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

Battle for Alberni Valley Bulldogs roster spots begins

Main camp opens this week at Weyerhaeuser Arena

ARTS AROUND: Join watercolour workshops in Port Alberni

Victoria artist Joanne Thomas will provide beginner and advanced classes

‘Beauty amongst such tragedy:’ B.C. photographer captures nature’s trifecta

David Luggi’s photo from a beach in Fraser Lake shows Shovel Lake wildfire, Big Dipper and an aurora

Bullhead derby returns to Port Alberni with new date, location

Lions Club partners with Maritime Discovery Centre

Vancouver Island woman to attempt historic swim across Juan de Fuca Strait today

Ultra-marathon swimmer Susan Simmons to attempt to swim from Victoria to Port Angeles and back

PHOTOS: Olympian Patrick Chan helps B.C.’s ‘SuperChefs’ celebrate 10th anniversary

Former figure skater among those at event Friday in Surrey

Smaller B.C. bus service prepares to replace Greyhound

Kootenay-to-Okanagan run would require online reservations

Mother charged with homicide of Langley seven-year-old

Aaliyah Rosa’s 36-year-old mother charged with second degree murder: IHIT

Despite threats, Soldiers of Odin a no show at B.C. tent city

Nanaimo’s Discontent City held a counter rally on Sunday

Trudeau formally announces he’ll run again in 2019

PM Justin Trudeau gears up to run in next year’s election

Smoke from B.C. wildfires prompts air quality advisories across Western Canada

A massive cloud of smoke hangs over B.C. and Alberta due to wildfires

Pope on sex abuse: “We showed no care for the little ones”

In response to the Pennsylvania report, Francis labeled the misconduct “crimes”

Ottawa announces $189M to extend employment insurance for seasonal workers

The pilot project provides seasonal workers with up to five more weeks of benefits

Most Read