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

Work to expand X-Treme Skate Park in Duncan begins this week

Expansion expected to be completed in April

North Cowichan will now start processing retail cannabis applications

At its meeting on Jan. 16, council established criteria

Home care complaints up 45% on Vancouver Island

Number of home care hours delivered down 6%, complaints up 45 %

Habitat for Humanity starting 8 new homes in Cowichan in 2019

Cowichan’s Marcel Aubin new new executive director for mid-Island’s Habitat for Humanity

New Canada Food Guide nixes portion sizes, promotes plant-based proteins

Guide no longer lists milk and dairy products as a distinct food group

Coming up in Cowichan: Anti-pipeline meeting; women’s shelter open house

Public meeting in Duncan to support pipeline protests A public meeting has… Continue reading

Cannabis-carrying border crossers could be hit with fines under coming system

Penalties are slated to be in place some time next year

B.C. Green leader calls for long-term legislature financial audit

Andrew Weaver says trust in clerk and sergeant at arms is gone

No charges in fatal police Taser incident in Chilliwack

RCMP watchdog concludes no evidence of excessive or disproportionate force was used by officers

Here’s what the B.C. legislature officers are accused of buying with tax payers’ money

Personal trips, purchases, alcohol and more laid out in 76-page report by Plecas

Alberta youth charged over theft of $17,000 in snow equipment at B.C. ski resort

Alberta RCMP recovered $17,000 in skis/snowboards believed stolen from Fernie Alpine Resort Saturday

China demands U.S. drop Huawei extradition request with Canada

Hua said China demands that the U.S. withdraw the arrest warrant against Meng Wanzhou

Pioneering Telegraph Cove whale watching company cast adrift after 38 years

Stubbs Island Whale Watching announced it is ceasing operation

Most Read