Strong economy fuels housing sales in B.C.: report

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

The north lane of White Rock’s Marine Drive will be closed to traffic as a result of a decision by council, aimed at providing more table space for waterfront restaurants. (File photo)
White Rock council votes to make Marine Drive one-way route

North lane of waterfront drive to be closed to traffic, allowing for expanded restaurant patios

White Rock waterfront access ramps to be upgraded

Council uses contingency funds to set work in motion

Surrey-based entrepreneur Ekam Panesar, 19, says he’s ready to take on the big delivery apps with his Dishpal App. (Zoom meeting photo)
Surrey entrepreneur, 19, delivers Dishpal as alternative to ‘big’ food/grocery apps

Ekam Panesar got the idea to develop app as a 16-year-old enjoying a summertime meal with his father

Surrey RCMP photo
Police seize loaded gun after car speeds off in Newton

A man and woman were arrested Thursday in an underground parking lot in the 8200-block of Scott Road

Surrey students volunteer for the Cloverdale Rodeo in 2016. The Cloverdale Rodeo Youth Initiative Foundation is again awarding scholarships to Surrey students who spend their time volunteering. The deadline for applications is May 21. (Photo submitted)
Thousands of dollars in scholarship money available to Surrey students

Cloverdale Rodeo Youth Initiative Foundation offering scholarships, deadline is May 21

A bullet hole is seen in the windshield of an RCMP vehicle approximately 4 km from Vancouver International Airport after a one person was killed during a shooting outside the international departures terminal at the airport, in Richmond, B.C., Sunday, May 9, 2021. THE CANADIAN PRESS/Darryl Dyck
Homicide team IDs man in fatal YVR shooting as police grapple with spate of gang violence

Man, 20, charged in separate fatal shooting Burnaby over the weekend

The majority of city council votes in favour of this design for a new Salmon Arm flag on Monday, May 10, 2021. (City of Salmon Arm image)
Majority of council salutes new flag for Salmon Arm

Two councillors raise concerns about logo being too corporate for a flag

(Pixabay)
B.C. doctors could face consequences for spreading COVID misinformation: college

College says doctors have a higher level of responsibility to not spread incorrect information

Trina Hunt’s remains were found in the Hope area on March 29. Her family is asking the public to think back to the weekend prior to when she went missing. (Photo courtesy of IHIT.)
Trina Hunt’s family appeals to killer to step forward after remains found in Hope

Cousins also ask Hope residents to think back to weekend Port Moody woman was in the area

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Prime Minister Justin Trudeau receives his COVID-19 AstraZeneca vaccination in Ottawa, Friday, April 23, 2021. THE CANADIAN PRESS/Adrian Wyld
75% of Canadians need 1st vaccine dose to have more normal summer: Trudeau

The country is on track to hit a major milestone on the road to COVID-19 herd immunity Tuesday, with 40% vaccinated with a 1st dose

A black bear, dubbed Huckleberry by Deep Cove, B.C., residents died on July 31, 2020, after becoming conditioned to food and humans. (North Shore Black Bear Society photo)
Fewer dead bears, more fines: Advocates call for B.C. conservation officer reform

B.C. Bear Alliance wants to see body cameras on conservation officers after more than 600 black bears were killed this past year

Minister of Health Patty Hajdu responds to a question during question period in the House of Commons on Parliament Hill in Ottawa. THE CANADIAN PRESS/Sean Kilpatrick
Drug users were shut out of Vancouver’s decriminalization proposal, critics say, demanding redo

The coalition is asking the city to raise the proposed drug thresholds from a 3-day supply

David and Julie Kaplan with their children Estelle and Justin. (Special to The News)
COVID-19 border closure stops B.C. family’s cross-country move

Maple Ridge couple, two kids, turned away at New Brunswick border

Most Read