Strong Economy Supporting Elevated Housing Demand

The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4 per cent from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1 per cent from November 2016. The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.



“November was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics.” 

BC employment increased 3.8 per cent over the last 12 months, totaling over 90,000 jobs. Over the same period, average hourly wages in the province climbed 5.7 per cent to $26.82. Against this backdrop, a large cohort of millennials is entering their householdforming life stage. In addition, some buyers are likely completing purchases now in advance of tighter conventional mortgage qualifications, scheduled for the new year. 

Year to date, BC residential sales dollar volume was down 6.8 per cent to $69.4 billion, when compared with the same period in 2016. Residential unit sales declined 8.8 per cent to 98,024 units, while the average MLS® residential price increased 2.2 per cent to $708,150.

 

November 2017 Year-to-Date BC Residential Multiple Listing Service® Data by Board

Board

Dollar Volume (000s)

Unit Sales

Average Price

 

2017

($)

2016

($)

% change

2017

2016

%

change

2017

($)

2016

($)

% change

BC Northern

1,116,733

1,032,551

8.2

4,064

3,913

3.9

274,787

263,877

4.1

 

Chilliwack

 

1,753,122

 

1,649,517

 

6.3

 

3,779

 

4,141

 

-8.7

 

463,912

 

398,338

 

16.5

Fraser Valley

14,108,655

15,060,014

-6.3

20,166

22,179

-9.1

699,626

679,021

3

 

Greater Vancouver

 

35,587,460

 

39,931,484

 

-10.9

 

34,535

 

39,137

 

-11.8

 

1,030,475

 

1,020,300

 

1

 

Kamloops

 

1,148,927

 

1,046,192

 

9.8

 

3,160

 

3,037

 

4.1

 

363,585

 

344,482

 

5.5

Kootenay

962,231

789,734

21.8

3,135

2,794

12.2

306,932

282,654

8.6

 

Okanagan Mainline

 

4,266,624

 

4,425,355

 

-3.6

 

8,594

 

9,583

 

-10.3

 

496,465

 

461,792

 

7.5

Powell River

119,342

113,483

5.2

380

398

-4.5

314,058

285,133

10.1

 

South Okanagan

 

932,133

 

856,120

 

8.9

 

2,324

 

2,353

 

-1.2

 

401,090

 

363,842

 

10.2

Northern Lights

98,525

57,909

70.1

401

249

61

245,697

232,566

5.6

 

Vancouver Island

 

4,078,940

 

3,873,692

 

5.3

 

9,450

 

10,106

 

-6.5

 

431,634

 

383,306

 

12.6

Victoria

5,243,005

5,623,357

-6.8

8,036

9,600

-16.3

652,440

585,766

11.4

 

Provincial Totals*

 

69,415,691

 

74,459,408

 

-6.8

 

98,024

 

107,490

 

-8.8

 

708,150

 

692,710

 

2.2

* Numbers may not add due to rounding

BCREA is the professional association for about 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.
For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.


Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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