Vancouver, BC – December 12, 2017. 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% from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1% from November 2016. The average MLS® residential price in the province was $723,112, up 15.5% 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% over the last 12 months, totaling over 90,000 jobs. Over the same period, average hourly wages in the province climbed 5.7% to $26.82. Against this backdrop, a large cohort of millennials is entering their household-forming 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% to $69.4 billion, when compared with the same period in 2016. Residential unit sales declined 8.8% to 98,024 units, while the average MLS® residential price increased 2.2% to $708,150.

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