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

Overnight scare shines light on Haida Gwaii tsunami plans

Haida Gwaii woke to a real alarm early Tuesday morning — tsunami.… Continue reading

UPDATE: Tsunami warning causes evacuations, closures throughout North Coast

Emergency BC issued the warning after a 7.9 earthquake off Alaska early Tuesday morning

‘The tsunami alarm failed my household’: North Coast residents concerned over sirens, alerts

People living in northern communities share how they learned about Tuesday’s tsunami warning

UPDATE: Tsunami warning cancelled for coastal British Columbia

Warning issued following 7.9 earthquake off Kodiak, AK

Painting her way home

Janine Gibbons talks about all she learned illustrating Haida and Tlingit story books

Tsunami warnings 101: Canada

Here are some things to know about tsunami alerts in Canada and how they work

Castlegar homicide victim identified

The victim was 38-year-old Jordan Workman of Castlegar, B.C.

B.C. Liberal leadership candidates get one last prime-time pitch

Leadership campaign to be decided in Feb. 3 vote

Andrew Scheer on trade, Trump and Trudeau

Canada’s Conservative leader begins three-day visit to B.C.

Victims restrained, sex toys and cash stolen from B.C. adult store

Armed suspects sought in adult store robbery

Vancouver Islanders ponder need for tsunami siren song

Alarm sounds in Port Alberni but not at the DND base in Esquimalt

Babcock, Goyette and Smyth honoured at Order of Hockey in Canada

Mike Babcock, from Saskatoon, guided the Detroit Red Wings to a Stanley Cup in 2008

Bell Canada alert prompts RCMP, privacy watchdog to probe data breach

Company spokesman: ‘Fewer than 100,000 customers were affected’

Snowboarder dies at Vancouver Island ski resort

Death at Mount Washington Alpine Resort

Most Read