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Home sales, prices higher

Home sales and average prices rose in B.C. in September, according to the latest figures from the British Columbia Real Estate Association.

It says a total of 8,340 residential unit sales were recorded by the Multiple Listing Service during the month, an increase of 9.9 per cent from the same period last year.

Total sales amounted to $5.8 billion, up 30.2 per cent from September 2016, and the average MLS residential price was $693,774, up 18.5 per cent.

Year-to-date, the dollar value of B.C. residential sales was down 12.8 per cent to $57.6 billion, when compared to this time last year.

The BCREA also says residential unit sales declined 13 per cent year-to-date to 81,608 units while the average price was down 0.2 per cent to $705,501.

Cameron Muir, the association's chief economist, says B.C. home sales rose nearly five per cent from August on a seasonally adjusted basis.

“Total active listings on the market continue to trend at 10-year lows in most B.C. regions, limiting unit sales and pushing home prices higher,: he said.

"While the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers.”



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