re all just living in someone else’s head?”

B.C. church defaced with disturbing anti-Christian graffiti

Staff at Crossroads United Church reported the vandalism to police late last week

PayPal ordered to disclose business accounts to Canada Revenue Agency

Online payments company has 45 days to hand over information identifying its account holders

Federal government to boost treatment options for opioid drug users: minister

More than 2,800 people died last year as a result of the overdose crisis

Ambulance design changes urged after B.C. man falls out, dies

A coroner’s jury makes recommendations after hearing about death of Ebony Aaron Wood

Suspects in Penticton shooting caught on video

RCMP released CCTV video of a shooting incident at Fairhaven House

Most Read