A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan.3, 2017. File photo. THE CANADIAN PRESS/Jonathan Hayward

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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A Williams Lake area family living on Knife Creek Road lost everything to a house fire on Wednesday, March 3. (Photo submitted)
House fire destroys rural family home south of Williams Lake

The Macdonalds built their home on Knife Creek Road about 30 years ago

A special committee has been appointed to look at reforming B.C.’s police act and is inviting the public to make submissions until April 30, 2021. (Black Press media file)
Public input sought for B.C.’s police act review

Submissions will be accepted until April 30

A new daycare in Tl’etinqox (Anaham) will be located across the road from the Datsan Chugh building. (Tl’etinqox Government Facebook photo)
Daycare approved to be built at Tl’etinqox First Nation

“We’re excited,” said Chief Joe Alphonse

International Women’s Day is March 8. (Internationalwomensday.com)
International Women’s Day 2021: #choosetochallenge

International Women’s Day is marked annually on March 8

Williams Lake Accessibility Advisory Committee chair Maureen Straza is an advocate for others after she experienced a spinal cord injury in 2014. (Monica Lamb-Yorski photo - Williams Lake Tribune)
‘Come On In’: New program aims to make Williams Lake businesses more accessible

Williams Lake Accessibility Advisory Committee (AAC) is leading the project

(The Canadian Press)
‘Worse than Sept. 11, SARS and financial crisis combined’: Tourism industry in crisis

Travel services saw the biggest drop in active businesses with 31 per cent fewer firms operating

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

(Black Press Media files)
Hosts charged, attendees facing COVID fines after Vancouver police bust party at condo

Police had previously received 10 complains about that condo

Minister of Families, Children and Social Development Ahmed Hussen takes part in an update on the COVID pandemic during a press conference in Ottawa on Tuesday, Oct. 27, 2020. A joint federal and B.C. government housing program announced today aims to help people living in up to 25,000 vulnerable households pay their rent. THE CANADIAN PRESS/Sean Kilpatrick
Federal, B.C. governments announce $517-million rent aid program to help vulnerable

Benefits for those not eligible for B.C.’s Rental Assistance Program or Shelter Aid for Elderly Renters

(BC SPCA)
Is it safe to give your dog some peanut butter? Not always, BC SPCA warns

Some commercial peanut butter ingredients can be harmful to dogs

Health Minister Adrian Dix, front, B.C. Premier John Horgan and provincial health officer Dr. Bonnie Henry arrive for a news conference about the provincial response to the coronavirus, in Vancouver, B.C., Friday, March 6, 2020. Pandemic emergency measures have been in place for almost a year. THE CANADIAN PRESS/Darryl Dyck
B.C. officials plead for patience as 1.7 million COVID-19 calls flood in

Vaccine registration for 90-plus seniors opened Monday

A West Kootenay man died in an avalanche on March 4 while snowmobiling near Mount Payne, which is indicted by the red flag. Illustration: Google Maps
B.C. father of 3 dead after avalanche in West Kootenay

The man was snowmobiling with a group when incident occurred March 4

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. THE CANADIAN PRESS/Nathan Denette
Vaccine hesitancy decreases in B.C. as mass immunizations set to begin: poll

Two-thirds of British Columbians, and Canadians, would get the vaccine as soon as possible

Most Read