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

UPDATE: Highway reopened following fatal crash south of Armstrong

Highway 97A crash south of Pleasant Valley cross road near Spallumcheen claims a life

Salmon Arm council approves rainbow crosswalk

Location near Blackburn Park chosen

Wray service set for Saturday

A celebration of life for Vipers owner Duncan Wray will be held Saturday, 3 p.m., at Kal Tire Place.

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

Preparing for the worst

Shuswap emergency responders and arena staff tackle ammonia leak in training exercise

Body discovered in burnt out car near Trail

Police report a body was found in the burnt out trunk of a 1999 Honda Civic

VIDEO: B.C. Lions sign defensive back T.J. Lee to contract for upcoming season

The four-year veteran had a team-high four interceptions and 49 tackles last season with B.C.

How an immigrant to Canada helped Donald Trump prove his mental health

Test that cleared Trump was developed by doctor associated with McGill and Sherbrooke universities

Premier touches on multiple topics ahead of Asia trade trip

Housing and childcare are expected to be the focus of the BC NDP’s first budget in February.

UPDATE: Friends mourn boy, 15, killed in Vancouver shooting

John Horgan: ‘No stone is to be left unturned until we find the perpetrator of this heinous crime’

VIDEO: Explorers uncover Canada’s deepest cave in Fernie

The cave, named Bisaro Anima, was confirmed to have broken the record on New Year’s Day

Artists flood Salmon Arm gallery with 18-inch works

Salmon Arm Art Gallery is presenting another open exhibition opportunity for creative… Continue reading

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

Most Read