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

‘Listen to your gut’ urges injured skier

Mike Shaw was told he’d never walk again after an accident four years ago, but he defied the odds

Small grass fire sparks in West Kelowna

Fire crews quickly douse blaze in ditch on Friday afternoon

Kelowna teen allegedly robbed while walking at night

Community asked for tips to help reunite teen with ring

Nasty note on windshield sparks online outrage

Vernon’s Bailey McDonald is using a painful experience to start conversation about invisible illness

Remembering road crash victims in Kelowna

World Day of Remembrance for Road Crash Victims takes place Sunday in Kelowna

Flag person struck by car

RCMP investigating incident involving female traffic control person and senior driver

‘I will now live in consistent fear’: Allan Schoenborn granted escorted leaves

The Merritt man was deemed not criminally responsible in the killing of his three children in 2008

Guns and drugs seized in Kamloops RCMP blitz

Kamloops Mounties and the gang unit seize drugs and make arrests in two-day blitz

Hammy the deer dodges conservation officers in Prince Rupert

The famous Prince Rupert hammock deer maintains his purple threads

‘No shirt, no service, no Canada’

Shirtless Tacoma man arrested after Canadian border officials say they found meth in rental vehicle

Interior Health expands meningococcal precautions in South Okanagan

Oliver, Osoyoos and Okanagan Falls included in the expanded precautionary immunization measure

Homeless count returns amid Penticton’s housing crisis

Volunteers are hitting the streets this week to find solid data on Penticton’s homeless population

Missing woman smart, courageous, lovable

Mother says Caitlin Potts trying to overcome foster care experience

Federal funding to combat guns, gangs and opioid crisis

Public Safety Minister Ralph Goodale said illicit drugs are often main cause of guns, gangs violence

Most Read