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

‘An emporium’: Pennyroyalty Thrift

A tour of shops in Hope and Fraser Canyon giving old stuff a new lease on life

Retail sales of cannabis prohibited in Hope, for now

Councillors want more public feedback as provincial regulations are expected by October

It’s about to get hot: Special weather statement issued for Lower Mainland

Temperatures expected to rise and stick around till next week, Environment Canada forecasts

France doubles up Croatia 4-2 to win World Cup

Played in Moscow Russia, latest Fifa World Cup marks the highest scoring final since 1966

WATCH: Boothroyd Band now home to a Native American medicine wheel

Former chief Rick Campbell to guide people through the wheel in his art therapy practice

REPLAY: B.C.’s best video this week

In case you missed it, here’s a look at replay-worthy highlights from across the province this week

Former NHL goalie Ray Emery drowns in Lake Ontario

Police say the 35-year-old’s death appears to be a ‘case of misadventure’

Air quality statement warns of smoky air for Kamloops area

Environment ministry says area on north side of Thompson River may be affected by wildfire smoke

Pussy Riot claims on-field protest at World Cup final

Russian protest group claimed responsibility after four people ran onto field in police uniforms

Fans party on Montreal streets after French World Cup win

To city is home to nearly 57,000 French nationals

SilverStar officially opens Gondola

The brand-new gondola is now offering scenic rides for visitors on SilverStar Mountain Resort.

VIDEO: Man climbs crane in Abbotsford

Police, fire called to deal with climber last night

VIDEO: Langley City legendary water fight was a soaking good time

And perfectly timed for a hot weather warning

B.C. VIEWS: Making private health care illegal again

Adrian Dix battles to maintain Cuba-style medical monopoly

Most Read