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

It’s time to say “I see you”

Chief speaks out on First Nations issues

Nak’azdli Whut’en a vital part of Fort St. James

Progressive and self sufficient, the First Nation looks to the future

Here’s what Fort St. James councillors refused to hear

Citizens express frustration and anger

Citizens ejected from Municipal Hall – Locked out

Mayor refuses to allow discussion on controversial Bylaw regarding marijuana

Mismanaged salmon farms unacceptable: Cullen

Commissioner suggests Ottawa favouring aquaculture over wild salmon management

Canadian musician duets with ancestral Indigenous voices on debut album

Toronto’s Jeremy Dutcher has mixed his operatic tenor with his Wolastoq First Nation roots

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

COLUMN: Stanley Cup playoff second-round predictions

Sidney Crosby and the Penguins continue their quest for their third straight Stanley Cup

B.C. seeks court ruling on new pipeline regulations

Province wants to require permits for any new bitumen transport

LIVE: TSB findings on plane crash that killed former Alberta Premier Jim Prentice

The TSB will announce its findings and the Capital News will follow.

Former child watchdog to head UBC centre on residential schools

Mary Ellen Turpel-Lafond to lead university’s Indian Residential School History and Dialogue Centre

Toronto sports fans come together in wake of van attack

Police probe Toronto van attack as details emerge

Prince William to be Harry’s best man

Prince William will be Prince Harry’s best man at May wedding

Humboldt arena memorial ring to be removed

Arena ring of tribute to Saskatchewan hockey team to be removed as summer nears

Most Read