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

Cricket players get interrupted by racist remark in Courtenay

Community has had protocols in place for years to respond to prejudice

Courtenay woman desperately searches for missing dog

Anyone who owns a dog will understand the anguish of a Courtenay… Continue reading

Valley chef Ronald St. Pierre to be inducted into BC Restaurant Hall of Fame

A Comox Valley chef will soon join other culinary legions in the… Continue reading

YANA Ride in Comox raises thousands for families with medical needs

In its seventh year, the event attracted the maximum 600 riders on Sunday

VIDEO: RCMP unveil new, state-of-the-art forensics lab in Surrey

The laboratory is expected to handle thousands of forensic services from across Canada annually

Scheer promises EI tax credit for new parents if Conservatives form government

The government currently taxes employment insurance benefits for new parents

3L Developments reviews options

As a result of the recent BC Supreme Court decision that favoured… Continue reading

B.C. seizes 1.5M grams contraband tobacco, down from 5.75M grams the year prior

The 2019-2020 seizures were a sharp drop compared to the 2018-2019 year,

B.C. Speaker tight-lipped about aide’s legislature security tour

B.C. Liberals question Alan Mullen’s drive across Canada, U.S.

B.C. sets rules for ride hailing, same minimum fee as taxis

Larger operating areas seen as threat by cab companies

B.C. manhunt suspects left cellphone video before they died: family

Family member says Kam McLeod, Bryer Schmegelsky recorded final wishes

Most Read