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

Métis Awareness Week comes to Prince Rupert

The community has plenty of activities planned to build connections and engage residents

Prince Rupert District Teachers’ Union demand letter of support from SD52 board

Horne encourages public to support the efforts of Prince Rupert’s union

Cullen gets $89,000 in post-MP severance

Nathan Cullen, the outgoing New Democrat MP for Skeena-Bulkley Valley is leaving… Continue reading

Lights, cords, action!

The stage is set at the courthouse for the Lighting of the Trees next month

Remembering Rupert: A historical report on Prince Rupert during the Second World War

UPDATED: Only solider to die in Prince Rupert during WWII gets permanent memorial

Metlakatla “breaking the glass ceiling” with seniors’ housing

Grand opening for Cedar Village Seniors’ Housing in Prince Rupert

Sex assault charge stayed against Port Moody mayor

Rob Vagramov appeared in provincial court in Port Coquitlam

73% of B.C. residents agree with a temporary ban on vaping products: poll

54% say they would not date someone who vapes, Research Co. poll suggests

B.C.’s 13-cent gasoline gap still a mystery, Premier John Horgan says

NDP plans legislation this month, seeks action from Justin Trudeau

Former Vancouver Canucks player suing financial advisors for negligence

Jason Garrison claimed his advisors failed to take his circumstances into account

Group walking on thin ice at B.C. lake sparks warning from RCMP

At least seven people were spotted on Joffre Lakes, although the ice is not thick enough to be walked on

B.C. teacher said he would use student to ‘whack’ two others on Grade 8 field trip

Campbell River teacher-on-call suspended three weeks after November 2018 incident

Petition to ‘bring back Don Cherry’ goes viral after immigrant poppy rant

Cherry was fired from his co-hosting role for the Coach’s Corner segment on Nov. 11.

Most Read