Home sales were up while supply was down – that’s how the British Columbia Real Estate Association is describing the housing market in October.
Sales were up 19 per cent from a year ago and the average residential price rose over 18 per cent to $720,000 last month.
The association’s chief economist Cameron Muir says a lack of supply continues to put upward pressure on prices.
Total active listings were down five per cent, compared to October of 2016.
Year to date, the residential sales volume was down 9.4 per cent to $63.8 billion, compared to the same period in 2016.
Sales were down 10.7 per cent, while the average price increased 1.4 per cent, to $706,881.