A recent study by Clayton Research indicates secondary spending from BC residential MLS® sales contributed more than $4 billion to the provincial economy between 2004and 2006. In addition, a total of 39,115 Direct and Indirect jobs were available as a result of MLS® sales. This accounts for nearly one in 55 jobs within BC’s economy, the largest impact of any province in Canada.
A total of $30,200 in additional spending was generated by the average housing transaction in Canada during the same period. A total of 476,063 homes changed hands in Canada within the two-year period as a result of MLS® listings—an influx of $15.3 billion into the national economy. The study indicates about 158,600 direct and indirect jobs were created across Canada as a result of MLS® home sales. These jobs include the finance, insurance and real estate sectors, as well as trade, manufacturing, construction and other related industries.
BC experiences the highest relative job impact of any province. Sales and purchases of MLS® homes in BC generate almost 39,115 direct and indirect jobs – nearly 1 in 55 jobs across the entire BC economy. Nation-wide, the jobs impact from home sales – 158,600 jobs – accounts for about 1 in full-time equivalent 100 jobs across the entire economy.
Clearly, good business within the real estate profession means good things for the economy.
· Real estate is among the top five sectors in the provincial economy.
· Economic impact of Home Sales. Real estate purchases and sales translate into additional consumer spending, which drive the economy. A recent study by Clayton Research Associates Limited for the Canadian Real Estate Association estimated the average BC home sold on the MLS® in 2005 triggered $40,450 in additional spending, including legal fees, property appraisals, moving expenses, utility connections, home renovations, furniture and appliance purchases and taxes—all of which fuel the economy.
· Based on that figure, between 2004 and 2006 MLS® home sales in BC generated over $4 billion in related spending and created 39,115 jobs.
· In 2007 MLS® homes sales within the Kootenay Real Estate Board have generated over $130 million in related spending.
The Kootenay Real Estate Board
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