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

Ministry ‘fumbled the ball’ on Station House: Hope mayor

Hope cannot take ownership of project as highway ministry did not consult with First Nations

Fraser Health patients to see 23% more knee, hip replacement surgeries

First-available surgeon approach will reduce waitlists, B.C. health minister says

Council to vote on 2018 budget and five-year financial plan Monday

Budget increases two per cent with paving, Othello road upgrades, finishing wastewater plant planned

In search of treasured metals

John Fair runs a modern day panning school in Hope and Yale

Hope shines at 16-team girls’ tournament

Teams from Kootenays, Vanderhoofe , Pender Harbour in town over weekend

UPDATED: 10 killed, 15 injured after van hits pedestrians in Toronto

Toronto police say ten people have died and 15 are injured

Trudeau calls van attack ‘horrific and senseless’

Prime Minister Justin Trudeau calls van attack ‘horrific and senseless,’ says no apparent terror link

Officer’s actions ‘one shining moment’ after Toronto van attack

Arresting officer’s actions ‘one shining moment’ in the wake of Toronto van attack

Judith Guichon steps down as Lieutenant Governor of B.C.

Election decision didn’t make her best moments from the past six years

Vancouver to rake in $30 million in empty homes tax in first year

The tax is the first of its kind in Canada, and was intended to address the city’s near-zero vacancy rate

B.C.’s snowpack continues to increase, melting delayed

River Forecast Centre official says sudden melting further into the season could cause flooding

Another B.C. First Nation voices support for Kinder Morgan pipeline

Simpcw First Nation claims people living on one-third of pipeline route support the project

Protesters argue both sides of B.C.’s SOGI curriculum at teachers’ union office

The sexual orientation and gender identity program was launched as a pilot project last year

Prankster broadcasts fake nuclear threat in Winnipeg

The audio recording on Sunday warned of a nuclear attack against Canada and the United States

Most Read