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

Trail police looking for male suspect driving red van

RCMP report the man asked a young boy to get in his vehicle

‘Plaid for Dad’ in downtown Trail raises $1200

Kootenay Savings Credit Union served up a $5 lunch, baked goodies, held 50/50 draw

Teck will continue to fight U.S. judgement

U.S. Supreme Court denied hearing Teck’s appeal last week

Four fires still burning in West Kootenay

More than 25 fires were started by lightning in the last week.

Castlegar police seek dawn home intruder

Man walked into house at 4 a.m., asks son about mother

VIDEO: Trans Mountain expansion project gets green light, again

Prime Minister Justin Trudeau announced the decision in Ottawa on Tuesday afternoon

Demonstrators on either side of Trans Mountain debate clash in Vancouver

Crowd heard from member of Indigenous-led coalition that hopes to buy 51% of expansion project

Police investigating fatal collision near Grave Lake

Grave Lake is located approximately halfway between Sparwood and Elkford

Grieving B.C. mom hopes Facebook message leads to new investigation into son’s Surrey homicide

Criminal Justice Branch didn’t lay charges, concluding no substantial likelihood of murder or manslaughter conviction

B.C.’s measles vaccination program gains traction in May

More than 15,000 doses of the MMR vaccine has been administered across the province

B.C. farmers concerned Agricultural Land Reserve changes choking their livelihood

Dozens voice concerns at special meeting hosted on Vancouver Island

UPDATE: Two-year-old involved in Chilliwack pool drowning has died

Toddler was reported to not be breathing as air ambulance called out Thursday afternoon

B.C. high school withdraws notices for temporary dress code

Parents previously told the Interior News they felt there was inadequate consultation over the rules

VIDEO: Toronto Raptors announcer credited with calming crowds after shooting

Matt Devlin, the Raptors’ play-by-play announcer since 2008, was praised for preventing panic from spreading

Most Read