For immediate release

Vancouver, BC – November 14, 2017.

TheBritish Columbia Real Estate Association (BCREA) reports that a total of 8,677 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, an increase of 19.3 per cent from the same period last year. Total sales dollar volume was $6.25 billion, up 41.6 per cent from October 2016. The average MLS® residential price in the province was $720,129, up 18.7 per cent from October 2016.

“BC home sales trended higher in October, up 23 per cent 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."

Total active listings were down 5.1 per cent to 27,987 units in October compared to the same month last year, and have declined 49 per cent over the last five years. The ratio of home sales to active listings was up from 24.7 per cent in October 2016 to 31 per cent last month.

The BC housing market is considered to be in relative balance when the ratio of home sales to active listings is between 12 and 20 per cent.

Year to date, BC residential sales dollar volume was down 9.4 per cent to $63.8 billion, when compared with the same period in 2016. Residential unit sales declined 10.7 per cent to 90,290 units, while the average MLS® residential price increased 1.4 per cent to $706,881.

Thinking of buying or selling? This October I celebrated 27 years in reale state & construction industries. Hire me and I will get you the home or property you really want for you and your family. My clients call me innovative, insightful, diligent and direct. All of my competitive knowledge base is an advantage you won’t get from anyone else in the industry. I treat my clients like family, so when you time come, they are comfortable moving forward, and have complete confidence that they have made the right decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian