B.C.’s housing market continues to power forward even though real estate experts say fewer properties are available for sale.

The British Columbia Real Estate Association says there were 8,677 residential sales across the province in October, a leap of 19.3% over the same period last year.

Read: Montreal real estate’s record month

The association says $6.25 billion changed hands during last month’s transactions, a 41.6% increase over total sales value recorded in October 2016.

The average residential price also climbed to $720,129, up 18.7% over the same period last year.

But association chief economist Cameron Muir says total active listings dipped 5.1% in October and have declined 49% over the last five years.

Read: Toronto, Vancouver home sales heat up in October

He says the housing market is considered in relative balance when the number of sales is no more than 20% higher than the number of active listings, but that ratio hit 31% in October, and the lack of listings means sellers have the power to set their price.

“A lack of supply in the resale market continues to put upward pressure on home prices in most BC regions,” Muir says.

Since the start of 2017, the association says B.C. residential sales dollar volume is down 9.4% to $63.8 billion, when compared with January to October last year.

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Brilliant. The 15% non-resident tax on housing was meant to ‘quell’ prices and make more housing available to locals!

Wednesday, Nov 15, 2017 at 12:01 pm Reply