Vancouver, BC – November 14, 2017. The British 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% from the same period last year. Total sales dollar volume was $6.25 billion, up 41.6% from October 2016. The average MLS® residential price in the province was $720,129, up 18.7% from October 2016.

“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.”

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 five 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 home sales to active listings is between 12 and 20%.

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

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