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

Nanaimo Fire Rescue lauds boys after rescue from cliffs

Nanaimo firefighters responded to call near Departure Bay Road Saturday afternoon

Coins converted to Christmas toys

Coins for Kids raising cash for Great Nanaimo Toy Drive, Boys and Girls Clubs

Nanaimo mayor wants B.C. to institutionalize severely mental ill people who are homeless

Those suffering from mental health conditions, such as schizophrenia, need specialized care, mayor says

Lantzville, Snaw-Naw-As asking for lower speed limit on Island Highway

Safety concerns cited by municipal council and band council

UPDATED: Transportation Safety Board finishes work at plane crash site, investigation continues

Transport Canada provides information bulletin, family of victim releases statement

Apartment residents evacuated due to fire near downtown Nanaimo

Nanaimo Fire Rescue responded to structure fire on Prideaux Street around 1 p.m.

Fans sing Canadian anthem after sound system breaks at BMW IBSF World Cup

The Canadians in attendance made sure their team and flag were honoured on the podium

VIDEO: Fire destroys Big White Ski Resort chalet

Social media eulogies peg the property, nicknamed “The Pharamacy,” as both loved and hated

Prince George RCMP use bait packages to catch porch pirates over the holidays

First-in-Canada program with Amazon looks to combat parcel theft

Five things of note from Trudeau’s mandate letters to his ministers

Some marching orders come from the Liberal Party’s campaign, while others are new additions

Scheer’s resignation tips party into internal war over school tuition payments

The Conservatives have a Toronto convention already scheduled for April

Beefs & Bouquets, Dec. 12

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail bulletinboard@nanaimobulletin.com

Wagon wheels can now be any size! B.C. community scraps 52 obsolete bylaws

They include an old bylaw regulating public morals

Most Read