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

Help for parents at Langley Community Services Society

Free counselling services available by appointment

Teens design environmentally friendly invention

Plastic grocery bags transformed into cup coasters that can be used over and over again

Langley Youth Hub on track to open soon

The youth center and shelter is now nearing completion.

Police investigate sexual assault of teen girl in Abbotsford

Incident occurred Wednesday night along Oriole Crescent

Langley ball hockey group rounding up equipment

A new initiative will help provide equipment for families facing financial hardship.

VIDEO: Indoor pumpkin patch plans unveiled as Langley nursery wraps up from Glow

A first-ever indoor light show and Christmas market proved so popular organizers are looking at other ideas.

Fernie, RCMP go to court over city log books in fatal ammonia leak probe

Log books center stage in clashing of investigations between the city and RCMP

B.C.’s biggest pot plant planned for Oliver

Co-founder Tony Holler said the 700,000 sq. ft. facility would produce 100,000 kg of pot per year

Aldergrove played role in 1954 British Empire Games

Author of ‘The Miracle Mile’ explores ’54 Games in local context

High-end whisky seized in B.C. bar raids

Raids end in seizures at Victoria, Nanaimo and Vancouver whisky joints

E-cig likely the cause of townhouse fire

Smoke and fire damage but no one was hurt in Chilliwack

Train derails in Northwest B.C.

CN reports no injuries or dangerous goods involved after coal train derailment.

Double-doubles and demonstrations: Employees rally outside Tim Hortons

Protests held in response to Ontario franchise owners cutting employee benefits and breaks

Chilliwack board of education asks Neufeld to resign

Neufeld says he intends to stay on as trustee despite vote by peers

Most Read