{"id":7727,"date":"2017-12-14T10:10:32","date_gmt":"2017-12-14T18:10:32","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7727"},"modified":"2017-12-13T10:33:10","modified_gmt":"2017-12-13T18:33:10","slug":"bcrea-home-sales-soar-for-3rd-consecutive-month","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/12\/bcrea-home-sales-soar-for-3rd-consecutive-month\/","title":{"rendered":"BCREA Home Sales Soar for 3rd Consecutive Month"},"content":{"rendered":"<p style=\"text-align: justify;\">In November, BC home sales continued to climb thanks to a strong economy and buyers hitting the market ahead of tighter mortgage qualification rules coming into effect in the New Year.<\/p>\n<p style=\"text-align: justify;\">A total of 7,731 homes sold in BC last month, an increase of 20.4% from a year ago, according to the British Columbia Real Estate Association\u2019s (BCREA) latest data release, published today.<\/p>\n<p style=\"text-align: justify;\">November was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis.<\/p>\n<p style=\"text-align: justify;\">\u201cThe economy now is set for its fourth year of over 3% real GDP growth. That\u2019s led to pretty strong ripple effects. Employment is up 3.8% over the last 12 months and that\u2019s about 90,000 jobs,\u201d Cameron Muir, BCREA\u2019s Chief Economist, tells BuzzBuzzNews.<\/p>\n<p style=\"text-align: justify;\">\u201cAll those things are helping to support housing demand and overall consumer confidence,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Along with these economic foundations driving sales, Muir adds that a large Millennial cohort is entering its household forming years. In addition, the new stress test for uninsured mortgages that comes into effect on January 1 is likely contributing to the province\u2019s boost in sales.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s likely going to be some advance buying in lieu of what we\u2019re going to see in terms of tighter mortgage qualifications in the New Year,\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">Greater Vancouver continued to be a sellers\u2019 market last month, with a sales-to-active listings ratio of 30.2%. Although supply is up in the region compared to a year ago, Muir says overall supply is trending near decade lows and is met with fierce demand.<\/p>\n<p style=\"text-align: justify;\">\u201cGiven current levels of demand, Vancouver\u2019s market is tighter today than it was a year ago [and has] much stronger sellers\u2019 market conditions. And that\u2019s primarily reflected by the extremely strong condominium market in which prices are being bid up as a result of multiple offers,\u201d says Muir.<\/p>\n<p style=\"text-align: justify;\">Last month, the Fraser Valley region saw a roughly 40% year-over-year increase in sales with a total of 1,641 homes changing hands. With the Fraser Valley region consisting of mostly Metro Vancouver cities, Muir says the annual sales growth is not surprising as many buyers are looking for affordable options in the region.<\/p>\n<p style=\"text-align: justify;\">The average price of a home in BC was $723,112 in November, a 15.5% increase from a year ago.<\/p>\n<p style=\"text-align: justify;\">Looking ahead to 2018, Muir says economic growth will ease but is slated to remain relatively strong. However, the BCREA economist says there are some headwinds in store that will impact overall demand, including modestly higher interest rates, the new mortgage qualifications and continued high prices.<\/p>\n<p style=\"text-align: justify;\">\u201cOverall sales activity next year likely is going to be down about 10%, but still well above the 10-year average of about 85,000 units,\u201d says Muir.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/12\/bc-home-sales-soar-third-consecutive-month-november-bcrea.html\" target=\"_blank\" rel=\"noopener\">BCREA : BC Home Sales Soar for Third Consecutive Month in November<\/a> by Kerrisa Wilson | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In November, BC home sales continued to climb thanks to a strong economy and buyers hitting the market ahead of tighter mortgage qualification rules coming into effect in the New &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/bcrea-home-sales-soar-for-3rd-consecutive-month\/\">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-7727","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Home Sales Soar for 3rd Consecutive Month &#8226; 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