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% from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1% 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 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.
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.
Focus on Kelowna Real Estate & the Central Okanagan.
In the Central Okanagan, Average Sale Prices were up 7.2% from $467,815 in November 2016 to $501,335 in November 2017.
Given that inventory was down 1.3% on this time last year from 2,555 units for sale to 2,521 units, while we may see a flattening off for some prices during the Winter months, there is no sign yet that prices will start to fall.
Year to date the number of sales are down 10.3% for 2017 with 8,594 units sold compared to 9,583, but we must remember that this does not include all the new Downtown Condo unit sales in such complexes as One Water Street and Ella, which were sold directly by the Developers, so did not appear in the MLS® stats.
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