As the clock runs out before new, stricter mortgage qualification laws come into place, the number of unit sales across Greater Vancouver jumped in November.

The new laws, which are expected to make it harder for many Canadian homebuyers to qualify for mortgages with federally regulated lenders, come into place January 1, 2018.

A total of 2,831 homes were sold in the month, according to new numbers from the British Columbia Real Estate Association (BCREA). This is an almost 26% increase compared with the 2,255 sales that took place in November 2016. The total dollar volume of all sales jumped 44% to just more than $2.9 billion in the month, compared with just over $2 billion in the same month last year.

The average residential sales price across the region increased almost 15% year-over-year, reaching $1,026,506.

Province-wide, the total dollar volume of sales increased more than 39% to almost $5.6 billion. The number of units sold increased 20% to 7,731. Across BC, the average selling price was $723,112 – an increase of almost 16% compared with $625,818 in November 2016.

According to Cameron Muir, BCREA chief economist, a strong economy is behind part of the sales increase.

“Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics,” he said.

The BCREA points to a 3.8% province-wide increase in employment, year-over-year, as one of the strongest factors in the jump. As well, average hourly wages increased 5.7% to $26.82.

BCREA : Greater Vancouver Home Sales Jump in Run-Up to Mortgage Rules Change by Emma Crawford Hampel | Business in Vancouver