December 12, 2017 11:51 am

Housing demand strong again in November: B.C. Real Estate Association

A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan. 3, 2017.


A strong economy continues to elevate the demand for housing, according to the British Columbia Real Estate Association.

It reports sales in November were up 20 per cent, compared to the same month a year ago, sales dollar volume was up 39 per cent, and the average price of a home, at $723,000, was up 15 per cent from November of last year.

READ MORE: Sales will be down in 2018, but not prices: B.C. Real Estate Association

Association Chief Economist Cameron Muir says elevated consumer demand is being supported by strong employment, rising wages and favorable demographics.

Year to date, the sales dollar volume was down 6.8 per cent to $69.4 billion compared with the same period in 2016.

Sales declined 8.8 per cent, while the average residential price increased 2.2 per cent, to $708,150.

© 2017 Global News, a division of Corus Entertainment Inc.

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