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

Two men killed in Hwy 3 collision west of Castlegar

The single-vehicle incident happened Thursday morning

Trail RCMP investigate party in Pend d’Oreille

Trail RCMP remind residents that unlawful gatherings can result in hefty fines

Columbia Basin Trust provides almost $100M to programs

Columbia Basin Trust is working on finalizing a short-term strategic plan

A glimpse of the Silver City during the 1918 pandemic

City hotels - the Central, Aldridge and Montana - were set up as hospitals during the 1918 pandemic

Central Mountain Air to offer flights out of Castlegar

The company will be offering Castlegar to Vancouver flights October 1.

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

Interior Health reports four new cases of COVID-19

First hospitalization since mid-August announced

B.C.’s COVID-19 economic recovery plan: Top 5 things you need to know

Jobs training, tax incentives for employers to hire staff and more

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

Conservation groups blast province for logging in caribou habitat near Revelstoke

In the last year, 104 cuts have been approved near Revelstoke in caribou habitat

Most Read