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

Just Posted

Surfrider Pacific Rim: Flash Clean Fridays

Grab your reusable gloves, bags and buckets and join Surfrider Pacific Rim’s newest initiative.

Tla-o-qui-aht First Nation says more resources needed to keep Tribal Parks open during pandemic

Tribal Park Allies program needs more buy-in from Tofino businesses.

Tofino mayor Josie Osborne seeks B.C. NDP nomination for Mid Island-Pacific Rim

Longtime B.C. NDP MLA Scott Fraser announced on Monday that he will not be seeking reelection

Tourists’ vehicles vandalized in Tofino

Community steps up to support visitors.

Mid Island-Pacific Rim MLA Scott Fraser won’t seek re-election

Fraser one of two MLAs to announce intentions as election rumours swirl in B.C.

Record-breaking 165 new COVID-19 cases diagnosed in B.C. in 24-hour period

Fifty-seven people are in hospital battling the novel coronavirus

March to protect old growth, stop industrial logging coming to B.C. Legislature

Organizers say they want to give frontline communities a bigger say in nearby logging

B.C. releases details of $1.5B economic recovery plan, $660M in business tax incentives

Economic plan includes support for employers, as well as training for workers

‘Not criminally responsible’ hearing slated for man convicted of Abbotsford school stabbing

Gabriel Klein was found guilty in March of killing Letisha Reimer, 13, in 2016

B.C.’s 1st mental health and addictions minister won’t be seeking re-election

MLA Judy Darcy is the fifth cabinet minister not intending to run in the next election

Remote B.C. tourism lodge staffed for coastal clean up instead of wilderness tours

The Great Bear Rainforest is home to exotic wildlife — and international trash

Most Read