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

The 38th annual New Year Classic saw 172 players in 226 matches

New lights in Oak Bay tennis bubble illuminate local talent

Passengers bound for Victoria say Sunwing left them stranded in Abbotsford

Company says late arrival led to difficulties securing accommodation, transportation

Third Victoria person pricked by needle in past week

Police say this one appears to have been deliberately placed

Police ticket driver after van found perched on logs near Esplanade in Oak Bay

Ticket issued for Drive Without Consideration with a fine of $196

Cabaret comes to Oak Bay

Company C stages Tony Award-winning musical

Spike in graffiti for Oak Bay

“Someone knows who this is and I encourage them to call us or Crime Stoppers”

Senior randomly stabbed in B.C. mall food court

Woman arrested after victim, 71, suffers serious injuries

Cougars clipped by Bucs, remain tied for first in South

Victoria junior B puck squad neck and neck with Saanich

B.C. Liberal hopefuls begin final leadership push

Five MLAs, one outsider pitch policies to party members

Victoria hits the road after weekend wins over Kamloops

Western Hockey League club in Portland on Wednesday night

UPDATED: ‘Young, innocent’ teen hit during Vancouver shootout dies

15-year-old Coquitlam boy was in a car driving by the scene

Ontario man charged with selling Canadian’s usernames and passwords

Ontario man ran site that peddled billions of pieces of personal data: RCMP

Video: B.C. documentary features Okanagan ice climbing

First documentary for Penticton filmmaker captures elusive Okanagan ice climbing

David Emerson quits lumber talks as legal action begins

Former federal minister served as B.C. softwood trade point man

Most Read