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

Kelowna’s Community Calendar

Check out some upcoming events, or add your own event to our community calendar

YMCA launches teen program for mental health

Starting April 5, the Kelowna Family Y will host its first run of Mind Fit

Sunday Fiction: My father through my own eyes

Kelowna columnist William Peckham writes a monthly fiction column for the Capital News

Hodge: Losing a legend, and a local character

Kelowna columnist Charlie Hodge says two people have left large legacies

Need to catch up on news? You’re covered

Every Saturday the Capital News will highlight stories from the week

VIDEO: B.C. Mounties reunite veteran with lost military medals

RCMP say Zora Singh Tatla, who served in the army in India for 28 years, is the righful owner

B.C. cyclist races to first win of the season in New Zealand

Casey Brown captures Enduro title by more than two minutes at Crankworx Rotorua

Notorious Russian troll farm also took swipes at Canadian targets

Targets included oil infrastructure and Prime Minister Justin Trudeau.

Dust returns to North Okanagan

The Ministry of Environent and Climate Change Strategy has again issued a dust advisory for Vernon

Cirque du Soleil aerialist dies after fall during Florida show

Longtime performer fell while performing in VOLTA

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.

Canada earns second Paralympic Games silver in 20 years

Held 1-0 lead in para hockey game from 12:06 of first to dying seconds of third and lost in overtime

LETTERS: Two views of oil pipeline protests

U.S. and other petroleum-rich countries aren’t cutting production

Canadian Paralympic team picked up record 28 medals

The 55 athletes strong had set a cautious goal of 17 medals for PyeongChang

Most Read