{"id":7718,"date":"2017-12-12T08:38:55","date_gmt":"2017-12-12T16:38:55","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7718"},"modified":"2017-12-12T08:38:55","modified_gmt":"2017-12-12T16:38:55","slug":"bcrea-strong-economy-supporting-elevated-housing-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/12\/bcrea-strong-economy-supporting-elevated-housing-demand\/","title":{"rendered":"BCREA Strong Economy Supporting Elevated Housing Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 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\u00ae (MLS\u00ae) 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\u00ae residential price in the province was $723,112, up 15.5% from November 2016.<\/p>\n<p style=\"text-align: justify;\">\u201cNovember was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis,&#8221; said Cameron Muir, BCREA Chief Economist. &#8220;Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics.&#8221;<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">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\u00ae residential price increased 2.2% to $708,150.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/12\/BCREA.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-7719\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/12\/BCREA-300x169.gif\" alt=\"\" width=\"563\" height=\"317\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/12\/BCREA-300x169.gif 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/12\/BCREA-768x432.gif 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/12\/BCREA-420x236.gif 420w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/12\/BCREA-310x174.gif 310w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/12\/BCREA-630x354.gif 630w\" sizes=\"auto, (max-width: 563px) 100vw, 563px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2017\/2017-11.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 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\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/bcrea-strong-economy-supporting-elevated-housing-demand\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-7718","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Strong Economy Supporting Elevated Housing Demand &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/bcrea-strong-economy-supporting-elevated-housing-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Strong Economy Supporting Elevated Housing Demand &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 December 12, 2017. 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