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

A syringe is loaded with COVID-19 vaccine at a vaccination clinic run by Vancouver Coastal Health, in Richmond, B.C., Saturday, April 10, 2021. THE CANADIAN PRESS/Jonathan Hayward
Interior Health announces 89 cases of COVID-19 in the region

Currently, there are 900 active cases in the region

B.C. Cattlemen’s Association general manager Kevin Boon. (B.C. Cattlemen’s Association photo)
COVID, BSE, water access and private land rights: B.C. Cattlemen’s general manager weighs in

Kevin Boon said positive aspect of pandemic is more people interested in where their food comes from

B.C's COVID-19 dashboard shows the peaks and valleys of cases prior to the record daily report of 132 on April 9, 2021. (Dashboard image)
Interior Health has record day of COVID-19 cases

132 cases reported Friday, April 9, more deaths in Vernon hospital outbreak

The BC Wildfire Service will be partnering with Simpcw First Nation this month in the implementation of a prescribed burn next to their community of Chu Chua. The controlled burn will be highly visible to Highway 5 and all communities in the immediate area. Pictured is a prescribed burn that took place on the Kanaka Bar Reserve last month in partnership with the Kanaka Bar Band and BC Wildfire Service. (BC Wildfire Service Facebook photo)
Simpcw and BC Wildfire Service to hold controlled burn near Barriere

Burn will be highly visible to Chu Chua, Barriere, Darfield, Chinook Cove, Little Fort and Highway 5

District of Clearwater meetings are open to the public. The meeting agendas and past meetings minutes can be viewed on the DOC's website. Every meeting has time allocated at the end for comments from the public.
Clearwater to benefit from funding through Ministry of Tourism initiative

The District’s Trails Task Force was sucessful in securing a grant for $684,000.

Burnaby MLA Raj Chouhan presides as Speaker of the B.C. legislature, which opened it spring session April 12 with a speech from the throne. THE CANADIAN PRESS
B.C. NDP promises more health care spending, business support in 2021 budget

John Horgan government to ‘carefully return to balanced budgets’

Flow Academy is not accepting membership applications from anybody who has received a dose of the vaccine, according to a password-protected membership application form. (Submitted image)
B.C. martial arts gym refusing patrons who have been vaccinated, wear masks

Interior Health has already issued a ticket to Flow Academy for non-compliance with public health orders

Guinevere, lovingly referred to by Jackee Sullivan and her family as Gwenny, is in need of a gynecological surgery. The family is raising money to help offset the cost of the procedure. (Jackee Sullivan/Special to Langley Advance Times)
Langley lizard’s owners raise funds for gynecological surgery

The young reptile is scheduled for operation on Tuesday

Facebook screenshot of the sea lion on Holberg Road. (Greg Clarke Facebook video)
VIDEO: Sea lion randomly spotted on remote B.C. logging road

Greg Clarke was driving home on the Holberg Road April 12, when he saw a large sea lion.

Defence counsel for the accused entered two not guilty pleas by phone to Grand Forks Provincial Court Tuesday, Jan. 12. File photo
B.C. seafood company owner fined $25K for eating receipt, obstructing DFO inspection

Richmond company Tenshi Seafood is facing $75,000 in fines as decided March 4 by a provincial court judge

B.C. Finance Minister Selina Robinson speaks in the B.C. legislature, March 2, 2021. (Hansard TV)
B.C. NDP ministers defend ‘air tax,’ latest COVID-19 business aid

Empty home tax doesn’t apply to businesses, but space above them

In Ontario, COVID-19 vaccine clinics have been set up at local mosques. (Submitted photo: Rufaida Mohammed)
Getting the vaccine does not break your fast, says Muslim COVID-19 task force

Muslim community ‘strongly’ encouraging people to get their shot, whether or not during Ramadan

A plane is seen through the window on the tarmac of Vancouver International Airport as the waiting room is empty. THE CANADIAN PRESS/Jonathan Hayward
100+ international travellers who landed in B.C. refused to quarantine

The Public Health Agency of Canada says it issued $3,000 violation tickets to each

A health-care worker holds up a vial of the AstraZeneca Covishield vaccine at a COVID-19 vaccination clinic in Montreal, Thursday, March 18, 2021. THE CANADIAN PRESS/Paul Chiasson
PHAC receives first report of blood clot linked to AstraZeneca

The federal agency says the person is now recovering at home

Most Read