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

Sipili Molia, regional kettle manager, shows off the Salvation Army’s new contactless donation system for the 2020 Christmas Kettle Campaign outside municipal hall on Dec. 1. (Devon Bidal/News Staff)
VIDEO: Tech offers hope as Salvation Army sees need skyrocket across B.C.

Charity is equipping hundreds of kettles across B.C. with ‘touchless giving technology’

Kathy MacNeil, president and chief executive officer of Island Health, Dawn Thomas, acting deputy health minister and Island Health’s vice president, Indigenous health and diversity and Chief Don Tom of Tsartlip First Nation, stand out Saanich Peninsula Hospital Tuesday morning, when they also answered questions about a new report that “widespread systemic racism against Indigenous people” in the provincial health care system. (Island Health/Submitted)
Head of Island Health says Saanich Peninsula Hospital not part of racist guessing game

Tsartlip First Nations Chief Don Tom welcomes changes following report but promises future scrutiny

Caroline Sousa, Bela Spick and her son Mateo marched along Prospect Lake Road in November 2019 to bring attention to the unsafe conditions on the road. (Black Press Media file photo)
Saanich reduces Prospect Lake Road speed limit to 30 km/h

New speed limit in effect as of Dec. 1 from Goward Road to Estelline Road

The Capital Regional District and the Habitat Acquisition Fund have agreed to partner on the purchase of the $3.4-million Mountain View Forest in Saanich to establish a new regional park. (Photo courtesy the Habitat Acquisition Trust)
CRD, Habitat Acquisition Trust to spend $3.4M on 20-hectare forest park in Saanich

Mountian Road Forest property to be conserved as regional park

Teagan Hunt (Grade 12) and Aiden Grew (Grade 11) are the 2020 winners of Lambrick Park’s annual Queen & King of the Hill demanding race up Mount Doug’s Churchill Drive. (Photo courtesy of Tom Turnbull)
Lambrick King of the Hill wins Cedar Hill time trial

Aiden Grew sets course record for gruelling King of the Hill run

A tongue-in-cheek message about wearing a face mask to curb the spread of COVID-19 on a sign outside a church near Royal Columbia Hospital, in New Westminster, B.C., on Sunday, Nov. 29, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C.’s COVID-19 infection count climbs back up to 656

20 more people in hospital, active cases still rising

Dave Wallace coached the Parksville Royals for 23 years. (PQB News file photo)
B.C. baseball community mourns death of legendary Vancouver Island coach Dave Wallace

‘All who knew Dave and his passion for the game will miss him greatly’

THE CANADIAN PRESS/Nathan Denette
B.C. researchers launch study to test kids, young adults for COVID-19 antibodies

Kids and youth can often be asymptomatic carriers of the novel coronavirus

A sign is seen this past summer outside the Yunesit’in Government office west of Williams Lake reminding visitors and members to stay safe amid the COVID-19 pandemic. (Rebecca Dyok photo)
B.C. First Nation leaders await privacy commissioner decision on COVID-19 information

Release of life-saving data cannot wait, says coalition of First Nations

MLA Jennifer Whiteside is B.C.’s new minister of education. She is speaking out against Chilliwack school trustee Barry Neufeld and asking him to resign. (Black Press)
New education minister calls on Chilliwack trustee to resign

Whiteside echoes former minister’s promise to look at options to remove Barry Neufeld

Peter Beckett. ~ File photo
Supreme Court of Canada to decide if it will hear appeal in 2010 wife murder trial

Peter Beckett has stood trial twice for murder in connection with the death of his wife, Laura Letts-Beckett

Tabor Home in Abbotsford. (Ben Lypka/Abbotsford News)
B.C.’s largest COVID-19 care-home outbreak records 19 deaths, 147 cases

Tabor Home in Abbotsford has been battling outbreak since Nov. 4

Most Read