Home sales up - Supply down in B.C.

The B.C. Real Estate Association reports that a total of 8,677 residential units sold on the MLS in October, an increase of 19.3% from the same period last year. Total sales dollar volume was $6.25 billion, up 41.6%  from October 2016. The average MLS residental price in the province was $720,129 up 18.7% from October 2016.

Cameron Muir, BCREA's chief economist says, B.C. homes sales trended higher in October, up 23% from January on a seasonally adjusted basis, likely due to a lack of supply in the resale market, which continues to put upward pressure on home prices in most B.C. regions.

Total  active listings were down 5.1% to 27,987 units in October compared to the same month last year, and have declined 49% over the last 5 years. The ratio of home sales to active listings was  up from 24.7% in October 2016 to 31% last month. The BC housing market is considered to be in relative balance when the ratio of homes sales to active listings is between 12% and 20%.

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