Affordability concerns mount as B.C. home prices up by almost 20 percent in latest tally

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      The real estate market in B.C. continues to sizzle with sales and prices going up in September this year.

      Even as the B.C. Real Estate Association (BCREA) reports positive numbers, its chief economist is also pointing out how the situation is affecting prospective purchasers.

      “While the economic fundamentals support elevated housing demand, rising home prices are eroding affordability, particularly for first-time buyers,” Cameron Muir stated in a BCREA news release Thursday (October 12).

      The association reported that 8,340 homes were sold in September, representing a 9.9 percent increase from the same month in 2016.

      The average price in the province went up 18.5 percent in September 2017 compared to the same month last year.

      Last month, the average price of a B.C. home was $693,774.

      In Greater Vancouver, the average price of a home in September 2017 was $1,013,421, which represents a 17.2 percent increase from the $864,566 in the same month last year.

      Average home prices in the Fraser Valley and Chilliwack region rose 18.2 percent and 18.7 percent, respectively.

      The average home price in the Fraser Valley was $704,276, and Chilliwack, $475,293.

      Muir noted in the BCREA news release that market listings “continue to trend at ten-year lows in most BC regions, limiting unit sales and pushing home prices higher”.

      A total of $5.8 billion worth of homes were sold in B.C. last September, a 30.2 percent increase from the same month last year.