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.

Just Posted

Popular vocalist Daponte joined on Crofton stage by Don Leppard Big Band

Performances nothing short of remarkable with the singer’s instrumentation backing

Paying high prices getting too painful

Gas, real estate remain a heavy burden on consumers

Poetry in motion on the ocean

Dragon boaters offering rides for a donation during Ladysmith event

New airline regulations bring compensation for tarmac delays, over-bookings

Some of the new regulations will roll out in July, while others are expected for December.

Pacific Rim National Park Reserve investigating after sea lion found shot in the head

Animal is believed to have been killed somewhere between Ucluelet and Tofino

B.C. port workers set to strike on Monday in Vancouver

A strike at two container terminals would affect Canadian trade to Asia

Volunteers already rescuing fry from drying creekbeds around Cowichan Lake

It’s early but already salmon fry are being left high and dry

Prepare yourself for tick season, says Island Health official

2017 saw three reported cases of Lyme disease

So, they found ‘Dave from Vancouver Island’

Dave Tryon, now 72 and living in North Delta, will reunite with long-ago travelling friends in Monterrey, Calif.

Scheer says it would take Conservatives five years to balance budget

Scheeraccused the Liberal government of spending $79.5 billion of previously unbudgeted funds

B.C. man, 30, arrested for driving his parents’ cars while impaired twice in one day

The Vancouver-area man was arrested after officers caught him driving impaired twice in one day

Most Read