October 12, 2017 12:27 pm
Updated: October 12, 2017 3:58 pm

Home sales, average prices rose across B.C. in September

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THE CANADIAN PRESS/Jonathan Hayward
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It may come as no surprise but both home sales and average prices rose across B.C. in September, according to the latest figures from the British Columbia Real Estate Association (BCREA).

In September, a total of 8,340 residential unit sales were recorded by the Multiple Listing Service (MLS), which is an increase of 9.9 per cent from the same period in 2016.

LISTEN: B.C. home sales up 10 per cent in September

The total home sales were also up 30.2 per cent from last September, worth a total of $5.8 billion.

The average price across the province on the MLS database was $693,774, up 18.5 per cent from last September.

READ MORE: No change in housing market from July to August: B.C. Real Estate Association

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However, the BCREA 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.

“B.C. home sales rose nearly [five] per cent from August on a seasonally adjusted basis,” said Cameron Muir, BCREA chief economist in a release. “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. While the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers.”

Meanwhile, Royal LePage has released its latest housing survey results for July, August and September.

“[The] condo market is really hot. Detached market, not so much,” says Royal LePage Sterling Realty general manager Randy Ryalls.

He says condo prices in Metro Vancouver are up 17.6 per cent year-over-year, with the average condo price now approximately $620,000.

He says the price gap between condos and detached homes has shrunk by roughly $110,000 and is good news for those who want to upgrade.

— With files from Emily Lazatin, CKNW

© 2017 Global News, a division of Corus Entertainment Inc.

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