Strong economy fuels housing sales in B.C.: report

Economist says demand for houses is being supported by a large number of millennials entering the market

The British Columbia Real Estate Association says a strong economy has pushed up demand and prices for housing in the province compared with last year.

The association’s latest report says 7,731 sales were recorded by the Multiple Listing Service in November, a 20.4 per cent increase from November 2016.

The average price was $723,112, up 15.5 per cent from the same period last year.

READ: B.C. real estate group predicts dip in home sales, not in prices in 2018

Association chief economist Cameron Muir says demand for houses is being supported by a large number of millennials entering the market and some buyers completing purchases in advance of tighter mortgage rules in the new year.

Year to date, residential sales in value was down 6.8 per cent to $69.4 billion, compared with the same period last year.

The report also says employment in the province increased by 3.8 per cent over the last 12 months and average hourly wages were up by 5.7 per cent.

“Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics,” Muir said in a news release.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Asphalt plant can soon begin operations in Steelhead

Council votes 4-3 to permit amendment to Land Use Contract, notes legal implications

Vancouver double homicide leads to arrest in Harrison Hot Springs Wednesday

VPD and RCMP tracked dumped vehicle connected to killings to Chilliwack

Multiple accidents slowing westbound Highway 1 traffic

3 accidents in Langley, Abbotsford within 30 minutes

Thief steals bucket truck in Abbotsford while worker is 20 feet in air

Employee is able to jump to safety after suspect drives into pole

Fraser Valley Real Estate Board says sales double in June, buyers returning to market

Month’s property sales rebound 113% over May’s sales, 32% over June last year

Canadian policing organization calls for decriminalization of simple illicit drug possession

Canadian Association of Chiefs of Police want policing focus of opioid crisis to be replaced with a health one

Surrey officer-impersonation scam continues ‘almost daily’

Police reiterate warning that demands for Bitcoin in exchange for waived charges are fraudulent

Indigenous leader Ed John pleads not guilty to historical sex charges

Ed John’s lawyer entered the plea by telephone on behalf of his client

Woman who talked to unconscious husband for 30 years gets solace from B.C. study

Ian Jordan suffered a head injury when he and another officer were on their way to a call in Victoria in September 1987

RCMP investigate threat against Indigenous totem poles on B.C.’s Sunshine Coast

Police describe the nature of the threat as ‘sensitive’

Investigation clears RCMP in incident where man fell from Langley overpass

‘Officers acted commendably and placed themselves at risk’ police watchdog report finds

Ex-Okanagan Mountie forfeits 20 days’ pay after sexual misconduct review

A former Vernon RCMP constable made sexual comments, grabbed genitals of male officer in two incidents 10 years ago

Rural Chilliwack residents asked to stay indoors, lock doors amid heavy police presence

Heavy police presence in rural Chilliwack neighbourhood as RCMP contend with ‘serious situation’

Councillor Doug Elford Surrey’s acting mayor during McCallum’s “health concern” absence

Mayor issued a statement Tuesday night saying he’ll be back on the job by Monday

Most Read