{"id":7998,"date":"2018-01-15T11:11:09","date_gmt":"2018-01-15T19:11:09","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7998"},"modified":"2018-01-15T10:49:46","modified_gmt":"2018-01-15T18:49:46","slug":"robust-housing-demand-in-2017-was-underpinned-by-a-strong-economy-employment-growth-rising-wages","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/01\/robust-housing-demand-in-2017-was-underpinned-by-a-strong-economy-employment-growth-rising-wages\/","title":{"rendered":"Robust Housing Demand in 2017 was Underpinned by A Strong Economy, Employment Growth &#038; Rising Wages"},"content":{"rendered":"<p style=\"text-align: justify;\">The average home sale price reached $1,049,424 in Greater Vancouver in December, according to new data from the British Columbia Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">This is an increase of 10.7% compared with the average of $948,246 in December 2016. The number of units sold last month increased 18.7% year-over-year to 2,069, compared with 1,743 last year. The total dollar volume of all sales across the region was up more than 31%, reaching almost $2.2 billion, compared with just under $1.7 billion in December 2016.<\/p>\n<p style=\"text-align: justify;\">Across the province, the average sales price increased 12.1% to $734,108. The total number of units sold was up 21.5% to 5,738 in the month, and the total dollar volume jumped 36%, reaching more than $4.2 billion. In 2017 as a while, the total number of units sold was 103,763, which is down 7.5% from 2016\u2019s record year, in which 112,211 units changed hands.<\/p>\n<p style=\"text-align: justify;\">\u201cRobust housing demand in 2017 was underpinned by a strong economy, employment growth and rising wages,\u201d said BCREA chief economist Cameron Muir.<\/p>\n<p style=\"text-align: justify;\">\u201cAbove trend migration, both international and interprovincial, also bolstered housing demand, while broader demographic fundamentals added fuel to condominium sales in urban centres and to all home types in retirement-oriented communities.\u201d<\/p>\n<p style=\"text-align: justify;\">Compared with November, home sales were up 4% province-wide in December as buyers rushed to purchase their homes in advance of the implementation of new, stricter mortgage qualification rules that came into effect January 1 of this year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.biv.com\/article\/2018\/1\/average-vancouver-home-sale-price-grew-more-10-yea\/\" target=\"_blank\" rel=\"noopener\">BCREA : Average Greater Vancouver Home Sale Price Grew More Than 10% Year-Over-Year in December<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average home sale price reached $1,049,424 in Greater Vancouver in December, according to new data from the British Columbia Real Estate Association. This is an increase of 10.7% compared &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/01\/robust-housing-demand-in-2017-was-underpinned-by-a-strong-economy-employment-growth-rising-wages\/\">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-7998","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Robust Housing Demand in 2017 was Underpinned by A Strong Economy, Employment Growth &amp; Rising Wages &#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\/2018\/01\/robust-housing-demand-in-2017-was-underpinned-by-a-strong-economy-employment-growth-rising-wages\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Robust Housing Demand in 2017 was Underpinned by A Strong Economy, Employment Growth &amp; Rising Wages &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The average home sale price reached $1,049,424 in Greater Vancouver in December, according to new data from the British Columbia Real Estate Association. 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