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

City of Fernie pitches $80m multi-purpose community centre

Council opts for bigger design and two grant funding streams after hour-long debate

Fernie hosts Kootenay Cup cross country skiing races

Race series draws skiers from across East Kootenay and as far as Scotland to Fernie

Sparwood liveability study to start this month

Study to inform Elkview coal mine expansion, District of Sparwood planning

Fernie trails expert releases hiking guide

Writing a book about one of his favourite things just felt natural… Continue reading

Fernie vs. Kimberley draws sellout crowd

Division rivals tie at Fernie Memorial Arena, Friday night

VIDEO: Car flies across median, flips over edge of B.C. overpass

Dash cam footage shows vehicle speeding across Brunette Avenue overpass in Coquitlam

Indigenous energy summit includes session on pipeline ownership options

Steven Saddleback of the Indian Resource Council says a session will feature presentations on financing models

Japanese grand champion Kisenosato retires from sumo

The 32-year-old Kisenosato was the first Japanese-born wrestler in 19 years to gain promotion to sumo’s highest rank

UPDATE: Accused B.C. high school killer found fit to stand trial

Gabriel Klein is accused in the 2016 stabbing death of Letisha Reimer at Abbotsford Senior Secondary

Right-wing, neo-Nazi, white supremacist groups an increasing concern: Goodale

Ten people died in April 2018 when Alek Minassian allegedly drove a rental van down the busy stretch in Toronto

Canadian stock exchanges to conduct lottery for ‘POT’ ticker amid high demand

The symbol became available after fertilizer Potash Corp. officially merged with Agrium Inc. in early 2018

Millennial Money: Don’t let Instagram envy get you into debt

A full 48 per cent of U.S. households have credit card debt

Jury debates fate of man accused of killing 12-year-old B.C. girl 40 years ago

Police allege Garry Handlen told a cop how he abducted, sexually assaulted and strangled Monica Jack in May 1978

Most Read