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

Drivers get the ‘don’t drink’ message

Salmon Arm RCMP say more and more people relying on designated drivers

Date set for Silver Creek man’s bail ruling

Curtis Sagmoen will learn on Feb. 28 if he will be released from custody

Salvation Army shelter renovations pay off

Reconfiguration of beds helps meet shelter’s needs

UPDATE: Serwa second fastest in ski cross seeding

Kelowna ski cross racer has solid run in the seeding round of the women’s ski cross event

Your Feb. 22 Morning Brief

Check out the top stories of the day in the Okanagan-Shuswap with Carmen Weld’s Black Press Morning Brief.

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Actors sought for Theatre on the Edge

Salmon Arm mini-festival accepting applications

Opening night for Opening Night on Feb. 23

Classic comedy debuts at Shuswap Theatre

WATCH: Vancouver Island family builds eight-foot igloo in their yard

Sunday snowfall on the mid-Island leads to all-day family activity

From the archives of the Salmon Arm Observer

1908 A fire which started soon after 8 o’clock Friday morning destroyed… Continue reading

Three new judges appointed to B.C. Supreme Court

Two spots filled in Vancouver, one in New Westminster

BCHL Today: Merritt’s Buckley nets scholarship and Vees slam Salmon Arm

BCHL Today is a (near) daily look at what’s going on around the league and the junior A world.

Revelstoke based startup to bring RFID technology to 360 degree cameras

Sniper Action Photo operates 30 photo installations in Canada, the U.S., Central America and the Caribbean

Most Read