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

Surrey LRT decision ‘really sets White Rock back’: mayor

Walker says his focus now is making sure residents can access transit network

Surrey council endorses another five-year term for Newton BIA

BIA set to increase annual levy from $400K to $500K a year, keeping a focus on safety

VIDEO: Santa Claus arrives at Surrey Memorial Hospital by helicopter, visits children

Jolly old elf made stops at five hospitals in the Lower Mainland and Vancouver Island

Surrey Memorial patients receive gifts from hospital staff

‘What Matters to You’ wish campaign received $5,000 in funding for project

North Delta apartment development heading to public hearing

The proposed 188-home Scott and Nicholson was given first and second reading by council on Dec. 17

VIDEO: Ex-NASA engineer pranks mail thieves with glitter bomb trap

Package thefts are common this time of year, but YouTuber Mark Rober used his engineering skills

‘Laverne & Shirley’ star, ‘Big’ director Penny Marshall dies

Marshall died of complications from diabetes on Monday, Dec. 17, 2018, at her Hollywood Hills home. She was 75.

B.C. Court of Appeal to rule in terror case that centres on RCMP conduct

B.C.’s appeal court is scheduled to release a decision today on a couple whose guilty verdict over plotting to blow up the provincial legislature was thrown out by a lower court judge.

Trump backs off on demand for $5 billion to build a border wall

Congress and President Donald Trump continue to bicker over his demand that lawmakers fund a wall along the U.S.-Mexico border.

Canadian detained in China, not clear if related to two other detentions

Reports suggest the person is not a diplomat or entrepreneur doing business in China.

Trudeau sees 2019 election as choice between positive Liberals, divisive Tories

Trudeau is drawing much the same battle lines that propelled the Liberals to a come-from-behind victory in 2015

Snowfall warning issued for Coquihalla, Highway 3

Make sure to equip winter tires if travelling

Lightning top Canucks 5-2 in feisty battle

NHL’s No. 1 team too much for Vancouver

Coquihalla closed between Hope and Merritt

The highway is closed in the northbound lane

Most Read

l -->