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

One man dead after crash at Highway 10 and 152 Street in Surrey

Pedestrian hit by two vehicles: Surrey RCMP

Replica totem pole to be raised at Peace Arch Park

‘Reconciliation ceremony’ will include SFN leaders, provincial politicians

Tour de Valley stops in White Rock

White Rock RCMP Const. Carly Godlien raised more than $20,000

‘Like an Alfred Hitchcock movie’: Birds fall dead from the sky in Tsawwassen

Raptor expert says he’s never seen it happen anywhere in the Lower Mainland

Delta resident raises more than $100K for Easter Seals

Archie Campbell has rappelled down the side of a building six times to raise money for disabled kids

Fashion Fridays: Rock some animal print

Kim XO, lets you in on the latest fall fashion trends on Fashion Fridays on the Black Press Media Network

Feds launching review of oil tanker traffic in bid to renew pipeline approval

The feds have ordered the National Energy Board to bring recommendations on whether pipeline expansion should proceed

Horvat leads Canucks to 4-3 shootout victory over Kings

Vancouver dumps L.A. in NHL pre-season contest

Update: Search called off for missing plane between Edmonton and Chilliwack

Search efforts were concentrated along the Highway 5 corridor between Valemount and Kamloops

Why Whistler for ski jumping in 2026? Calgary proposal gets pushback

Calgary 2026 proposes re-using the 2010 ski jumping venue Whistler for that sport and nordic

Despite progress, threat of 232 tariffs dominates NAFTA negotiations

Any deal is seen to require congressional approval before Dec. 1 to survive new Mexican government

VIDEO: Hundreds line highway as family brings home body of B.C. teen

Northern B.C. showed their support by lining Hwy 16 as Jessica Patrick’s body returned to Smithers.

VIDEO: Woman files complaint over treatment of cat with two broken legs

Ariel Johnston of Abbotsford says her pet was sent home without pain medication

B.C. MP Todd Doherty receives award for saving man who collapsed on a plane

Conservative MP was flying from Vancouver to Prince George, B.C., in June last year

Most Read

l -->