As 2017 draws to a close, home sales are on a tear as buyers sneak in purchases before mortgage rule changes coming Jan. 1.
Locally, November unit sales were up 12.7 per cent year-over-year, and 27.3 per cent by dollar volume in the Chilliwack and District Real Estate Board (CADREB) region.
That latter number points to the steep rise in prices up 12.9 per cent to $484,753 last month.
The B.C. Real Estate Association (BCREA) attributes the sales volume increases across the province to the strong economy, and increased demand in the waning weeks of 2017 thanks to new mortgage rules for 2018.
“November was the third consecutive month that B.C. home sales were above 9,000 units, on a seasonally adjusted basis,” said BCREA chief economist Cameron Muir.
“Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics.”
In B.C., employment increased 3.8 per cent in the last year, and the average hourly wage climbed 5.7 per cent to $26.82, the BCREA says.
Against that backdrop, a large cohort of millennials are trying to get into the housing market before the new rules in 2018.
In Chilliwack, the 12.9 per cent price increase from November 2016 to November 2017 parallels the provincewide jump of 15.5 per cent.
But that’s just November.
BCREA numbers show the average price of a residential property sold in the CADREB region (Chilliwack, Kent, Harrison Hot Springs, Hope, Boston Bar) in the first 11 months of this year increased 16.5 per cent over the same period in 2016.
That’s the highest price jump of the 12 real estate boards, and compares to three per cent in the Fraser Valley, one per cent in Greater Vancouver, and 2.2 per cent B.C.-wide.