RSS

Strong Economy Supporting Elevated Housing Demand

The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4 per cent from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1 per cent from November 2016. The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.



“November was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics.”

BC employment increased 3.8 per cent over the last 12 months, totaling over 90,000 jobs. Over the same period, average hourly wages in the province climbed 5.7 per cent to $26.82. Against this backdrop, a large cohort of millennials is entering their householdforming life stage. In addition, some buyers are likely completing purchases now in advance of tighter conventional mortgage qualifications, scheduled for the new year.

Year to date, BC residential sales dollar volume was down 6.8 per cent to $69.4 billion, when compared with the same period in 2016. Residential unit sales declined 8.8 per cent to 98,024 units, while the average MLS® residential price increased 2.2 per cent to $708,150.

 

November 2017 Year-to-Date BC Residential Multiple Listing Service® Data by Board

 

Board

Dollar Volume (000s)

Unit Sales

Average Price

 

2017

($)

2016

($)

% change

2017

2016

%

change

2017

($)

2016

($)

% change

BC Northern

1,116,733

1,032,551

8.2

4,064

3,913

3.9

274,787

263,877

4.1

 

Chilliwack

 

1,753,122

 

1,649,517

 

6.3

 

3,779

 

4,141

 

-8.7

 

463,912

 

398,338

 

16.5

Fraser Valley

14,108,655

15,060,014

-6.3

20,166

22,179

-9.1

699,626

679,021

3

 

Greater Vancouver

 

35,587,460

 

39,931,484

 

-10.9

 

34,535

 

39,137

 

-11.8

 

1,030,475

 

1,020,300

 

1

 

Kamloops

 

1,148,927

 

1,046,192

 

9.8

 

3,160

 

3,037

 

4.1

 

363,585

 

344,482

 

5.5

Kootenay

962,231

789,734

21.8

3,135

2,794

12.2

306,932

282,654

8.6

 

Okanagan Mainline

 

4,266,624

 

4,425,355

 

-3.6

 

8,594

 

9,583

 

-10.3

 

496,465

 

461,792

 

7.5

Powell River

119,342

113,483

5.2

380

398

-4.5

314,058

285,133

10.1

 

South Okanagan

 

932,133

 

856,120

 

8.9

 

2,324

 

2,353

 

-1.2

 

401,090

 

363,842

 

10.2

Northern Lights

98,525

57,909

70.1

401

249

61

245,697

232,566

5.6

 

Vancouver Island

 

4,078,940

 

3,873,692

 

5.3

 

9,450

 

10,106

 

-6.5

 

431,634

 

383,306

 

12.6

Victoria

5,243,005

5,623,357

-6.8

8,036

9,600

-16.3

652,440

585,766

11.4

 

Provincial Totals*

 

69,415,691

 

74,459,408

 

-6.8

 

98,024

 

107,490

 

-8.8

 

708,150

 

692,710

 

2.2

* Numbers may not add due to rounding

 

BCREA is the professional association for about 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

Comments:

No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.