Home sales in B.C. jump in Oc­to­ber

The Prince George Citizen - - FRONT PAGE -

VAN­COU­VER — 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.

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 B.C. 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.

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