The British Columbia Real Estate Association (BCREA) said overall sales in October were down 1% from a year ago in Vancouver, while the provincial total showed a 6% gain in sales over that same period.
“While consumer demand in Vancouver edged lower last month on a year-over-year basis, strong increases were recorded in the Fraser Valley, Kamloops, Kootenay, and the North and on Vancouver Island,” said Cameron Muir, BCREA chief economist.
Sales gained the most in B.C. Northern and Kamloops, up 28% and 25% respectively. On the provincial scale, Muir said he expects home sales to remain relatively unchanged over the next few quarters as he expects the overall market to be stable.
Home prices were still rising in the Greater Vancouver Area, up 8.5% in October from a year earlier to reach an average of $767,225. That compares to a provincial average of $535,695, which was up 2.6% since last year.
The largest price gains were in Powell River, up 19.3% in October from a year ago to reach an average residential price of $278,900, but those figures were based on just a few dozen sales.
With a larger sample with more than few hundred sales in October, B.C. Northern prices gained 11% to reach $215,150.
Average residential prices in October are down from where they were a year ago in Victoria (-6.1%), Okanagan Mainline (-14.3%), Kootenay (-1.6%), and Chilliwack (-2.8%).
Muir said overall, market conditions have remained favourable to home buyers in most parts of the province.
“While extremely low interest rates are helping to underpin demand, considerable headwinds in the global economy are acting as a counterweight by restringing B.C. economic and employment growth,” he said.
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