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

Suspicious blaze guts car in Langley City

RCMP are investigating and looking for a suspect vehicle.

Wall maintenance interrupts run of Langley spinners’ exhibit

A local weavers guild has some of its members’ work on display at the Township civic facility.

Langley footballers come together for Super Bowl blast

Langley Rams are holding a viewing party fundraiser at Ocean Park in Brookswood on Feb. 4.

WIN: Milner actor taps into inner jokester for Langley Players comedy

The curtain goes up on The Foreigners next Thursday at the Langley Playhouse.

Centenarian and then some: Dorscie Paterson set to turn 105

Longtime Langley resident continues to advocate passionately for hospice care in community

B.C. cougar kitten rescued after mother struck by vehicle

Conservation Officers find home for young kitten found dehydrated and frostbitten near Williams Lake

B.C. VIEWS: Public school ‘crisis’ doesn’t exist

More teachers pour in, union wants results suppressed

Sno Pitch returns to Bradner-Aldergrove ball parks

Sno Pitch is on this weekend, no matter whether it’s snow, sleet, rain or shine

Input sought for major road works for Maple Ridge

Consultation on Haney Bypass upgrades

Pitt councillors don’t support CP Rail underpass

Gateway projects will need city support says MP Ruimy

Suspected Toronto serial killer targeting gay community arrested

A 66-year-old man is charged with first-degree murder in disappearance of two Toronto men

Carpet bowlers have been excluded from BC 55+ Games and Canada 55+ Games

Gold medal carpet bowling winners not able to defend their titles in 2018

No crackdown, just education as BC Ferries’ enacts smoking ban

Fines and extra patrols not happening at this time as ban begins Monday

UPDATE: Police release new footage, launch website in hunt for 13-year-old’s killer

IHIT say no one has been arrested or charged in connection with Marrisa Shen’s death

Most Read