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

Songhees youth among those recognized by province for achievement in sport

Team BC athletes in North American Indigenous Games, Canada Summer Games recognized

Pedestrian struck in downtown Sidney after receiving safety reflector

Man treated for minor injures by police who were at the scene handing out reflectors

Write about Oak Bay to win $500

Winner earns cash and placement in the Oak Bay News

A love for theatre

Sooke’s Drew Kemp bring his love of theatre to the stage

B.C. boy’s social media bid to get levidrome in the Oxford dictionary goes viral

‘It’s been five weeks and has totally blown up today.’

VIDEO: Innovating healthier homes

NZ Builders bring commercial concept into residential realm to improve energy efficiency and health

David Cassidy, teen idol and ‘Partridge Family’ star, dies at 67

Cassidy announced earlier this year he had been diagnosed with dementia

Vic High students take Saanich-reared comic’s words on mental illness to heart

School counsellors see uptick in visits after Kevin Breel relays his depression story

Vigil held for woman whose remains were found on Shuswap farm

Family and friends remember Vernon resident Traci Genereaux and along with five other missing women

LETTER: Jumbo Valley is part of Ktunaxa territorial claim

Ktunaxa Nation Council responds to Tom Fletcher column

3,800-plant grow-op busted on First Nation reserve

Three men face charges after RCMP bust a large drug operation on the Soowahlie Reserve near Chilliwack

VIDEO: Government approves funding of $750,000 drug for B.C. woman

Approval comes one day after province announces funding for Soliris on a case-by-case basis

B.C. boy’s social media bid to get levidrome in the Oxford dictionary goes viral

‘It’s been five weeks and has totally blown up today.’

This week’s wanted in Greater Victoria for Nov. 21

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Most Read