Home sales in British Columbia reached 8,677 in October, more than 19% higher than the same month of 2016.
British Columbia Real Estate Association says that total sales dollar volume was up 41.6% year-over-year to $6.25 billion while the average MLS price gained 18.7% to $720,129.
"BC home sales trended higher in October, up 23% from January on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "A lack of supply in the resale market continues to put upward pressure on home prices in most BC regions."
Inventory was down more than 5% year-over-year to 27,987 units. That’s a decline of 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, well outside of the 12-20% range that is considered balanced in the province.
More market update: