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

Don’t let mosquitoes take a bite out of summer enjoyment

Tips from Interior Health to limit the mosquito problem

Mercury rises in the Okanagan-Shuswap

Temperatures reach about 36 C with humidex in the Okanagan and Shuswap

Stay safe in the heat

Hot sun can cause burns and life-threatening illness

Commercial/residential development planned for foreshore

Salmon Arm project near regional district building goes to hearing

Marijuana to be legal in Canada Oct. 17: Trudeau

Prime Minister made the announcement during question period in the House of Commons

VIDEO: Vernon-area students read for rank

RCMP visited JW Inglis on Wednesday as part of the Read with Me and the RCMP program.

New Jersey forward Taylor Hall wins Hart Trophy as NHL MVP

Vancouver’s Sedin brothers share King Clancy Award for humanitarian efforts

Unfiltered: IPAs explained with Cannery Brewing brewmaster

Checking out the new IPA created by Penticton brewery Cannery Brewing Company

Man gets 2 years in prison for assault on Okanagan Correctional officer

Union rep said inmate sucker punched correctional officer, continued assault after officer fell

50 new fires sparked in B.C. after lightning strikes across province

Similar conditions seen at the beginning of 2017 wildfire season

B.C. woman graduates high school at age 92

Nanaimo’s Joan Deebank the oldest high school graduate ever in B.C., as far as ministry can confirm

B.C. Appeal Court rules lottery winner must be paid back $600,000 loan

Enone Rosas won $4.1 million in a lottery in 2007 and loaned a portion to a friend

B.C. man surprised after used needle falls from sky

A Vernon resident said a syringe fell out of the sky and landed at his feet

Liquor review finds issues with B.C. wholesale monopoly

Report calls for ‘conflict of interest’ in system to be fixed

Most Read