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

Community lends a hand after fire

Fundraiser to aid fire victim’s wife

Penticton bookkeeper nets 90 days for $60k embezzlement

Judith Kendrick pleaded guilty to fraud late last year, and was up for sentencing Tuesday morning

Freezing rain warning in effect for B.C. Southern Interior

Environment Canada issued the freezing rain warning for most of the Southern Interior Tuesday morning

Dine Around Thompson Okanagan set to kick off

Popular event kicks off in Kelowna with a sold out launch party

Justin Kripps and Jesse Lumsden slide to fourth in two-man race

Canadians celebrate bittersweet day sliding to fourth in world cup bobsleigh

VIDEO: Orcas put on a show near Hornby Island

Louis Jobodin shares photos and video of his experience

Vernon to host largest Special Olympics B.C. Winter Games in 2019

Games to be held Feb. 21-23, with more than 800 athletes expected to take part

Sentencing hearing begins for ex-BC Liberals employee in ‘quick wins’ scandal

Former communications director Brian Bonney pleaded guilty last October

UPDATE: Fatal crash closes Hwy. 97A south of Armstrong

Highway 97A remains closed after a crash south of Pleasant Valley cross road near Spallumcheen

Kamloops Mounties investigate reported home invasion in Dallas home

Kamloops Mounties were called to the home just after midnight after reports of people yelling and kicking in a door

Poetry collection preserves Indigenous knowledge

B.C. author collaborates with Shuswap students, First Nations elders

Sunwing vacation passengers left at Abbotsford airport

YXX staffers receive praise for help to passengers; airline criticized

Ice dancers Virtue and Moir to carry flag for Canada at 2018 Olympics

The pair earned a gold medal at the 2010 Vancouver Olympic Games

Most Read